Sumitomo Mitsui Trust Holdings Inc. Acquires 24,854 Shares of ChampionX Co. (NASDAQ:CHX)

Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in ChampionX Co. (NASDAQ:CHX) by 1.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,598,635 shares of the company’s stock after acquiring an additional 24,854 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.82% of ChampionX worth $46,696,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CHX. NewEdge Advisors LLC boosted its holdings in shares of ChampionX by 654.0% in the 1st quarter. NewEdge Advisors LLC now owns 1,870 shares of the company’s stock worth $51,000 after purchasing an additional 1,622 shares in the last quarter. Covestor Ltd boosted its holdings in shares of ChampionX by 683.0% in the 1st quarter. Covestor Ltd now owns 2,216 shares of the company’s stock worth $54,000 after purchasing an additional 1,933 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of ChampionX by 19.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 2,166 shares of the company’s stock worth $77,000 after purchasing an additional 352 shares in the last quarter. Penserra Capital Management LLC purchased a new position in shares of ChampionX in the 3rd quarter worth about $96,000. Finally, Mendota Financial Group LLC purchased a new position in shares of ChampionX in the 4th quarter worth about $114,000. 98.99% 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. Barclays upped their price objective on ChampionX from $39.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, April 4th. Piper Sandler upped their price objective on ChampionX from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Citigroup upped their price objective on ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, March 27th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $40.33.

Insider Transactions at ChampionX

In other news, insider William Jr. O’dell sold 27,178 shares of ChampionX stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $36.00, for a total value of $978,408.00. Following the sale, the insider now directly owns 57,748 shares in the company, valued at approximately $2,078,928. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.38% of the company’s stock.

ChampionX Trading Down 2.1 %

Shares of CHX stock opened at $35.53 on Friday. The stock has a market capitalization of $6.79 billion, a PE ratio of 22.63, a P/E/G ratio of 1.14 and a beta of 2.44. ChampionX Co. has a 1-year low of $24.98 and a 1-year high of $39.95. The business has a 50-day moving average of $33.69 and a 200 day moving average of $31.14. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.82 and a quick ratio of 1.15.

ChampionX (NASDAQ:CHX) last issued its earnings results on Tuesday, February 6th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. The company had revenue of $943.56 million during the quarter, compared to analysts’ expectations of $947.33 million. ChampionX had a return on equity of 20.14% and a net margin of 8.36%. ChampionX’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.43 EPS. As a group, sell-side analysts anticipate that ChampionX Co. will post 1.95 earnings per share for the current year.

ChampionX Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 5th will be given a $0.095 dividend. This is a positive change from ChampionX’s previous quarterly dividend of $0.09. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date is Thursday, April 4th. ChampionX’s dividend payout ratio (DPR) is currently 24.20%.

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.