Phocas Financial Corp. Has $6.75 Million Position in ChampionX Co. (NASDAQ:CHX)

Phocas Financial Corp. boosted its holdings in shares of ChampionX Co. (NASDAQ:CHX) by 41.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 217,509 shares of the company’s stock after acquiring an additional 63,289 shares during the period. Phocas Financial Corp. owned 0.11% of ChampionX worth $6,751,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CHX. Belpointe Asset Management LLC bought a new stake in shares of ChampionX in the 4th quarter valued at about $27,000. Massmutual Trust Co. FSB ADV increased its stake in shares of ChampionX by 1,500.0% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,696 shares of the company’s stock valued at $46,000 after acquiring an additional 1,590 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of ChampionX by 654.0% in the 1st quarter. NewEdge Advisors LLC now owns 1,870 shares of the company’s stock valued at $51,000 after acquiring an additional 1,622 shares during the last quarter. CI Investments Inc. bought a new stake in shares of ChampionX in the 4th quarter valued at about $59,000. Finally, Benjamin Edwards Inc. increased its stake in shares of ChampionX by 151.7% in the 1st quarter. Benjamin Edwards Inc. now owns 2,175 shares of the company’s stock valued at $59,000 after acquiring an additional 1,311 shares during the last quarter. Institutional investors own 98.99% of the company’s stock.

ChampionX Stock Performance

ChampionX stock traded down $0.28 during mid-day trading on Tuesday, hitting $37.17. 319,066 shares of the company’s stock traded hands, compared to its average volume of 1,461,081. The firm has a 50 day simple moving average of $35.79 and a two-hundred day simple moving average of $30.61. ChampionX Co. has a fifty-two week low of $17.83 and a fifty-two week high of $38.37. The stock has a market cap of $7.31 billion, a price-to-earnings ratio of 30.45, a P/E/G ratio of 0.73 and a beta of 2.59. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.82 and a quick ratio of 1.09.

ChampionX (NASDAQ:CHX) last announced its quarterly earnings results on Tuesday, July 25th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.05. ChampionX had a return on equity of 19.42% and a net margin of 6.45%. The business had revenue of $926.60 million during the quarter, compared to the consensus estimate of $976.62 million. During the same quarter last year, the firm posted $0.28 EPS. The company’s quarterly revenue was down .6% on a year-over-year basis. On average, research analysts expect that ChampionX Co. will post 1.85 EPS for the current fiscal year.

ChampionX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 6th will be given a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend is Thursday, October 5th. ChampionX’s payout ratio is 27.64%.

Insiders Place Their Bets

In other ChampionX news, insider Deric D. Bryant sold 173,705 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $35.05, for a total transaction of $6,088,360.25. Following the transaction, the insider now owns 354,934 shares in the company, valued at approximately $12,440,436.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Sivasankaran Somasundaram sold 7,404 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $35.00, for a total value of $259,140.00. Following the transaction, the chief executive officer now owns 469,382 shares in the company, valued at $16,428,370. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Deric D. Bryant sold 173,705 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $35.05, for a total value of $6,088,360.25. Following the completion of the transaction, the insider now owns 354,934 shares in the company, valued at approximately $12,440,436.70. The disclosure for this sale can be found here. Insiders have sold 232,978 shares of company stock worth $8,194,768 in the last 90 days. Company insiders own 1.22% of the company’s stock.

Wall Street Analysts Forecast Growth

CHX has been the subject of a number of recent analyst reports. Barclays upped their price target on ChampionX from $32.00 to $33.00 in a research note on Wednesday, July 26th. Capital One Financial assumed coverage on ChampionX in a research note on Friday, July 14th. They set an “overweight” rating and a $40.00 target price for the company. Finally, Piper Sandler increased their target price on ChampionX from $36.00 to $42.00 in a research note on Wednesday, July 26th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.40.

ChampionX Company Profile

ChampionX Corporation provides chemistry solutions, 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.