ChampionX (NASDAQ:CHX) Issues Earnings Results

ChampionX (NASDAQ:CHX) released its quarterly earnings results on Wednesday. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.10, reports. ChampionX had a return on equity of 21.42% and a net margin of 9.74%. The company had revenue of $922.14 million during the quarter, compared to analysts’ expectations of $922.13 million.

ChampionX Stock Performance

CHX stock traded down $0.15 during trading on Friday, hitting $34.86. 1,720,357 shares of the company traded hands, compared to its average volume of 3,763,563. The stock’s 50-day simple moving average is $34.26 and its 200 day simple moving average is $31.18. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.83 and a quick ratio of 1.15. The company has a market cap of $6.66 billion, a PE ratio of 18.95, a P/E/G ratio of 1.11 and a beta of 2.44. ChampionX has a 1 year low of $24.98 and a 1 year high of $39.95.

ChampionX Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 5th were paid a $0.095 dividend. This represents a $0.38 annualized dividend and a dividend yield of 1.09%. This is a boost from ChampionX’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Thursday, April 4th. ChampionX’s dividend payout ratio (DPR) is presently 20.65%.

Insider Activity at ChampionX

In related news, insider William Jr. O’dell sold 27,178 shares of ChampionX stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $36.00, for a total transaction of $978,408.00. Following the completion of the transaction, the insider now directly owns 57,748 shares in the company, valued at $2,078,928. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.38% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CHX. SG Americas Securities LLC grew its holdings in ChampionX by 16.9% in the third quarter. SG Americas Securities LLC now owns 4,479 shares of the company’s stock valued at $160,000 after purchasing an additional 649 shares during the period. Park Place Capital Corp grew its holdings in ChampionX by 240.5% in the third quarter. Park Place Capital Corp now owns 4,519 shares of the company’s stock valued at $161,000 after purchasing an additional 3,192 shares during the period. Hanlon Investment Management Inc. acquired a new stake in ChampionX in the third quarter valued at approximately $853,000. Covenant Partners LLC acquired a new stake in ChampionX in the third quarter valued at approximately $535,000. Finally, Commonwealth Equity Services LLC acquired a new stake in ChampionX in the third quarter valued at approximately $4,537,000. 98.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on CHX. Barclays increased their price target on ChampionX from $39.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Piper Sandler raised their price objective on ChampionX from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, Citigroup raised their price objective on ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, March 27th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $40.33.

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.