Archrock, Inc. $AROC Shares Bought by Millennium Management LLC

Key Points

• Millennium Management LLC increased its ownership in Archrock, Inc. by 5.9%, acquiring 62,006 additional shares, bringing its total holdings to 1,109,352 shares valued at approximately $29 million.
• Archrock recently announced a dividend increase to $0.21 per share, translating to an annual dividend yield of 3.4%, up from the previous $0.19 payout.
• Archrock's most recent earnings report showed a 41.6% increase in revenue compared to the previous year, with earnings per share (EPS) of $0.39, exceeding analysts’ expectations.

Millennium Management LLC lifted its position in shares of Archrock, Inc. (NYSE:AROC - Free Report) by 5.9% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,109,352 shares of the energy company's stock after buying an additional 62,006 shares during the period. Millennium Management LLC owned 0.63% of Archrock worth $29,109,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Vident Advisory LLC lifted its stake in shares of Archrock by 4.9% during the first quarter. Vident Advisory LLC now owns 9,032 shares of the energy company's stock valued at $237,000 after buying an additional 420 shares during the period. Chicago Partners Investment Group LLC grew its holdings in Archrock by 1.4% in the 1st quarter. Chicago Partners Investment Group LLC now owns 38,161 shares of the energy company's stock valued at $1,001,000 after buying an additional 521 shares during the period. Janney Montgomery Scott LLC grew its holdings in Archrock by 4.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 12,761 shares of the energy company's stock valued at $335,000 after buying an additional 574 shares during the period. Ballentine Partners LLC grew its holdings in Archrock by 6.0% in the 1st quarter. Ballentine Partners LLC now owns 10,133 shares of the energy company's stock valued at $266,000 after buying an additional 575 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in Archrock by 164.8% in the 1st quarter. Farther Finance Advisors LLC now owns 964 shares of the energy company's stock valued at $26,000 after buying an additional 600 shares during the period. Hedge funds and other institutional investors own 95.45% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Evercore ISI cut their price target on shares of Archrock from $32.00 to $31.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Wells Fargo & Company assumed coverage on shares of Archrock in a research note on Wednesday, September 3rd. They set an "overweight" rating and a $30.00 price target on the stock. Finally, Mizuho increased their price target on shares of Archrock from $31.00 to $32.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Archrock has a consensus rating of "Moderate Buy" and an average target price of $30.00.

Archrock Trading Up 0.6%

Shares of Archrock stock traded up $0.14 during trading hours on Wednesday, hitting $24.18. The company's stock had a trading volume of 245,180 shares, compared to its average volume of 1,422,230. Archrock, Inc. has a 1-year low of $19.73 and a 1-year high of $30.44. The business has a fifty day moving average of $23.84 and a 200 day moving average of $24.39. The company has a market capitalization of $4.25 billion, a PE ratio of 18.33, a P/E/G ratio of 1.24 and a beta of 1.14. The company has a quick ratio of 1.30, a current ratio of 1.81 and a debt-to-equity ratio of 1.86.

Archrock (NYSE:AROC - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The energy company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.02. Archrock had a net margin of 17.17% and a return on equity of 18.74%. The company had revenue of $383.15 million during the quarter, compared to analyst estimates of $366.34 million. During the same quarter in the prior year, the business earned $0.23 earnings per share. The business's quarterly revenue was up 41.6% compared to the same quarter last year. As a group, equities analysts forecast that Archrock, Inc. will post 1.09 EPS for the current year.

Archrock Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 12th. Shareholders of record on Tuesday, August 5th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Tuesday, August 5th. This is an increase from Archrock's previous quarterly dividend of $0.19. Archrock's dividend payout ratio is currently 63.64%.

Insiders Place Their Bets

In other Archrock news, SVP Eric W. Thode sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $23.54, for a total value of $235,400.00. Following the completion of the transaction, the senior vice president directly owned 224,809 shares of the company's stock, valued at $5,292,003.86. This represents a 4.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

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.