Stifel raised the firm’s price target on Archrock to $17 from $13 and keeps a Buy rating on the shares. Archrock’s “strong” Q2 results beat expectations and the company raised its FY23 guidance, the analyst tells investors. The market remains “very strong” for compression services, a tight industry supply demand balance is forecasted to continue, the company has high utilization rates, and management believes there is room to continue raising prices for its compression services, Stifel says.
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Read More on AROC:
- Archrock Reports Second Quarter 2023 Results, Increases 2023 Guidance and Updates Capital Allocation
- Archrock raises FY23 adjusted EBITDA view to $430M-$450M from $400M-$430M
- Archrock reports Q2 EPS 16c, consensus 14c
- AROC Earnings this Week: How Will it Perform?
- Archrock boosts quarterly dividend by 3% to 15.5c per share
