Van ECK Associates Corp Acquires 32,971 Shares of Archrock, Inc. (NYSE:AROC)

Van ECK Associates Corp raised its position in shares of Archrock, Inc. (NYSE:AROC) by 93.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,251 shares of the energy company’s stock after purchasing an additional 32,971 shares during the period. Van ECK Associates Corp’s holdings in Archrock were worth $1,383,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in AROC. Vanguard Group Inc. increased its holdings in Archrock by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 18,321,555 shares of the energy company’s stock valued at $360,385,000 after purchasing an additional 849,750 shares during the period. Earnest Partners LLC increased its holdings in Archrock by 2.6% during the 1st quarter. Earnest Partners LLC now owns 14,007,955 shares of the energy company’s stock valued at $275,536,000 after purchasing an additional 351,391 shares during the period. American Century Companies Inc. increased its holdings in Archrock by 20.5% during the 2nd quarter. American Century Companies Inc. now owns 3,958,281 shares of the energy company’s stock valued at $80,036,000 after purchasing an additional 672,663 shares during the period. Energy Income Partners LLC increased its holdings in Archrock by 4.9% during the 1st quarter. Energy Income Partners LLC now owns 2,468,897 shares of the energy company’s stock valued at $48,563,000 after purchasing an additional 116,298 shares during the period. Finally, Millennium Management LLC increased its holdings in Archrock by 60.3% during the 2nd quarter. Millennium Management LLC now owns 2,343,652 shares of the energy company’s stock valued at $47,389,000 after purchasing an additional 882,024 shares during the period. Hedge funds and other institutional investors own 95.45% of the company’s stock.

Wall Street Analyst Weigh In

AROC has been the topic of several research reports. Evercore ISI initiated coverage on Archrock in a research report on Wednesday, September 25th. They set an “outperform” rating and a $24.00 price objective on the stock. Stifel Nicolaus lifted their price objective on Archrock from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Royal Bank of Canada lifted their price objective on Archrock from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. initiated coverage on Archrock in a research report on Friday, September 6th. They set an “overweight” rating and a $24.00 price objective on the stock. Finally, Mizuho assumed coverage on Archrock in a research report on Wednesday, October 2nd. They set an “outperform” rating and a $24.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $24.50.

Archrock Stock Performance

Shares of AROC opened at $23.61 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 1.53 and a debt-to-equity ratio of 1.80. The business’s 50 day moving average price is $20.50 and its 200-day moving average price is $20.22. Archrock, Inc. has a 52 week low of $13.65 and a 52 week high of $23.73. The stock has a market cap of $3.99 billion, a P/E ratio of 26.53 and a beta of 1.52.

Archrock Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th will be given a $0.175 dividend. The ex-dividend date is Wednesday, November 6th. This is a boost from Archrock’s previous quarterly dividend of $0.17. This represents a $0.70 annualized dividend and a yield of 2.97%. Archrock’s dividend payout ratio is 78.65%.

Archrock Company 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.