ChampionX (NASDAQ:CHX) Trading 8.2% Higher – What’s Next?

ChampionX Co. (NASDAQ:CHX) rose 8.2% on Friday . The stock traded as high as $31.10 and last traded at $31.54. Approximately 862,537 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 2,355,163 shares. The stock had previously closed at $29.15.

Analyst Ratings Changes

Separately, Citigroup dropped their price target on shares of ChampionX from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th.

ChampionX Stock Performance

The company has a current ratio of 1.94, a quick ratio of 1.20 and a debt-to-equity ratio of 0.33. The firm’s fifty day moving average price is $28.90 and its 200 day moving average price is $30.42. The firm has a market capitalization of $6.02 billion, a PE ratio of 19.64 and a beta of 2.36.

ChampionX (NASDAQ:CHX) last announced 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 net margin of 8.59% and a return on equity of 19.74%. The company’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter last year, the business earned $0.41 EPS. On average, research analysts anticipate that ChampionX Co. will post 1.66 earnings per share for the current year.

ChampionX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 3rd will be issued a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Friday, January 3rd. ChampionX’s dividend payout ratio is 23.60%.

Insider Activity at ChampionX

In other ChampionX news, insider Deric D. Bryant sold 49,303 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $30.06, for a total transaction of $1,482,048.18. Following the completion of the transaction, the insider now owns 337,409 shares in the company, valued at approximately $10,142,514.54. This represents a 12.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ChampionX

Large investors have recently modified their holdings of the stock. Blue Trust Inc. grew its holdings in shares of ChampionX by 442.4% during the 3rd quarter. Blue Trust Inc. now owns 1,329 shares of the company’s stock valued at $44,000 after purchasing an additional 1,084 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in ChampionX in the second quarter worth approximately $68,000. UMB Bank n.a. increased its stake in ChampionX by 63.7% during the 3rd quarter. UMB Bank n.a. now owns 2,266 shares of the company’s stock valued at $68,000 after purchasing an additional 882 shares in the last quarter. KBC Group NV raised its holdings in shares of ChampionX by 18.3% in the 3rd quarter. KBC Group NV now owns 5,827 shares of the company’s stock worth $176,000 after acquiring an additional 903 shares during the last quarter. Finally, Choreo LLC purchased a new stake in shares of ChampionX in the second quarter worth approximately $225,000. 98.99% of the stock is owned by institutional investors.

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.