Zacks Investment Research Lowers Archrock (AROC) to Hold
Archrock (NYSE:AROC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday.
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. “
Other research analysts have also issued reports about the stock. B. Riley upped their target price on shares of Archrock from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, May 22nd. Piper Jaffray Companies reiterated a “buy” rating and issued a $14.75 target price on shares of Archrock in a research report on Tuesday, August 7th. Royal Bank of Canada reissued a “buy” rating and issued a $16.00 price target on shares of Archrock in a research note on Friday, August 3rd. TheStreet raised shares of Archrock from a “d+” rating to a “c-” rating in a research note on Wednesday, August 1st. Finally, ValuEngine raised shares of Archrock from a “sell” rating to a “hold” rating in a research note on Friday, June 1st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $14.54.
Archrock (NYSE:AROC) last announced its earnings results on Thursday, August 2nd. The energy company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. Archrock had a net margin of 4.19% and a return on equity of 0.45%. The company had revenue of $226.87 million during the quarter, compared to analyst estimates of $216.63 million. sell-side analysts forecast that Archrock will post 0.3 EPS for the current fiscal year.
In other Archrock news, CFO Doug S. Aron purchased 10,000 shares of the stock in a transaction on Friday, August 17th. The stock was acquired at an average cost of $11.92 per share, with a total value of $119,200.00. Following the completion of the purchase, the chief financial officer now directly owns 49,215 shares of the company’s stock, valued at approximately $586,642.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.54% of the company’s stock.
Several large investors have recently modified their holdings of AROC. OppenheimerFunds Inc. raised its stake in shares of Archrock by 12,522.4% during the second quarter. OppenheimerFunds Inc. now owns 11,487,159 shares of the energy company’s stock valued at $137,846,000 after acquiring an additional 11,396,153 shares during the last quarter. BlackRock Inc. raised its stake in shares of Archrock by 82.9% during the second quarter. BlackRock Inc. now owns 18,435,133 shares of the energy company’s stock valued at $221,221,000 after acquiring an additional 8,355,098 shares during the last quarter. Millennium Management LLC raised its stake in shares of Archrock by 570.2% during the first quarter. Millennium Management LLC now owns 2,176,905 shares of the energy company’s stock valued at $19,048,000 after acquiring an additional 1,852,114 shares during the last quarter. Global X Management Co LLC bought a new position in shares of Archrock during the second quarter valued at about $14,903,000. Finally, Bank of America Corp DE raised its stake in shares of Archrock by 41.5% during the second quarter. Bank of America Corp DE now owns 3,384,646 shares of the energy company’s stock valued at $40,616,000 after acquiring an additional 992,743 shares during the last quarter. 88.89% of the stock is owned by hedge funds and other institutional investors.
Archrock, Inc engages in the natural gas contract operations services business in the United States. The company provides natural gas compression services to customers in the oil and natural gas industry. It also offers aftermarket services, such as parts and components; and operation, maintenance, overhaul, and reconfiguration services to customers who own compression equipment.
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