Bank of New York Mellon Corp increased its stake in shares of Archrock Inc (NYSE:AROC) by 47.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,143,419 shares of the energy company’s stock after purchasing an additional 687,149 shares during the quarter. Bank of New York Mellon Corp owned approximately 2.99% of Archrock worth $25,720,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of AROC. Millennium Management LLC lifted its stake in shares of Archrock by 570.2% during the 1st quarter. Millennium Management LLC now owns 2,176,905 shares of the energy company’s stock worth $19,048,000 after purchasing an additional 1,852,114 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in Archrock by 1,286.4% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 1,034,229 shares of the energy company’s stock valued at $12,411,000 after buying an additional 959,629 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Archrock during the 2nd quarter valued at about $10,394,000. Earnest Partners LLC acquired a new position in Archrock during the 1st quarter valued at about $6,465,000. Finally, Russell Investments Group Ltd. increased its position in Archrock by 286.6% during the 1st quarter. Russell Investments Group Ltd. now owns 670,438 shares of the energy company’s stock valued at $5,857,000 after buying an additional 497,007 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.
AROC has been the topic of several recent analyst reports. B. Riley upped their target price on Archrock from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, May 22nd. Royal Bank of Canada reaffirmed a “buy” rating and set a $16.00 target price on shares of Archrock in a research report on Friday, August 3rd. TheStreet raised Archrock from a “d+” rating to a “c-” rating in a research report on Wednesday, August 1st. Zacks Investment Research raised Archrock from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Tuesday, July 3rd. Finally, ValuEngine raised Archrock from a “sell” rating to a “hold” rating in a research report on Friday, June 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. Archrock currently has an average rating of “Hold” and a consensus price target of $14.54.
In other news, CFO Doug S. Aron acquired 10,000 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were acquired at an average cost of $11.92 per share, with a total value of $119,200.00. Following the completion of the acquisition, the chief financial officer now owns 49,215 shares of the company’s stock, valued at $586,642.80. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.54% of the stock is currently owned by corporate insiders.
Shares of NYSE:AROC opened at $12.10 on Friday. Archrock Inc has a 1 year low of $8.25 and a 1 year high of $13.75. The stock has a market cap of $1.60 billion, a P/E ratio of -60.85 and a beta of 2.83. The company has a current ratio of 1.35, a quick ratio of 0.86 and a debt-to-equity ratio of 1.76.
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, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.02. The company had revenue of $226.87 million for the quarter, compared to analyst estimates of $216.63 million. Archrock had a return on equity of 0.45% and a net margin of 4.19%. research analysts expect that Archrock Inc will post 0.3 EPS for the current fiscal year.
Archrock Company Profile
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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