Cwm LLC Cuts Stake in ChampionX Co. (NASDAQ:CHX)

Cwm LLC lessened its stake in ChampionX Co. (NASDAQ:CHX) by 5.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 120,601 shares of the company’s stock after selling 7,184 shares during the quarter. Cwm LLC’s holdings in ChampionX were worth $3,523,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Congress Asset Management Co. MA grew its stake in ChampionX by 114.0% in the 3rd quarter. Congress Asset Management Co. MA now owns 4,172,230 shares of the company’s stock valued at $148,615,000 after acquiring an additional 2,222,224 shares during the last quarter. FMR LLC grew its stake in ChampionX by 20.2% in the 3rd quarter. FMR LLC now owns 7,109,432 shares of the company’s stock valued at $253,238,000 after acquiring an additional 1,193,122 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in ChampionX by 136.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,022,461 shares of the company’s stock valued at $36,420,000 after acquiring an additional 590,680 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in ChampionX by 28.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,426,407 shares of the company’s stock valued at $86,429,000 after acquiring an additional 538,555 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH grew its stake in ChampionX by 51.6% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 601,358 shares of the company’s stock valued at $17,566,000 after acquiring an additional 204,640 shares during the last quarter. Hedge funds and other institutional investors own 98.99% of the company’s stock.

Insider Buying and Selling at ChampionX

In other news, insider William Jr. O’dell sold 27,178 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $36.00, for a total transaction of $978,408.00. Following the transaction, the insider now directly owns 57,748 shares of the company’s stock, valued at $2,078,928. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.38% of the stock is currently owned by corporate insiders.

ChampionX Price Performance

ChampionX stock opened at $34.65 on Thursday. ChampionX Co. has a 1 year low of $24.98 and a 1 year high of $39.95. The firm has a 50 day moving average price of $34.06 and a 200 day moving average price of $31.15. The company has a market cap of $6.62 billion, a price-to-earnings ratio of 22.07, a PEG ratio of 1.11 and a beta of 2.44. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.15 and a current ratio of 1.82.

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

ChampionX Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 5th will be given a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a yield of 1.10%. This is a boost from ChampionX’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, April 4th. ChampionX’s payout ratio is 24.20%.

Analysts Set New Price Targets

A number of brokerages recently commented on CHX. Piper Sandler increased their price objective on shares of ChampionX from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Citigroup raised their price target on shares of ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, March 27th. Finally, Barclays boosted their target price on shares of ChampionX from $39.00 to $51.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $40.33.

ChampionX Company Profile

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.