Archrock reports Q2 EPS (20c), consensus 12c » 17:5707/3007/30/20
Reports Q2 revenue…
Reports Q2 revenue $220.3M, consensus $236.82M. "Archrock's impressive second quarter performance reaffirms the resilience of our compression business and keeps us on track to achieve our full-year 2020 EBITDA guidance, generate free cash flow and repay debt," said Brad Childers, CEO. "Despite one of the most difficult market and operating environments in the company's history, we improved our contract operations gross margin percentage through aggressive cost management and solid execution. With disciplined capital allocation, we protected our sound financial position while continuing to pay an attractive and well-covered dividend to our shareholders. The market deteriorated quickly and sharply during the second quarter as a result of the COVID-19 pandemic. While we will not try to predict the timing of the recovery, we began to see signs of stabilization in the overall market and in our compression operations entering the third quarter. As U.S. natural gas production has steadied in recent weeks, the pace of compression equipment returns from the field has moderated and we've seen customer requests to restart equipment that was temporarily put on standby status. These improvements are occurring across multiple customers and geographies. Looking ahead, we expect to continue to generate free cash flow as we have largely funded our 2020 capital needs and we are not planning large new equipment capital expenditures in 2021. This current and expanding free cash flow generation is a significant differentiator for Archrock and will facilitate further debt reduction and continuing return of cash to shareholders. We have substantial available liquidity and no near-term debt maturities. With the quality of our assets, strength of our balance sheet and dedication of our employees, I remain confident in our company's ability to successfully navigate the market challenges caused by constant volatility in U.S. natural gas production levels and continue to generate significant value for both our customers and shareholders." "
|Over a month ago|
Archrock initiated with a Buy at Stifel » 15:0206/2906/29/20
Earlier, Stifel analyst…
Earlier, Stifel analyst Selman Akyol initiated coverage of Archrock with a Buy rating and $8 price target. The company's financial profile is "flexible," it has no near-term debt maturities and "significant" free cash flow after dividends will be generated in 2020 and beyond, Akyol told investors in a research note. Further, Archrock's 9.3% yield is attractive, as its dividend coverage should remain above 2.0 times through 2022, added the analyst.
Archrock participates in a conference call hosted by B. Riley FBR » 12:2706/2406/24/20
Conference call with…
Conference call with management will be held on June 29 hostd by B. Riley FBR.
|Over a quarter ago|
Archrock further reduces 2020 CapEx view to $140M-$170M » 16:5705/0405/04/20
Sees FY20 adjusted EBITDA…
Sees FY20 adjusted EBITDA $380M-$420M.
Archrock reports Q1 EPS (41c), consensus 14c » 16:5605/0405/04/20
Reports Q1 revenue…
Reports Q1 revenue $249.7M, one estimate $239.6M. "First quarter performance reflected outstanding execution by our team," said Brad Childers, Archrock's President and Chief Executive Officer. "We grew adjusted EBITDA 24% compared to the first quarter of 2019, maintained attractive gross margins, continued to optimize our fleet with non-core asset sales and reduced our leverage. With our solid operating capability and high-quality compression business, I am confident in our ability to maximize results as we enter this downturn." "In response to the COVID-19 pandemic and concurrent global economic slowdown that arose late in the first quarter, Archrock has taken swift and decisive action to protect our strong financial position and set our strategy to successfully navigate the uncertain market ahead. First and foremost, we remain focused on continuing to provide exceptional customer service and critical natural gas production infrastructure while protecting the health and safety of our employees, customers and communities. In anticipation of lower customer activity levels, we are further reducing planned 2020 capital expenditures and are aggressively cutting operating and corporate expenses. In total, these efforts are anticipated to generate annualized cash savings of between $75 to $85 million." "For the remainder of the year, we will continue to differentiate the performance that our production-oriented business and diverse footprint can deliver. We have substantial available liquidity and no near-term debt maturities, maintain manageable leverage and will work to protect our financial flexibility. Significantly reduced investment in new equipment will further enable our strong free cash flow profile, supporting debt repayment as well as return of capital to shareholders. Archrock is uniquely positioned to navigate this part of the cycle and preserve long-term value for an eventual market recovery," concluded Childers.
B. Riley FBR says be 'highly selective' in Oilfield Services, downgrades three » 08:4103/1703/17/20
PUMP, RNGR, USAC, WTTR, LBRT, SOI, AROC
B. Riley FBR analyst…
B. Riley FBR analyst Thomas Curran downgraded ProPetro Holding (PUMP), Ranger Energy (RNGR) and USA Compression (USAC) to Neutral from Buy. Despite the "historic meltdown" that has occurred in Oilfield Services stocks, investors should "remain highly selective in attempted bottom fishing," Curran tells investors in a research note. The analyst now forecasts onshore exploration and production capital expenditure declines by 41% and narrowed his top completion and production picks to just four names: Select Energy Services (WTTR), Liberty Oilfield Services (LBRT), Solaris Oilfield (SOI) and Archrock (AROC).
Archrock sees FY20 adj. EBITDA $415M-$450M vs. $416.5M last year 19:1902/1902/19/20
Archrock reports Q4 EPS 30c, consensus 16c » 19:1802/1902/19/20
Reports Q4 revenue…
Reports Q4 revenue $246.0M, two estimates $252.25M. Reports Q4 adjusted EBITDA $112.5M vs. $97.6M last year. Archrock's solid operational momentum continued through the end of 2019 as we delivered a sequential increase in utilization and gross margin in our contract operations segment during the fourth quarter," said Brad Childers, Archrock's President and Chief Executive Officer. "We performed well against our 2019 annual targets and remain on track to meet our three-year capital allocation objectives. This includes dividend growth of between 10% and 15%, dividend coverage above 2.0x, as well as leverage below 4.0x in 2020."
Archrock files to sell 21.7M shares of common stock for holders 17:1501/3101/31/20
Archrock management to meet with Piper Jaffray » 04:5511/0511/05/19
Meetings to be held in…
Meetings to be held in New York on November 4-5 hosted by Piper Jaffray.