California Public Employees Retirement System Sells 9,922 Shares of ChampionX Co. (NASDAQ:CHX)

California Public Employees Retirement System lowered its stake in ChampionX Co. (NASDAQ:CHXGet Rating) by 2.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 429,810 shares of the company’s stock after selling 9,922 shares during the quarter. California Public Employees Retirement System’s holdings in ChampionX were worth $8,532,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Signaturefd LLC raised its holdings in shares of ChampionX by 87.7% during the first quarter. Signaturefd LLC now owns 2,042 shares of the company’s stock valued at $50,000 after acquiring an additional 954 shares in the last quarter. Truist Financial Corp raised its holdings in shares of ChampionX by 160.7% during the second quarter. Truist Financial Corp now owns 95,364 shares of the company’s stock valued at $1,893,000 after acquiring an additional 58,787 shares in the last quarter. William Blair Investment Management LLC bought a new position in shares of ChampionX during the second quarter valued at approximately $11,837,000. Oppenheimer Asset Management Inc. grew its stake in ChampionX by 2.5% in the first quarter. Oppenheimer Asset Management Inc. now owns 65,419 shares of the company’s stock worth $1,602,000 after purchasing an additional 1,566 shares during the period. Finally, Narwhal Capital Management purchased a new stake in ChampionX in the second quarter worth $1,414,000. Institutional investors own 98.74% of the company’s stock.

Insider Activity

In other news, CAO Antoine Marcos sold 146,950 shares of the company’s stock in a transaction on Thursday, October 27th. The stock was sold at an average price of $28.55, for a total transaction of $4,195,422.50. Following the transaction, the chief accounting officer now directly owns 51,465 shares of the company’s stock, valued at $1,469,325.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Sivasankaran Somasundaram sold 4,872 shares of the company’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $32.48, for a total transaction of $158,242.56. Following the transaction, the chief executive officer now directly owns 373,728 shares of the company’s stock, valued at $12,138,685.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Antoine Marcos sold 146,950 shares of the stock in a transaction dated Thursday, October 27th. The shares were sold at an average price of $28.55, for a total value of $4,195,422.50. Following the completion of the transaction, the chief accounting officer now directly owns 51,465 shares in the company, valued at approximately $1,469,325.75. The disclosure for this sale can be found here. Insiders have sold a total of 164,822 shares of company stock valued at $4,733,135 over the last ninety days. 1.10% of the stock is currently owned by corporate insiders.

ChampionX Trading Up 3.1 %

NASDAQ CHX opened at $31.84 on Wednesday. ChampionX Co. has a 12 month low of $16.64 and a 12 month high of $33.13. The stock has a market cap of $6.35 billion, a P/E ratio of 50.54, a P/E/G ratio of 0.45 and a beta of 2.64. The stock’s fifty day moving average price is $24.98 and its 200-day moving average price is $22.60. The company has a current ratio of 1.85, a quick ratio of 1.14 and a debt-to-equity ratio of 0.38.

ChampionX (NASDAQ:CHXGet Rating) last released its earnings results on Tuesday, October 25th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. ChampionX had a return on equity of 12.89% and a net margin of 3.58%. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $944.63 million. During the same period in the prior year, the firm posted $0.15 earnings per share. The company’s quarterly revenue was up 24.7% on a year-over-year basis. As a group, equities analysts forecast that ChampionX Co. will post 1.21 EPS for the current fiscal year.

ChampionX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 27th. Stockholders of record on Friday, January 6th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Thursday, January 5th. ChampionX’s payout ratio is currently 47.62%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CHX shares. The Goldman Sachs Group upped their price target on ChampionX from $21.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 2nd. Barclays cut ChampionX from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $38.00 to $28.00 in a research note on Thursday, October 6th. Benchmark started coverage on ChampionX in a research note on Wednesday, August 24th. They issued a “buy” rating and a $32.00 price target on the stock. Finally, Citigroup upped their price target on ChampionX from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Tuesday, November 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $29.67.

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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