507,600 Shares in ChampionX Co. (NASDAQ:CHX) Purchased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board acquired a new position in shares of ChampionX Co. (NASDAQ:CHX) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 507,600 shares of the company’s stock, valued at approximately $16,857,000.

A number of other hedge funds also recently bought and sold shares of CHX. Hawk Ridge Capital Management LP purchased a new stake in shares of ChampionX in the 4th quarter valued at approximately $67,592,000. Renaissance Technologies LLC purchased a new stake in ChampionX in the 2nd quarter worth about $20,677,000. Picton Mahoney Asset Management purchased a new position in ChampionX during the 2nd quarter valued at about $19,442,000. Scout Investments Inc. acquired a new position in shares of ChampionX in the 1st quarter valued at about $18,957,000. Finally, Norges Bank purchased a new stake in shares of ChampionX in the fourth quarter worth approximately $11,182,000. 98.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Piper Sandler dropped their price target on shares of ChampionX from $40.00 to $33.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, ChampionX presently has an average rating of “Moderate Buy” and an average price target of $39.00.

ChampionX Trading Up 1.4 %

Shares of NASDAQ:CHX opened at $30.98 on Tuesday. The company has a current ratio of 1.99, a quick ratio of 1.25 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $5.90 billion, a PE ratio of 16.84, a P/E/G ratio of 1.13 and a beta of 2.37. ChampionX Co. has a 1 year low of $25.46 and a 1 year high of $39.95. The firm has a fifty day moving average price of $31.50 and a 200 day moving average price of $33.00.

ChampionX (NASDAQ:CHX) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.11). The company had revenue of $893.30 million for the quarter, compared to analyst estimates of $954.91 million. ChampionX had a net margin of 8.66% and a return on equity of 19.72%. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the business earned $0.48 EPS. Analysts expect that ChampionX Co. will post 1.99 EPS for the current fiscal year.

ChampionX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be paid a $0.095 dividend. The ex-dividend date is Friday, October 4th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.23%. ChampionX’s payout ratio is presently 20.65%.

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.