Bank of America Corp DE Has $232.43 Million Stock Position in Archrock, Inc. $AROC

Key Points

• Bank of America reduced its Archrock stake by 3.7% in the first quarter, selling 258,950 shares but retaining 6.68 million shares valued at $232.4 million. Institutional investors own 95.45% of Archrock.
• Archrock insiders sold 158,000 shares worth approximately $5.9 million over the past 90 days, including significant sales by the CFO and a senior vice president.
• Archrock reported quarterly EPS of $0.42, below the $0.47 consensus estimate, while revenue rose 7.7% year over year to $373.8 million. The company raised its quarterly dividend to $0.23, and analysts maintain a consensus “Buy” rating with a $41.71 price target.

Bank of America Corp DE lessened its stake in Archrock, Inc. (NYSE:AROC - Free Report) by 3.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,678,879 shares of the energy company's stock after selling 258,950 shares during the quarter. Bank of America Corp DE owned 3.81% of Archrock worth $232,425,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in AROC. Royal Bank of Canada lifted its holdings in shares of Archrock by 0.7% in the first quarter. Royal Bank of Canada now owns 95,866 shares of the energy company's stock valued at $2,514,000 after purchasing an additional 667 shares in the last quarter. Jones Financial Companies Lllp raised its position in Archrock by 217.9% during the first quarter. Jones Financial Companies Lllp now owns 1,316 shares of the energy company's stock worth $35,000 after acquiring an additional 902 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Archrock by 482.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,699 shares of the energy company's stock valued at $67,000 after acquiring an additional 2,236 shares during the period. First Trust Advisors LP increased its stake in shares of Archrock by 24.6% during the 2nd quarter. First Trust Advisors LP now owns 279,100 shares of the energy company's stock worth $6,930,000 after purchasing an additional 55,059 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of Archrock by 19.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 9,700 shares of the energy company's stock worth $241,000 after purchasing an additional 1,600 shares during the last quarter. Institutional investors own 95.45% of the company's stock.

Insider Activity at Archrock

In other Archrock news, SVP Jason Ingersoll sold 33,000 shares of the business's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $38.19, for a total transaction of $1,260,270.00. Following the completion of the transaction, the senior vice president directly owned 277,454 shares in the company, valued at $10,595,968.26. The trade was a 10.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Doug S. Aron sold 90,000 shares of the firm's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $36.74, for a total value of $3,306,600.00. Following the completion of the sale, the chief financial officer directly owned 394,337 shares in the company, valued at approximately $14,487,941.38. This represents a 18.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 158,000 shares of company stock worth $5,907,370 over the last ninety days. Insiders own 2.90% of the company's stock.

Archrock Stock Down 1.8%

AROC stock opened at $35.10 on Tuesday. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.41 and a quick ratio of 0.91. The stock has a market capitalization of $6.15 billion, a price-to-earnings ratio of 19.08, a PEG ratio of 1.57 and a beta of 0.86. The business's fifty day moving average price is $36.88 and its two-hundred day moving average price is $35.24. Archrock, Inc. has a fifty-two week low of $21.17 and a fifty-two week high of $42.23.

Archrock (NYSE:AROC - Get Free Report) last announced its earnings results on Tuesday, May 5th. The energy company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.05). Archrock had a net margin of 21.45% and a return on equity of 22.89%. The business had revenue of $373.77 million during the quarter, compared to the consensus estimate of $378.36 million. Archrock's revenue was up 7.7% compared to the same quarter last year. On average, equities analysts anticipate that Archrock, Inc. will post 1.9 earnings per share for the current year.

Archrock Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, August 4th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $0.92 dividend on an annualized basis and a yield of 2.6%. This is an increase from Archrock's previous quarterly dividend of $0.22. Archrock's payout ratio is presently 47.83%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Citigroup raised their target price on shares of Archrock from $40.00 to $43.00 and gave the company a "buy" rating in a research note on Wednesday, May 13th. Wells Fargo & Company raised their price objective on Archrock from $40.00 to $43.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Mizuho lifted their target price on Archrock from $38.00 to $40.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 3rd. Raymond James Financial reissued an "outperform" rating and set a $46.00 target price on shares of Archrock in a report on Thursday, May 7th. Finally, Weiss Ratings upgraded shares of Archrock from a "buy (b+)" rating to a "buy (a-)" rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Archrock has a consensus rating of "Buy" and a consensus price target of $41.71.

Archrock 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.

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