Archrock Inc. (AROC) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Archrock Inc. (NYSE:AROC) from a hold rating to a buy rating in a report released on Monday morning. The firm currently has $15.00 target price on the stock.
According to Zacks, “Archrock, Inc. is a provider of natural gas contract compression services as well as supplier of aftermarket services of compression equipment. The company operates in the oil and gas producing regions primarily in the United States. Archrock, Inc., formerly known as Exterran Holdings, Inc., is based in Houston, United States. “
AROC has been the subject of a number of other reports. Raymond James Financial Inc. upgraded Archrock to an outperform rating in a report on Wednesday, June 22nd. Scotiabank cut Archrock from an outperform rating to a sector perform rating and raised their target price for the company from $9.00 to $10.00 in a report on Wednesday, June 22nd. Simmons initiated coverage on Archrock in a report on Monday, August 22nd. They set a neutral rating and a $12.25 target price for the company. FBR & Co initiated coverage on Archrock in a report on Thursday, July 14th. They set a market perform rating and a $11.00 target price for the company. Finally, RBC Capital Markets upgraded Archrock from an underperform rating to a sector perform rating and raised their target price for the company from $4.00 to $10.00 in a report on Friday, August 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $11.64.
Archrock (NYSE:AROC) traded down 0.38% during trading on Monday, hitting $13.03. 439,184 shares of the stock traded hands. Archrock has a 12 month low of $3.41 and a 12 month high of $24.17. The company’s 50 day moving average price is $11.61 and its 200 day moving average price is $9.12. The company’s market cap is $892.23 million.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AROC. Harvest Fund Advisors LLC purchased a new position in Archrock during the second quarter valued at approximately $14,732,000. HITE Hedge Asset Management LLC purchased a new position in Archrock during the second quarter valued at approximately $12,561,000. Jacobs Levy Equity Management Inc. purchased a new position in Archrock during the first quarter valued at approximately $4,616,000. Spark Investment Management LLC raised its position in Archrock by 318.1% in the first quarter. Spark Investment Management LLC now owns 719,600 shares of the company’s stock valued at $5,756,000 after buying an additional 547,503 shares during the period. Finally, State Street Corp raised its position in Archrock by 37.1% in the second quarter. State Street Corp now owns 2,015,094 shares of the company’s stock valued at $18,986,000 after buying an additional 545,449 shares during the period. 88.18% of the stock is currently owned by institutional investors.
Archrock, Inc, formerly Exterran Holdings, Inc, is a natural gas contract operations services company. The Company also provides natural gas compression services to customers in the oil and natural gas industry throughout the United States and supplies aftermarket services to customers that own compression equipment in the United States.
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