Summit Wealth Group LLC Co. Acquires New Position in Archrock, Inc. $AROC

Summit Wealth Group LLC Co. acquired a new position in shares of Archrock, Inc. (NYSE:AROC) in the 3rd quarter, HoldingsChannel reports. The fund acquired 39,114 shares of the energy company’s stock, valued at approximately $1,185,000.

Several other hedge funds also recently modified their holdings of AROC. Vise Technologies Inc. lifted its position in shares of Archrock by 5.5% during the 3rd quarter. Vise Technologies Inc. now owns 7,873 shares of the energy company’s stock valued at $238,000 after acquiring an additional 411 shares during the period. Summit Global Investments grew its holdings in Archrock by 58.8% in the third quarter. Summit Global Investments now owns 20,816 shares of the energy company’s stock worth $631,000 after purchasing an additional 7,704 shares during the period. Convergence Financial LLC acquired a new stake in Archrock in the third quarter worth $413,000. Moody Aldrich Partners LLC grew its holdings in Archrock by 3.9% in the third quarter. Moody Aldrich Partners LLC now owns 145,308 shares of the energy company’s stock worth $4,401,000 after purchasing an additional 5,425 shares during the period. Finally, Oppenheimer & Co. Inc. acquired a new stake in Archrock in the third quarter worth $277,000. Institutional investors own 95.45% of the company’s stock.

Wall Street Analysts Forecast Growth

AROC has been the topic of several research reports. Zacks Research lowered shares of Archrock from a “hold” rating to a “strong sell” rating in a report on Monday, August 31st. Royal Bank Of Canada increased their price objective on shares of Archrock from $44.00 to $46.00 and gave the stock an “outperform” rating in a research report on Monday, August 17th. Evercore set a $40.00 target price on Archrock in a research note on Monday, August 17th. Weiss Ratings downgraded Archrock from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, October 28th. Finally, JPMorgan Chase & Co. decreased their target price on Archrock from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.12.

Archrock Price Performance

Shares of NYSE:AROC opened at $31.52 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.39 and a debt-to-equity ratio of 1.51. Archrock, Inc. has a twelve month low of $22.88 and a twelve month high of $42.23. The stock’s 50 day moving average is $30.87 and its 200-day moving average is $34.08. The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of 15.32, a PEG ratio of 1.47 and a beta of 0.96.

Archrock (NYSE:AROC) last issued its earnings results on Monday, November 2nd. The energy company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.04. Archrock had a return on equity of 22.61% and a net margin of 22.89%. The company had revenue of $370.81 million for the quarter, compared to analysts’ expectations of $385.95 million. During the same period last year, the business earned $0.42 EPS. Archrock’s quarterly revenue was down 3.0% compared to the same quarter last year. Sell-side analysts forecast that Archrock, Inc. will post 1.72 EPS for the current fiscal year.

Archrock Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Tuesday, November 3rd will be issued a dividend of $0.23 per share. The ex-dividend date is Tuesday, November 3rd. This represents a $0.92 annualized dividend and a yield of 2.9%. Archrock’s dividend payout ratio is presently 49.46%.

Archrock Company Profile

Archrock, Inc (NYSE: AROC) is a Houston-based energy infrastructure company that provides natural gas compression services in the United States. Compression is used to increase the pressure of natural gas so it can move efficiently through gathering systems, processing facilities, transmission pipelines and other midstream infrastructure.

The company operates a fleet of natural gas compressors and primarily serves customers through contract compression arrangements. Its services support a range of applications, including natural gas gathering, processing, transmission, storage and production.