ChampionX (NASDAQ:CHX) Stock Price Down 3.1% – What’s Next?

ChampionX Co. (NASDAQ:CHX) shares fell 3.1% during mid-day trading on Friday . The company traded as low as $30.17 and last traded at $30.22. 1,002,290 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 1,864,499 shares. The stock had previously closed at $31.18.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler reduced their target price 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 investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

ChampionX Trading Down 4.6 %

The firm has a market cap of $5.67 billion, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 1.27 and a beta of 2.37. 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 company has a 50 day moving average price of $30.71 and a 200 day moving average price of $32.62.

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

ChampionX Dividend Announcement

The company 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 of this dividend is Friday, October 4th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.28%. ChampionX’s payout ratio is presently 20.65%.

Hedge Funds Weigh In On ChampionX

Hedge funds have recently bought and sold shares of the company. Raymond James & Associates lifted its holdings in ChampionX by 3.1% during the 3rd quarter. Raymond James & Associates now owns 225,285 shares of the company’s stock worth $6,792,000 after buying an additional 6,695 shares in the last quarter. Blue Trust Inc. increased its position in shares of ChampionX by 442.4% during the third quarter. Blue Trust Inc. now owns 1,329 shares of the company’s stock worth $44,000 after acquiring an additional 1,084 shares during the period. Kapitalo Investimentos Ltda acquired a new stake in shares of ChampionX in the third quarter valued at $2,070,000. Creative Planning boosted its holdings in ChampionX by 2.1% in the third quarter. Creative Planning now owns 146,507 shares of the company’s stock valued at $4,417,000 after purchasing an additional 3,025 shares during the period. Finally, UMB Bank n.a. grew its stake in ChampionX by 63.7% during the 3rd quarter. UMB Bank n.a. now owns 2,266 shares of the company’s stock worth $68,000 after purchasing an additional 882 shares in the last quarter. Institutional investors and hedge funds own 98.99% of the company’s stock.

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.