Narwhal Capital Management Boosts Position in ChampionX Co. (NASDAQ:CHX)

Narwhal Capital Management lifted its position in shares of ChampionX Co. (NASDAQ:CHX) by 17.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 197,138 shares of the company’s stock after buying an additional 29,966 shares during the quarter. Narwhal Capital Management owned approximately 0.10% of ChampionX worth $5,944,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CHX. Vanguard Group Inc. increased its position in ChampionX by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 20,033,091 shares of the company’s stock worth $585,167,000 after buying an additional 62,967 shares in the last quarter. Bessemer Group Inc. increased its position in ChampionX by 2.6% during the 1st quarter. Bessemer Group Inc. now owns 3,842,425 shares of the company’s stock worth $137,905,000 after purchasing an additional 99,100 shares in the last quarter. Millennium Management LLC raised its stake in ChampionX by 12,607.0% in the 2nd quarter. Millennium Management LLC now owns 3,120,847 shares of the company’s stock valued at $103,643,000 after purchasing an additional 3,096,287 shares during the last quarter. Magnetar Financial LLC purchased a new position in ChampionX in the 2nd quarter valued at about $72,860,000. Finally, Fiera Capital Corp grew its holdings in shares of ChampionX by 1.2% during the second quarter. Fiera Capital Corp now owns 1,299,611 shares of the company’s stock worth $43,160,000 after buying an additional 15,326 shares in the last quarter. 98.99% of the stock is currently owned by hedge funds and other institutional investors.

ChampionX Stock Down 1.0 %

Shares of CHX opened at $29.57 on Wednesday. The firm has a market cap of $5.63 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 1.27 and a beta of 2.37. The company has a quick ratio of 1.25, a current ratio of 1.99 and a debt-to-equity ratio of 0.34. The company’s fifty day moving average is $30.68 and its two-hundred day moving average is $32.51. ChampionX Co. has a fifty-two week low of $25.46 and a fifty-two week high of $39.95.

ChampionX (NASDAQ:CHX) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.11). The firm had revenue of $893.30 million for the quarter, compared to analysts’ expectations of $954.91 million. ChampionX had a net margin of 8.66% and a return on equity of 19.72%. ChampionX’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the firm posted $0.48 EPS. Analysts forecast that ChampionX Co. will post 1.99 earnings per share for the current year.

ChampionX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.38 annualized dividend and a yield of 1.29%. ChampionX’s payout ratio is 20.65%.

Analysts Set New Price Targets

Separately, Piper Sandler decreased their target price on shares of ChampionX from $40.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

ChampionX Company Profile

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.