Citigroup Lowers ChampionX (NASDAQ:CHX) Price Target to $40.00

ChampionX (NASDAQ:CHX) had its price target lowered by equities research analysts at Citigroup from $45.00 to $40.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 30.55% from the stock’s current price.

ChampionX Stock Down 0.8 %

Shares of ChampionX stock opened at $30.64 on Thursday. The company has a current ratio of 1.94, a quick ratio of 1.20 and a debt-to-equity ratio of 0.33. ChampionX has a 1 year low of $25.46 and a 1 year high of $39.95. The stock has a 50-day moving average price of $30.21 and a 200 day moving average price of $31.67. The company has a market cap of $5.84 billion, a P/E ratio of 19.03 and a beta of 2.38.

ChampionX (NASDAQ:CHX) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.01). The company had revenue of $906.53 million for the quarter, compared to analyst estimates of $916.50 million. ChampionX had a return on equity of 19.74% and a net margin of 8.59%. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 earnings per share. As a group, analysts expect that ChampionX will post 1.66 EPS for the current fiscal year.

Insider Transactions at ChampionX

In other ChampionX news, insider Deric D. Bryant sold 49,303 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $30.06, for a total transaction of $1,482,048.18. Following the transaction, the insider now directly owns 337,409 shares of the company’s stock, valued at $10,142,514.54. This represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.38% of the company’s stock.

Institutional Trading of ChampionX

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in shares of ChampionX by 1.4% in the third quarter. Geode Capital Management LLC now owns 4,617,387 shares of the company’s stock worth $139,239,000 after buying an additional 63,119 shares during the last quarter. Barclays PLC lifted its position in ChampionX by 147.2% during the 3rd quarter. Barclays PLC now owns 357,081 shares of the company’s stock worth $10,766,000 after acquiring an additional 212,654 shares during the last quarter. MML Investors Services LLC grew its position in shares of ChampionX by 8.9% in the third quarter. MML Investors Services LLC now owns 89,145 shares of the company’s stock valued at $2,688,000 after purchasing an additional 7,299 shares during the last quarter. XTX Topco Ltd bought a new position in shares of ChampionX in the third quarter worth about $783,000. Finally, Wellington Management Group LLP increased its stake in shares of ChampionX by 1.2% in the third quarter. Wellington Management Group LLP now owns 425,287 shares of the company’s stock worth $12,822,000 after purchasing an additional 4,844 shares during the period. 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.