HITE Hedge Asset Management LLC Takes $10.94 Million Position in Archrock, Inc. (NYSE:AROC)

HITE Hedge Asset Management LLC acquired a new stake in Archrock, Inc. (NYSE:AROC) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 540,482 shares of the energy company’s stock, valued at approximately $10,939,000. Archrock makes up approximately 1.3% of HITE Hedge Asset Management LLC’s holdings, making the stock its 29th biggest position. HITE Hedge Asset Management LLC owned 0.31% of Archrock as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AROC. GAMMA Investing LLC grew its stake in shares of Archrock by 16.6% in the second quarter. GAMMA Investing LLC now owns 4,052 shares of the energy company’s stock worth $82,000 after acquiring an additional 578 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Archrock by 0.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 84,245 shares of the energy company’s stock worth $1,658,000 after purchasing an additional 710 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Archrock by 6.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,373 shares of the energy company’s stock valued at $230,000 after purchasing an additional 713 shares during the last quarter. Atria Investments Inc grew its stake in Archrock by 2.3% during the 3rd quarter. Atria Investments Inc now owns 32,648 shares of the energy company’s stock worth $661,000 after purchasing an additional 746 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Archrock by 2.2% in the 2nd quarter. Van ECK Associates Corp now owns 35,280 shares of the energy company’s stock valued at $713,000 after purchasing an additional 753 shares during the last quarter. Institutional investors and hedge funds own 95.45% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Archrock Stock Performance

Archrock stock opened at $25.39 on Tuesday. The firm has a market capitalization of $4.45 billion, a P/E ratio of 27.90 and a beta of 1.59. Archrock, Inc. has a 1-year low of $14.14 and a 1-year high of $26.36. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.26 and a quick ratio of 0.82. The company’s 50-day moving average is $22.09 and its 200 day moving average is $20.73.

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

Archrock Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were paid a $0.175 dividend. This is a boost from Archrock’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.70 annualized dividend and a yield of 2.76%. Archrock’s payout ratio is presently 76.92%.

Archrock Profile

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.