Seven Eight Capital LP Acquires Shares of 56,674 ChampionX Co. (NASDAQ:CHX)

Seven Eight Capital LP bought a new position in shares of ChampionX Co. (NASDAQ:CHX) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 56,674 shares of the company’s stock, valued at approximately $1,882,000.

Other large investors have also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC lifted its position in shares of ChampionX by 8.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 18,258 shares of the company’s stock worth $595,000 after buying an additional 1,469 shares during the last quarter. Virtu Financial LLC bought a new position in shares of ChampionX in the second quarter worth about $4,977,000. Pekin Hardy Strauss Inc. acquired a new stake in shares of ChampionX in the 2nd quarter valued at approximately $2,806,000. Renaissance Technologies LLC bought a new stake in shares of ChampionX during the 2nd quarter valued at approximately $20,677,000. Finally, Alpine Associates Management Inc. bought a new stake in shares of ChampionX during the 2nd quarter valued at approximately $11,786,000. Institutional investors and hedge funds own 98.99% of the company’s stock.

Analyst Ratings Changes

Separately, Piper Sandler decreased 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 analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.00.

ChampionX Stock Down 0.2 %

Shares of NASDAQ CHX opened at $29.83 on Thursday. The company has a 50 day simple moving average of $31.67 and a 200 day simple moving average of $33.03. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.99 and a quick ratio of 1.25. ChampionX Co. has a 1 year low of $25.46 and a 1 year high of $39.95. The firm has a market cap of $5.68 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 1.13 and a beta of 2.37.

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

ChampionX Announces Dividend

The business also recently declared 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 is Friday, October 4th. This represents a $0.38 annualized dividend and a dividend yield of 1.27%. ChampionX’s payout ratio is 20.65%.

ChampionX 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.