The Manufacturers Life Insurance Company Acquires Shares of 92,514 Archrock, Inc. $AROC

Key Points

• The Manufacturers Life Insurance Company initiated a position in Archrock by purchasing 92,514 shares worth approximately $3.8 million. Institutional investors and hedge funds collectively own 95.45% of the company.
• Analysts maintain a largely positive outlook, with nine Buy ratings and one Hold rating, an overall “Moderate Buy” consensus, and an average price target of $42.29.
• Archrock reported quarterly earnings and revenue below analyst expectations, while revenue declined 3.1% year over year. However, the company increased its quarterly dividend to $0.23, equivalent to a 2.9% annualized yield.

The Manufacturers Life Insurance Company bought a new position in shares of Archrock, Inc. (NYSE:AROC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 92,514 shares of the energy company's stock, valued at approximately $3,766,000. The Manufacturers Life Insurance Company owned approximately 0.05% of Archrock as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Archrock during the 2nd quarter worth $1,217,511,000. Invesco Ltd. raised its holdings in Archrock by 5.5% in the 4th quarter. Invesco Ltd. now owns 8,719,020 shares of the energy company's stock valued at $226,869,000 after acquiring an additional 457,569 shares in the last quarter. State Street Corp lifted its position in shares of Archrock by 2.2% during the 4th quarter. State Street Corp now owns 7,018,889 shares of the energy company's stock valued at $182,631,000 after acquiring an additional 152,312 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Archrock by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,833,290 shares of the energy company's stock valued at $177,805,000 after acquiring an additional 111,218 shares during the period. Finally, Sei Investments Co. grew its holdings in shares of Archrock by 3.5% during the 3rd quarter. Sei Investments Co. now owns 5,499,093 shares of the energy company's stock worth $144,681,000 after purchasing an additional 187,252 shares in the last quarter. 95.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on AROC shares. Royal Bank Of Canada raised their price target on Archrock from $44.00 to $46.00 and gave the stock an "outperform" rating in a research report on Monday, August 17th. Raymond James Financial reaffirmed an "outperform" rating and set a $46.00 price target on shares of Archrock in a report on Thursday, May 7th. Evercore set a $40.00 price target on shares of Archrock in a research report on Monday, August 17th. Stifel Nicolaus set a $41.00 price objective on shares of Archrock in a research note on Thursday, May 7th. Finally, Weiss Ratings downgraded shares of Archrock from a "buy (a-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $42.29.

Archrock Stock Performance

Archrock stock opened at $31.73 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.39 and a debt-to-equity ratio of 1.51. The stock has a market cap of $5.56 billion, a PE ratio of 17.06, a P/E/G ratio of 1.52 and a beta of 0.86. Archrock, Inc. has a 12-month low of $22.88 and a 12-month high of $42.23. The business's 50-day moving average price is $35.65 and its two-hundred day moving average price is $35.79.

Archrock (NYSE:AROC - Get Free Report) last posted its earnings results on Wednesday, August 5th. The energy company reported $0.38 EPS for the quarter, missing analysts' consensus estimates of $0.45 by ($0.07). Archrock had a return on equity of 22.22% and a net margin of 21.84%.The company had revenue of $371.24 million during the quarter, compared to the consensus estimate of $393.19 million. During the same period last year, the company posted $0.39 EPS. The firm's revenue was down 3.1% compared to the same quarter last year. As a group, analysts expect that Archrock, Inc. will post 1.73 earnings per share for the current fiscal year.

Archrock Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, August 4th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, August 4th. This is a positive change from Archrock's previous quarterly dividend of $0.22. Archrock's payout ratio is currently 49.46%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source