ChampionX (NASDAQ:CHX) Trading 8.2% Higher – Here’s Why

Shares of ChampionX Co. (NASDAQ:CHX) shot up 8.2% during mid-day 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 dropped their price objective on ChampionX from $45.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, November 14th.

ChampionX Stock Up 7.1 %

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

ChampionX (NASDAQ:CHX) last issued its earnings results on Wednesday, October 23rd. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). The company had revenue of $906.53 million for the quarter, compared to analysts’ expectations of $916.50 million. ChampionX had a return on equity of 19.74% and a net margin of 8.59%. The business’s revenue was down 3.5% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. As a group, analysts predict that ChampionX Co. will post 1.66 earnings per share for the current fiscal year.

ChampionX Announces Dividend

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

Insider Transactions at ChampionX

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 completion of the sale, the insider now owns 337,409 shares in the company, valued at approximately $10,142,514.54. The trade was a 12.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On ChampionX

A number of hedge funds and other institutional investors have recently modified their holdings of CHX. Millennium Management LLC lifted its holdings in ChampionX by 12,607.0% during the second quarter. Millennium Management LLC now owns 3,120,847 shares of the company’s stock worth $103,643,000 after buying an additional 3,096,287 shares during the period. Magnetar Financial LLC bought a new position in shares of ChampionX in the 2nd quarter worth $72,860,000. Westchester Capital Management LLC lifted its stake in shares of ChampionX by 67.8% during the 3rd quarter. Westchester Capital Management LLC now owns 2,828,139 shares of the company’s stock worth $85,268,000 after purchasing an additional 1,142,628 shares during the last quarter. Water Island Capital LLC purchased a new stake in shares of ChampionX during the 2nd quarter worth $35,384,000. Finally, Squarepoint Ops LLC bought a new stake in ChampionX during the second quarter valued at about $21,669,000. 98.99% of the stock is currently owned by institutional investors.

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.