Archrock Announces Credit Rating Upgrade from S&P Global Ratings
Archrock, Inc. (AROC)
Last archrock, inc. earnings: 2/19 07:16 pm
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archrock.com/aroc
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Source: GlobeNewswire
HOUSTON, March 04, 2024 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE:AROC) (“Archrock”) announced that S&P Global Ratings (“S&P”) has upgraded Archrock’s issuer credit rating to ‘BB-’ from ‘B+’ with a stable outlook. S&P also raised the issue-level rating on Archrock’s senior unsecured debt to ‘BB-’ from ‘B+’. S&P pointed to high equipment utilization, increasing earnings and declining leverage through the forecast period. S&P highlighted in their report, “Archrock has significantly increased EBITDA since 2022 as a result of stronger demand, increasing utilization and contract rates. We forecast S&P Global Ratings-adjusted debt to EBITDA will be 3x-3.5x in 2024 and under 3x in 2025.” Doug Aron, Archrock’s Chief Financial Officer, commented: “Archrock has built a strong balance sheet and resilient financial position through debt reduction, profitability growth and disciplined capital allocation. We are proud of the upgrades from S&P, which indicate strength in the compression market o
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AROC
News
- Archrock, Inc. (NYSE: AROC) had its price target raised by analysts at Stifel Nicolaus from $20.00 to $23.00. They now have a "buy" rating on the stock.MarketBeat
- Archrock, Inc. (NYSE:AROC) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Archrock Reports First Quarter 2024 Results [Yahoo! Finance]Yahoo! Finance
- Archrock Reports First Quarter 2024 ResultsGlobeNewswire
- Archrock Announces Quarterly Cash Dividend and Extends Share Repurchase Authorization [Yahoo! Finance]Yahoo! Finance
AROC
Earnings
- 4/30/24 - Beat
AROC
Sec Filings
- 5/1/24 - Form 10-Q
- 5/1/24 - Form 8-K
- 4/29/24 - Form 8-K
- AROC's page on the SEC website