State Board of Administration of Florida Retirement System increased its stake in ChampionX Co. (NASDAQ:CHX – Get Rating) by 142.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,808 shares of the company’s stock after buying an additional 102,117 shares during the period. State Board of Administration of Florida Retirement System’s holdings in ChampionX were worth $3,450,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of CHX. BlackRock Inc. increased its stake in shares of ChampionX by 0.5% during the first quarter. BlackRock Inc. now owns 24,501,257 shares of the company’s stock valued at $599,791,000 after purchasing an additional 126,529 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of ChampionX by 0.7% during the first quarter. Vanguard Group Inc. now owns 19,915,020 shares of the company’s stock valued at $487,520,000 after purchasing an additional 132,397 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of ChampionX by 35.6% during the first quarter. Van ECK Associates Corp now owns 7,873,500 shares of the company’s stock valued at $192,743,000 after purchasing an additional 2,065,566 shares in the last quarter. State Street Corp increased its stake in shares of ChampionX by 9.4% during the first quarter. State Street Corp now owns 7,054,490 shares of the company’s stock valued at $172,694,000 after purchasing an additional 606,335 shares in the last quarter. Finally, Gates Capital Management Inc. increased its stake in shares of ChampionX by 36.1% during the first quarter. Gates Capital Management Inc. now owns 6,653,209 shares of the company’s stock valued at $162,871,000 after purchasing an additional 1,766,481 shares in the last quarter. 98.74% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
CHX has been the subject of a number of analyst reports. Benchmark initiated coverage on shares of ChampionX in a research note on Wednesday, August 24th. They set a “buy” rating and a $32.00 target price for the company. Citigroup raised their price target on shares of ChampionX from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Tuesday, November 1st. The Goldman Sachs Group raised their price target on shares of ChampionX from $21.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, November 2nd. Finally, Barclays downgraded shares of ChampionX from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $38.00 to $28.00 in a research report on Thursday, October 6th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, ChampionX currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.67.
Insider Buying and Selling
ChampionX Price Performance
Shares of CHX opened at $32.05 on Tuesday. ChampionX Co. has a twelve month low of $16.64 and a twelve month high of $32.81. The company has a quick ratio of 1.14, a current ratio of 1.85 and a debt-to-equity ratio of 0.38. The firm has a 50 day moving average of $23.60 and a 200 day moving average of $22.13. The company has a market capitalization of $6.39 billion, a P/E ratio of 50.87, a price-to-earnings-growth ratio of 0.47 and a beta of 2.64.
ChampionX (NASDAQ:CHX – Get Rating) last issued its earnings results on Tuesday, October 25th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.01. ChampionX had a net margin of 3.58% and a return on equity of 12.89%. The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $944.63 million. During the same quarter last year, the company posted $0.15 earnings per share. The firm’s quarterly revenue was up 24.7% on a year-over-year basis. As a group, equities research analysts anticipate that ChampionX Co. will post 1.21 earnings per share for the current fiscal year.
ChampionX Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, January 27th. Investors of record on Friday, January 6th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.94%. The ex-dividend date is Thursday, January 5th. ChampionX’s dividend payout ratio is currently 47.62%.
ChampionX Company Profile
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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