Envestnet Asset Management Inc. Sells 179,136 Shares of ChampionX Co. (NASDAQ:CHX)

Envestnet Asset Management Inc. lowered its position in ChampionX Co. (NASDAQ:CHX) by 18.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 802,827 shares of the company’s stock after selling 179,136 shares during the quarter. Envestnet Asset Management Inc.’s holdings in ChampionX were worth $26,662,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CHX. Allspring Global Investments Holdings LLC acquired a new position in shares of ChampionX during the 1st quarter worth approximately $27,000. Rise Advisors LLC bought a new position in shares of ChampionX in the first quarter valued at about $35,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of ChampionX during the 2nd quarter worth about $68,000. Quadrant Capital Group LLC boosted its holdings in shares of ChampionX by 37.6% during the 4th quarter. Quadrant Capital Group LLC now owns 3,041 shares of the company’s stock worth $89,000 after buying an additional 831 shares during the period. Finally, YHB Investment Advisors Inc. acquired a new position in ChampionX in the 1st quarter valued at about $134,000. Institutional investors own 98.99% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Piper Sandler reduced their price objective on ChampionX from $40.00 to $33.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

ChampionX Price Performance

NASDAQ:CHX opened at $30.54 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.25 and a current ratio of 1.99. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of 16.60, a P/E/G ratio of 1.13 and a beta of 2.37. ChampionX Co. has a 52 week low of $25.46 and a 52 week high of $39.95. The firm’s 50-day simple moving average is $31.55 and its 200 day simple moving average is $32.99.

ChampionX (NASDAQ:CHX) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.11). The company had revenue of $893.30 million during the quarter, compared to the consensus estimate of $954.91 million. ChampionX had a net margin of 8.66% and a return on equity of 19.72%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 earnings per share. As a group, sell-side analysts predict that ChampionX Co. will post 1.99 earnings per share for the current year.

ChampionX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Friday, October 4th. ChampionX’s dividend payout ratio (DPR) 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.