Norges Bank Acquires New Stake in Archrock, Inc. $AROC

Norges Bank purchased a new stake in shares of Archrock, Inc. (NYSE:AROC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 719,502 shares of the energy company’s stock, valued at approximately $18,721,000. Norges Bank owned 0.41% of Archrock as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Sound Income Strategies LLC grew its holdings in Archrock by 71.0% during the fourth quarter. Sound Income Strategies LLC now owns 971 shares of the energy company’s stock valued at $26,000 after purchasing an additional 403 shares during the period. Ameriflex Group Inc. bought a new stake in Archrock during the third quarter valued at about $27,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Archrock during the fourth quarter valued at about $33,000. Jones Financial Companies Lllp grew its holdings in Archrock by 217.9% during the first quarter. Jones Financial Companies Lllp now owns 1,316 shares of the energy company’s stock valued at $35,000 after purchasing an additional 902 shares during the period. Finally, Covestor Ltd grew its holdings in Archrock by 234.9% during the fourth quarter. Covestor Ltd now owns 1,410 shares of the energy company’s stock valued at $37,000 after purchasing an additional 989 shares during the period. Institutional investors own 95.45% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Mizuho boosted their price target on Archrock from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Raymond James Financial reissued an “outperform” rating and set a $46.00 price target on shares of Archrock in a report on Thursday, May 7th. Wells Fargo & Company boosted their price target on Archrock from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Zacks Research lowered Archrock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Finally, Dawson James reaffirmed an “outperform” rating on shares of Archrock in a research note on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $41.14.

Insider Activity at Archrock

In other news, SVP Jason Ingersoll sold 33,000 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $38.19, for a total value of $1,260,270.00. Following the completion of the sale, the senior vice president directly owned 277,454 shares of the company’s stock, valued at $10,595,968.26. This trade represents a 10.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Doug S. Aron sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $38.30, for a total value of $1,340,500.00. Following the completion of the sale, the chief financial officer directly owned 359,337 shares of the company’s stock, valued at $13,762,607.10. The trade was a 8.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 327,550 shares of company stock valued at $11,861,703 over the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Archrock Trading Up 0.6%

Shares of AROC stock opened at $35.11 on Wednesday. The company has a market cap of $6.15 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 1.49 and a beta of 0.87. Archrock, Inc. has a 1 year low of $21.17 and a 1 year high of $40.12. The stock’s 50 day simple moving average is $36.23 and its two-hundred day simple moving average is $31.89. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.41 and a quick ratio of 0.91.

Archrock (NYSE:AROC) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.05). The company had revenue of $373.77 million during the quarter, compared to the consensus estimate of $378.36 million. Archrock had a net margin of 21.45% and a return on equity of 22.89%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. Research analysts predict that Archrock, Inc. will post 1.95 earnings per share for the current year.

Archrock Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 19th. Stockholders of record on Tuesday, May 12th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Tuesday, May 12th. Archrock’s dividend payout ratio (DPR) is presently 47.83%.

Archrock Company Profile

Archrock, Inc is a Houston‐based provider of natural gas compression services and equipment to the oil and gas industry in North America. Founded in 2004, the company supplies both short‐term rentals and long‐term contracts for compression solutions, serving upstream and midstream producers. Archrock’s offerings include engineered compression systems, aftermarket parts, maintenance and field services designed to optimize wellhead and pipeline operations.

The company’s core business activities focus on the design, manufacture, rental and sale of gas compression equipment.