ChampionX (NASDAQ:CHX) Trading 8.2% Higher – Still a Buy?

ChampionX Co. (NASDAQ:CHXGet Free Report)’s stock price shot up 8.2% during trading on Friday . The company traded as high as $31.10 and last traded at $31.54. 862,537 shares traded hands during trading, a decline of 63% from the average session volume of 2,355,163 shares. The stock had previously closed at $29.15.

Analysts Set New Price Targets

Separately, Citigroup lowered their price objective on ChampionX from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th.

View Our Latest Report on CHX

ChampionX Stock Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 1.94 and a quick ratio of 1.20. The firm’s 50-day moving average price is $28.91 and its 200-day moving average price is $30.39. The stock has a market cap of $5.95 billion, a P/E ratio of 19.39 and a beta of 2.36.

ChampionX (NASDAQ:CHXGet Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.01). ChampionX had a return on equity of 19.74% and a net margin of 8.59%. The company had revenue of $906.53 million during the quarter, compared to analysts’ expectations of $916.50 million. During the same quarter in the previous year, the firm earned $0.41 EPS. The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. Sell-side analysts expect that ChampionX Co. will post 1.66 earnings per share for the current fiscal year.

ChampionX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 3rd will be paid a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date is Friday, January 3rd. ChampionX’s payout ratio is 23.60%.

Insider Activity

In other news, insider Deric D. Bryant sold 49,303 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $30.06, for a total value of $1,482,048.18. Following the sale, the insider now directly owns 337,409 shares in the company, valued at $10,142,514.54. The trade was a 12.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.38% of the company’s stock.

Institutional Investors Weigh In On ChampionX

Large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its holdings in shares of ChampionX by 12,607.0% in the 2nd quarter. Millennium Management LLC now owns 3,120,847 shares of the company’s stock worth $103,643,000 after purchasing an additional 3,096,287 shares during the period. Magnetar Financial LLC purchased a new position in ChampionX during the second quarter worth $72,860,000. Westchester Capital Management LLC increased its position in ChampionX by 67.8% during the third quarter. Westchester Capital Management LLC now owns 2,828,139 shares of the company’s stock valued at $85,268,000 after acquiring an additional 1,142,628 shares during the last quarter. Water Island Capital LLC purchased a new stake in shares of ChampionX in the second quarter valued at $35,384,000. Finally, Squarepoint Ops LLC bought a new stake in shares of ChampionX in the 2nd quarter worth about $21,669,000. 98.99% of the stock is owned by institutional investors.

About ChampionX

(Get Free Report)

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.

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