540,482 Shares in Archrock, Inc. (NYSE:AROC) Purchased by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC bought a new position in shares of Archrock, Inc. (NYSE:AROC) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 540,482 shares of the energy company’s stock, valued at approximately $10,939,000. Archrock comprises approximately 1.3% of HITE Hedge Asset Management LLC’s holdings, making the stock its 29th largest position. HITE Hedge Asset Management LLC owned 0.31% of Archrock as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of AROC. Brown Brothers Harriman & Co. bought a new position in Archrock in the third quarter worth $28,000. Wolff Wiese Magana LLC acquired a new position in Archrock in the 3rd quarter worth about $30,000. Quarry LP acquired a new stake in shares of Archrock in the second quarter valued at $52,000. CWM LLC lifted its holdings in shares of Archrock by 382.0% in the 2nd quarter. CWM LLC now owns 3,591 shares of the energy company’s stock valued at $73,000 after purchasing an additional 2,846 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Archrock by 16.6% during the 2nd quarter. GAMMA Investing LLC now owns 4,052 shares of the energy company’s stock worth $82,000 after purchasing an additional 578 shares during the period. Institutional investors own 95.45% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on AROC shares. JPMorgan Chase & Co. lifted their price target on shares of Archrock from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday. Citigroup initiated coverage on Archrock in a research note on Friday, September 27th. They set a “buy” rating and a $24.00 price objective on the stock. Evercore ISI assumed coverage on Archrock in a research note on Wednesday, September 25th. They set an “outperform” rating and a $24.00 price target on the stock. Royal Bank of Canada upped their target price on Archrock from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Finally, Mizuho started coverage on Archrock in a research note on Wednesday, October 2nd. They set an “outperform” rating and a $24.00 price target for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.17.

Archrock Stock Performance

NYSE:AROC opened at $25.39 on Tuesday. The company has a market capitalization of $4.45 billion, a P/E ratio of 27.90 and a beta of 1.59. The company has a current ratio of 1.26, a quick ratio of 0.82 and a debt-to-equity ratio of 1.73. Archrock, Inc. has a twelve month low of $14.14 and a twelve month high of $26.36. The firm has a 50-day moving average price of $22.09 and a two-hundred day moving average price of $20.73.

Archrock (NYSE:AROC) last announced its quarterly earnings results on Monday, November 11th. The energy company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. Archrock had a return on equity of 16.24% and a net margin of 13.34%. The company had revenue of $292.16 million for the quarter, compared to the consensus estimate of $286.19 million. During the same quarter last year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, research analysts expect that Archrock, Inc. will post 1.09 earnings per share for the current fiscal year.

Archrock Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date was Wednesday, November 6th. This is a boost from Archrock’s previous quarterly dividend of $0.17. Archrock’s dividend payout ratio is currently 76.92%.

About Archrock

Archrock, Inc, together with its subsidiaries, operates as an energy infrastructure company in the United States. The company operates in two segments, Contract Operations and Aftermarket Services. It engages in the designing, sourcing, owning, installing, operating, servicing, repairing, and maintaining of its owned fleet of natural gas compression equipment to provide natural gas compression services.