Kornitzer Capital Management Inc. KS Has $9.64 Million Stock Holdings in ChampionX Co. (NASDAQ:CHX)

Kornitzer Capital Management Inc. KS decreased its stake in ChampionX Co. (NASDAQ:CHX) by 15.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 330,085 shares of the company’s stock after selling 59,770 shares during the period. Kornitzer Capital Management Inc. KS owned 0.17% of ChampionX worth $9,642,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CHX. BlackRock Inc. grew its holdings in ChampionX by 0.5% during the first quarter. BlackRock Inc. now owns 24,501,257 shares of the company’s stock worth $599,791,000 after purchasing an additional 126,529 shares during the period. Vanguard Group Inc. increased its holdings in shares of ChampionX by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 19,915,020 shares of the company’s stock worth $487,520,000 after acquiring an additional 132,397 shares during the last quarter. Alliancebernstein L.P. raised its stake in ChampionX by 13.7% in the 2nd quarter. Alliancebernstein L.P. now owns 8,184,487 shares of the company’s stock valued at $254,046,000 after acquiring an additional 988,872 shares during the period. State Street Corp lifted its holdings in ChampionX by 6.1% during the 1st quarter. State Street Corp now owns 7,422,065 shares of the company’s stock valued at $201,357,000 after purchasing an additional 426,656 shares during the last quarter. Finally, FMR LLC boosted its position in ChampionX by 20.2% during the third quarter. FMR LLC now owns 7,109,432 shares of the company’s stock worth $253,238,000 after purchasing an additional 1,193,122 shares during the period. Institutional investors and hedge funds own 98.99% of the company’s stock.

ChampionX Price Performance

Shares of CHX stock traded down $0.75 during trading on Friday, hitting $35.53. The company had a trading volume of 3,033,046 shares, compared to its average volume of 3,439,172. The firm has a market capitalization of $6.79 billion, a P/E ratio of 22.63, a price-to-earnings-growth ratio of 1.15 and a beta of 2.44. ChampionX Co. has a one year low of $24.98 and a one year high of $39.95. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.15 and a current ratio of 1.82. The stock’s 50-day moving average price is $33.69 and its 200 day moving average price is $31.14.

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

ChampionX Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 5th will be given a $0.095 dividend. The ex-dividend date is Thursday, April 4th. This is a boost 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 presently 24.20%.

Insider Transactions at ChampionX

In other news, insider William Jr. O’dell sold 27,178 shares of ChampionX stock in a transaction 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 transaction, the insider now owns 57,748 shares in the company, valued at approximately $2,078,928. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.38% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CHX. Barclays raised their target price on shares of ChampionX from $39.00 to $51.00 and gave the stock an “overweight” rating in a research note on Thursday, April 4th. 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. Finally, Piper Sandler increased their target price on ChampionX from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Two investment 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 company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.33.

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.