ChampionX (NASDAQ:CHX) Trading Down 2.2%

ChampionX Co. (NASDAQ:CHX)’s share price dropped 2.2% during mid-day trading on Friday . The company traded as low as $35.15 and last traded at $35.47. Approximately 231,288 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 1,996,496 shares. The stock had previously closed at $36.28.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Citigroup boosted their price objective on ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, March 27th. Piper Sandler boosted their price objective on ChampionX from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Barclays boosted their price objective on ChampionX from $39.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, April 4th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.33.

ChampionX Trading Down 2.5 %

The company has a current ratio of 1.82, a quick ratio of 1.15 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $6.76 billion, a P/E ratio of 23.11, a PEG ratio of 1.14 and a beta of 2.44. The business has a 50 day moving average price of $33.56 and a 200 day moving average price of $31.14.

ChampionX (NASDAQ:CHX) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The company had revenue of $943.56 million during the quarter, compared to analysts’ expectations of $947.33 million. ChampionX had a return on equity of 20.14% and a net margin of 8.36%. ChampionX’s revenue was down 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.43 EPS. Analysts anticipate that ChampionX Co. will post 1.95 EPS for the current year.

ChampionX Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 5th will be given a $0.095 dividend. The ex-dividend date is Thursday, April 4th. This is a positive change from ChampionX’s previous quarterly dividend of $0.09. This represents a $0.38 annualized dividend and a dividend yield of 1.07%. ChampionX’s payout ratio is currently 24.20%.

Insider Activity at ChampionX

In related news, insider William Jr. O’dell sold 27,178 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $36.00, for a total value of $978,408.00. Following the completion of the transaction, the insider now directly owns 57,748 shares in the company, valued at approximately $2,078,928. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.38% of the stock is owned by insiders.

Hedge Funds Weigh In On ChampionX

A number of large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in ChampionX during the 1st quarter worth approximately $27,000. Congress Wealth Management LLC DE boosted its position in ChampionX by 1.6% during the 1st quarter. Congress Wealth Management LLC DE now owns 366,199 shares of the company’s stock worth $13,143,000 after acquiring an additional 5,918 shares during the last quarter. Legend Financial Advisors Inc. boosted its holdings in shares of ChampionX by 3.5% in the 1st quarter. Legend Financial Advisors Inc. now owns 21,132 shares of the company’s stock valued at $758,000 after buying an additional 720 shares during the last quarter. FCF Advisors LLC acquired a new stake in shares of ChampionX in the 1st quarter valued at approximately $1,520,000. Finally, Ballentine Partners LLC acquired a new stake in shares of ChampionX in the 1st quarter valued at approximately $202,000. Institutional investors and hedge funds own 98.99% of the company’s stock.

About ChampionX

ChampionX Corporation provides chemistry solutions, artificial lift systems, and engineered equipment and technologies to oil and gas companies worldwide. The company operates through four segments: Production Chemical Technologies, Production & Automation Technologies, Drilling Technologies, and Reservoir Chemical Technologies.