Summit Global Investments Makes New Investment in Archrock, Inc. (NYSE:AROC)

Summit Global Investments purchased a new position in shares of Archrock, Inc. (NYSE:AROC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 57,323 shares of the energy company’s stock, valued at approximately $1,427,000.

A number of other large investors also recently added to or reduced their stakes in AROC. Raymond James Financial Inc. acquired a new position in Archrock during the fourth quarter worth $36,241,000. Eagle Asset Management Inc. acquired a new stake in shares of Archrock in the third quarter valued at $22,108,000. State Street Corp raised its stake in shares of Archrock by 11.5% in the third quarter. State Street Corp now owns 6,836,745 shares of the energy company’s stock valued at $138,376,000 after acquiring an additional 707,379 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new stake in shares of Archrock in the third quarter valued at $10,939,000. Finally, Geode Capital Management LLC raised its stake in shares of Archrock by 16.0% in the third quarter. Geode Capital Management LLC now owns 3,794,981 shares of the energy company’s stock valued at $76,826,000 after acquiring an additional 523,825 shares in the last quarter. 95.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Citigroup increased their price objective on Archrock from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. JPMorgan Chase & Co. increased their price objective on Archrock from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, November 29th. One 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 presently has an average rating of “Moderate Buy” and a consensus price target of $26.67.

Archrock Stock Performance

NYSE:AROC opened at $26.37 on Friday. The firm has a market capitalization of $4.62 billion, a PE ratio of 28.98, a price-to-earnings-growth ratio of 1.60 and a beta of 1.56. The business’s fifty day moving average price is $27.23 and its 200 day moving average price is $24.31. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.26 and a quick ratio of 0.82. Archrock, Inc. has a 12 month low of $17.27 and a 12 month high of $30.44.

Archrock Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Wednesday, February 12th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.88%. The ex-dividend date was Wednesday, February 12th. This is a positive change from Archrock’s previous quarterly dividend of $0.18. Archrock’s dividend payout ratio is 73.08%.

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.