State of New Jersey Common Pension Fund D Acquires 2,343 Shares of Archrock, Inc. (NYSE:AROC)

State of New Jersey Common Pension Fund D increased its stake in Archrock, Inc. (NYSE:AROC) by 2.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 97,330 shares of the energy company’s stock after buying an additional 2,343 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of Archrock worth $1,970,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Crossmark Global Holdings Inc. bought a new position in Archrock during the third quarter worth about $200,000. Atria Investments Inc lifted its stake in shares of Archrock by 2.3% in the 3rd quarter. Atria Investments Inc now owns 32,648 shares of the energy company’s stock valued at $661,000 after acquiring an additional 746 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Archrock by 24.4% during the third quarter. Principal Financial Group Inc. now owns 853,295 shares of the energy company’s stock valued at $17,271,000 after purchasing an additional 167,510 shares in the last quarter. Amalgamated Bank grew its holdings in Archrock by 17.7% during the 3rd quarter. Amalgamated Bank now owns 49,513 shares of the energy company’s stock worth $1,002,000 after acquiring an additional 7,437 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in shares of Archrock by 93.5% in the third quarter. Van ECK Associates Corp now owns 68,251 shares of the energy company’s stock worth $1,383,000 after purchasing an additional 32,971 shares during the last quarter. Institutional investors own 95.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. initiated coverage on shares of Archrock in a research note on Friday, September 6th. They set an “overweight” rating and a $24.00 target price for the company. Royal Bank of Canada upped their target price on shares of Archrock from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday. Evercore ISI began coverage on Archrock in a research note on Wednesday, September 25th. They set an “outperform” rating and a $24.00 price objective on the stock. Stifel Nicolaus boosted their target price on Archrock from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Mizuho began coverage on shares of Archrock in a report on Wednesday, October 2nd. They issued an “outperform” rating and a $24.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.67.

Archrock Price Performance

Shares of Archrock stock opened at $23.22 on Monday. The company has a quick ratio of 0.94, a current ratio of 1.26 and a debt-to-equity ratio of 1.73. The company’s fifty day simple moving average is $20.92 and its two-hundred day simple moving average is $20.34. The firm has a market cap of $4.07 billion, a PE ratio of 25.52 and a beta of 1.52. Archrock, Inc. has a 12-month low of $13.89 and a 12-month high of $24.71.

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

Archrock Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were paid a dividend of $0.175 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.70 annualized dividend and a yield of 3.01%. This is a boost from Archrock’s previous quarterly dividend of $0.17. Archrock’s dividend payout ratio is currently 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.