ChampionX Co. (NASDAQ:CHX – Get Rating) shares were up 5.4% during trading on Friday following a better than expected earnings announcement. The stock traded as high as $30.89 and last traded at $30.69. Approximately 431,591 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,654,095 shares. The stock had previously closed at $29.11.
The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.04. The business had revenue of $985.86 million during the quarter, compared to analysts’ expectations of $1.01 billion. ChampionX had a return on equity of 14.83% and a net margin of 4.07%. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.26 earnings per share.
ChampionX Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, January 27th. Shareholders of record on Friday, January 6th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date was Thursday, January 5th. ChampionX’s payout ratio is 40.00%.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on CHX shares. The Goldman Sachs Group lifted their price objective on ChampionX from $21.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, November 2nd. Citigroup boosted their price target on ChampionX from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Tuesday, November 1st. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, ChampionX has an average rating of “Moderate Buy” and an average target price of $29.67.
Insider Buying and Selling
In related news, Director Stephen M. Todd sold 3,097 shares of ChampionX stock in a transaction on Wednesday, November 30th. The stock was sold at an average price of $30.60, for a total value of $94,768.20. Following the completion of the sale, the director now owns 30,888 shares of the company’s stock, valued at $945,172.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Stephen M. Todd sold 3,097 shares of ChampionX stock in a transaction on Wednesday, November 30th. The stock was sold at an average price of $30.60, for a total value of $94,768.20. Following the completion of the sale, the director now owns 30,888 shares of the company’s stock, valued at $945,172.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sivasankaran Somasundaram sold 4,872 shares of the business’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $32.48, for a total value of $158,242.56. Following the sale, the chief executive officer now directly owns 373,728 shares of the company’s stock, valued at approximately $12,138,685.44. The disclosure for this sale can be found here. Insiders sold 154,924 shares of company stock valued at $4,661,661 over the last 90 days. Company insiders own 1.10% of the company’s stock.
Hedge Funds Weigh In On ChampionX
Hedge funds have recently made changes to their positions in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in ChampionX by 10.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 74,057 shares of the company’s stock valued at $1,813,000 after purchasing an additional 7,061 shares during the period. BlackRock Inc. boosted its position in ChampionX by 0.5% during the 1st quarter. BlackRock Inc. now owns 24,501,257 shares of the company’s stock valued at $599,791,000 after acquiring an additional 126,529 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in ChampionX by 8.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 110,119 shares of the company’s stock valued at $2,768,000 after acquiring an additional 8,223 shares in the last quarter. Yousif Capital Management LLC boosted its position in ChampionX by 2.3% during the 1st quarter. Yousif Capital Management LLC now owns 109,208 shares of the company’s stock valued at $2,673,000 after acquiring an additional 2,439 shares in the last quarter. Finally, Sei Investments Co. boosted its position in ChampionX by 17.8% during the 1st quarter. Sei Investments Co. now owns 694,766 shares of the company’s stock valued at $17,014,000 after acquiring an additional 104,849 shares in the last quarter. Institutional investors own 98.46% of the company’s stock.
ChampionX Price Performance
The firm has a 50-day simple moving average of $29.86 and a 200-day simple moving average of $25.77. The company has a current ratio of 1.85, a quick ratio of 1.14 and a debt-to-equity ratio of 0.38. The firm has a market cap of $5.82 billion, a P/E ratio of 38.89, a PEG ratio of 0.42 and a beta of 2.58.
About ChampionX
ChampionX Corp. engages in the provision of chemistry programs and services for global upstream oil and natural gas industry. It operates under the following segments: Production Chemical Technologies, Production and Automation Technologies, Drilling Technologies, and Reservoir Chemical Technologies.
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