Wellington Management Group LLP Makes New $6.88 Million Investment in ChampionX Co. (NASDAQ:CHX)

Wellington Management Group LLP acquired a new stake in ChampionX Co. (NASDAQ:CHX) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 235,566 shares of the company’s stock, valued at approximately $6,881,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CHX. Aurora Investment Counsel acquired a new position in ChampionX in the fourth quarter valued at approximately $1,451,000. Penn Capital Management Company LLC grew its position in shares of ChampionX by 8.1% in the 4th quarter. Penn Capital Management Company LLC now owns 306,604 shares of the company’s stock valued at $8,969,000 after buying an additional 23,085 shares during the last quarter. Goehring & Rozencwajg Associates LLC raised its stake in ChampionX by 3.9% during the 4th quarter. Goehring & Rozencwajg Associates LLC now owns 262,067 shares of the company’s stock worth $7,655,000 after acquiring an additional 9,800 shares in the last quarter. Hawk Ridge Capital Management LP purchased a new stake in ChampionX in the fourth quarter valued at $67,592,000. Finally, Nebula Research & Development LLC acquired a new position in ChampionX in the fourth quarter valued at $723,000. 98.99% of the stock is owned by institutional investors and hedge funds.

ChampionX Price Performance

ChampionX stock opened at $33.21 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.83 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $6.32 billion, a P/E ratio of 18.05, a PEG ratio of 1.35 and a beta of 2.39. The firm has a fifty day moving average of $32.96 and a 200-day moving average of $31.82. ChampionX Co. has a 52-week low of $25.46 and a 52-week high of $39.95.

ChampionX (NASDAQ:CHX) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.10. The company had revenue of $922.14 million for the quarter, compared to analyst estimates of $922.13 million. ChampionX had a net margin of 9.74% and a return on equity of 21.42%. As a group, analysts predict that ChampionX Co. will post 1.92 EPS for the current year.

ChampionX Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be issued a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 1.14%. The ex-dividend date is Friday, July 5th. ChampionX’s dividend payout ratio is currently 20.65%.

Wall Street Analyst Weigh In

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

ChampionX 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.