PNC Financial Services Group Inc. Reduces Holdings in ChampionX Co. (NASDAQ:CHX)

PNC Financial Services Group Inc. lessened its position in shares of ChampionX Co. (NASDAQ:CHX) by 7.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,531 shares of the company’s stock after selling 6,298 shares during the period. PNC Financial Services Group Inc.’s holdings in ChampionX were worth $2,206,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of ChampionX by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 20,033,091 shares of the company’s stock valued at $585,167,000 after purchasing an additional 62,967 shares during the period. FMR LLC raised its stake in shares of ChampionX by 20.2% during the 3rd quarter. FMR LLC now owns 7,109,432 shares of the company’s stock valued at $253,238,000 after purchasing an additional 1,193,122 shares during the period. Brown Advisory Inc. raised its stake in shares of ChampionX by 1.8% during the 4th quarter. Brown Advisory Inc. now owns 6,364,676 shares of the company’s stock valued at $185,912,000 after purchasing an additional 110,956 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of ChampionX by 11.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,433,718 shares of the company’s stock valued at $100,305,000 after purchasing an additional 349,035 shares during the period. Finally, Invesco Ltd. raised its stake in shares of ChampionX by 5.3% during the 3rd quarter. Invesco Ltd. now owns 3,121,545 shares of the company’s stock valued at $111,189,000 after purchasing an additional 157,788 shares during the period. Hedge funds and other institutional investors own 98.99% of the company’s stock.

Analyst Ratings Changes

CHX has been the topic of a number of analyst reports. Piper Sandler boosted their price objective on ChampionX from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Barclays boosted their price objective on ChampionX from $39.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Finally, Citigroup upped their target price on ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, March 27th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.33.

Insider Transactions at ChampionX

In related news, insider William Jr. O’dell sold 27,178 shares of the stock in a transaction dated 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 sale, the insider now directly owns 57,748 shares in the company, valued at approximately $2,078,928. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.38% of the company’s stock.

ChampionX Price Performance

CHX opened at $31.94 on Friday. The stock has a 50-day moving average price of $33.51 and a 200-day moving average price of $31.65. ChampionX Co. has a 12-month low of $25.46 and a 12-month high of $39.95. The company has a current ratio of 1.83, a quick ratio of 1.16 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $6.08 billion, a P/E ratio of 17.36, a PEG ratio of 1.29 and a beta of 2.39.

ChampionX (NASDAQ:CHX) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.10. ChampionX had a return on equity of 21.42% and a net margin of 9.74%. The firm had revenue of $922.14 million during the quarter, compared to analysts’ expectations of $922.13 million. Equities analysts predict that ChampionX Co. will post 1.92 earnings per share for the current fiscal year.

ChampionX Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be issued a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Friday, July 5th. ChampionX’s payout ratio is currently 20.65%.

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.