Wedge Capital Management L L P NC Trims Position in ChampionX Co. (NASDAQ:CHX)

Wedge Capital Management L L P NC trimmed its stake in ChampionX Co. (NASDAQ:CHXGet Rating) by 1.8% in the 2nd quarter, Holdings reports. The institutional investor owned 310,414 shares of the company’s stock after selling 5,588 shares during the period. Wedge Capital Management L L P NC’s holdings in ChampionX were worth $6,162,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. State of Alaska Department of Revenue lifted its holdings in shares of ChampionX by 2.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 29,229 shares of the company’s stock worth $580,000 after buying an additional 800 shares during the period. Walleye Capital LLC purchased a new stake in ChampionX in the first quarter worth about $1,809,000. Neuberger Berman Group LLC bought a new position in ChampionX during the 1st quarter worth about $213,000. Keeley Teton Advisors LLC increased its position in ChampionX by 649.2% during the 1st quarter. Keeley Teton Advisors LLC now owns 298,652 shares of the company’s stock valued at $7,311,000 after purchasing an additional 258,788 shares during the period. Finally, Gamco Investors INC. ET AL raised its holdings in shares of ChampionX by 18.2% in the 1st quarter. Gamco Investors INC. ET AL now owns 51,960 shares of the company’s stock valued at $1,272,000 after purchasing an additional 8,000 shares in the last quarter. 98.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CHX shares. Bank of America upgraded shares of ChampionX from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $25.00 to $22.00 in a research note on Friday, July 15th. The Goldman Sachs Group dropped their target price on ChampionX from $26.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 13th. Finally, Benchmark began coverage on ChampionX in a research note on Wednesday, August 24th. They set a “buy” rating and a $32.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from, ChampionX presently has a consensus rating of “Moderate Buy” and an average target price of $28.60.

ChampionX Trading Down 2.1 %

NASDAQ:CHX opened at $20.97 on Wednesday. The firm has a 50 day moving average of $21.16 and a 200 day moving average of $22.15. The company has a quick ratio of 1.15, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. ChampionX Co. has a 52 week low of $16.64 and a 52 week high of $28.08. The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of 26.54, a PEG ratio of 0.37 and a beta of 2.62.

ChampionX (NASDAQ:CHXGet Rating) last announced its earnings results on Tuesday, July 26th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. The company had revenue of $932.57 million for the quarter, compared to analyst estimates of $897.30 million. ChampionX had a return on equity of 10.79% and a net margin of 4.78%. During the same period in the prior year, the company posted $0.11 EPS. As a group, sell-side analysts anticipate that ChampionX Co. will post 1.21 earnings per share for the current fiscal year.

ChampionX Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 7th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.43%. The ex-dividend date is Thursday, October 6th. ChampionX’s dividend payout ratio is presently 37.98%.

ChampionX Profile

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ChampionX Corporation provides chemistry solutions, and engineered equipment and technologies to oil and gas companies worldwide. The company's Production Chemical Technologies segment offers onshore and offshore chemical solutions, such as corrosion inhibitors, scale inhibitors, emulsion breakers, and biocides to oil and natural gas production and midstream markets to manage and control corrosion, oil and water separation, flow assurance, sour gas treatment, and water-related issues.

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Institutional Ownership by Quarter for ChampionX (NASDAQ:CHX)

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