Alpine Associates Management Inc. Raises Stake in ChampionX Co. (NASDAQ:CHX)

Alpine Associates Management Inc. grew its stake in ChampionX Co. (NASDAQ:CHX) by 63.5% during the 4th quarter, HoldingsChannel reports. The firm owned 1,182,716 shares of the company’s stock after buying an additional 459,200 shares during the quarter. ChampionX accounts for about 2.0% of Alpine Associates Management Inc.’s investment portfolio, making the stock its 13th biggest holding. Alpine Associates Management Inc.’s holdings in ChampionX were worth $32,158,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Arizona State Retirement System raised its holdings in shares of ChampionX by 0.8% during the 4th quarter. Arizona State Retirement System now owns 55,268 shares of the company’s stock worth $1,503,000 after acquiring an additional 436 shares during the period. Pacer Advisors Inc. grew its position in shares of ChampionX by 1.9% during the fourth quarter. Pacer Advisors Inc. now owns 28,394 shares of the company’s stock worth $772,000 after buying an additional 532 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in ChampionX by 153.2% during the fourth quarter. Jones Financial Companies Lllp now owns 924 shares of the company’s stock worth $25,000 after purchasing an additional 559 shares during the last quarter. HighTower Advisors LLC lifted its stake in ChampionX by 4.3% during the third quarter. HighTower Advisors LLC now owns 13,621 shares of the company’s stock worth $405,000 after purchasing an additional 564 shares during the last quarter. Finally, Coldstream Capital Management Inc. lifted its stake in ChampionX by 6.6% in the third quarter. Coldstream Capital Management Inc. now owns 9,625 shares of the company’s stock valued at $290,000 after buying an additional 594 shares during the last quarter. Hedge funds and other institutional investors own 98.99% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Citigroup cut their price target on ChampionX from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, November 14th.

ChampionX Stock Up 4.0 %

CHX opened at $29.66 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.99 and a debt-to-equity ratio of 0.32. The firm has a market cap of $5.66 billion, a P/E ratio of 17.98 and a beta of 2.28. ChampionX Co. has a 52 week low of $25.57 and a 52 week high of $39.95. The business’s fifty day simple moving average is $28.97 and its 200 day simple moving average is $29.58.

ChampionX (NASDAQ:CHX) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. ChampionX had a return on equity of 19.84% and a net margin of 8.81%. As a group, equities research analysts anticipate that ChampionX Co. will post 1.92 EPS for the current fiscal year.

ChampionX Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 4th will be given a $0.095 dividend. The ex-dividend date of this dividend is Friday, April 4th. This represents a $0.38 annualized dividend and a dividend yield of 1.28%. ChampionX’s payout ratio is 23.03%.

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.