Zacks Investment Research Downgrades Archrock Inc. (AROC) to Hold
Archrock Inc. (NYSE:AROC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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. “
A number of other brokerages also recently weighed in on AROC. Royal Bank Of Canada raised Archrock from an “underperform” rating to a “sector perform” rating and raised their price objective for the company from $4.00 to $10.00 in a research note on Friday, August 5th. Johnson Rice raised Archrock from a “hold” rating to an “accumulate” rating in a research report on Friday, August 5th. FBR & Co set a $11.00 price target on Archrock and gave the stock a “hold” rating in a research report on Friday, August 5th. Simmons initiated coverage on Archrock in a research report on Monday, August 22nd. They issued a “neutral” rating and a $12.25 price target on the stock. Finally, Howard Weil downgraded Archrock from a “sector outperform” rating to a “sector perform” rating and lifted their price target for the stock from $9.00 to $10.00 in a research report on Wednesday, June 22nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $11.64.
Shares of Archrock (NYSE:AROC) traded up 3.23% during midday trading on Wednesday, reaching $13.11. The company’s stock had a trading volume of 478,271 shares. The stock has a 50 day moving average price of $11.69 and a 200-day moving average price of $9.24. Archrock has a 52-week low of $3.41 and a 52-week high of $24.17. The company’s market capitalization is $897.71 million.
Hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA raised its stake in shares of Archrock by 98.7% in the second quarter. BNP Paribas Arbitrage SA now owns 24,183 shares of the company’s stock valued at $228,000 after buying an additional 12,014 shares in the last quarter. HITE Hedge Asset Management LLC bought a new stake in shares of Archrock during the second quarter valued at approximately $12,561,000. Canada Pension Plan Investment Board raised its stake in shares of Archrock by 3.4% in the first quarter. Canada Pension Plan Investment Board now owns 168,047 shares of the company’s stock valued at $1,344,000 after buying an additional 5,500 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Archrock during the first quarter valued at approximately $4,616,000. Finally, Smith Asset Management Group LP bought a new stake in shares of Archrock during the second quarter valued at approximately $455,000. 88.18% of the stock is currently owned by institutional investors and hedge funds.
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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