Canada Pension Plan Investment Board Makes New Investment in ChampionX Co. (NASDAQ:CHX)

Canada Pension Plan Investment Board purchased a new stake in ChampionX Co. (NASDAQ:CHX) in the second quarter, according to its most recent filing with the SEC. The fund purchased 507,600 shares of the company’s stock, valued at approximately $16,857,000. Canada Pension Plan Investment Board owned about 0.27% of ChampionX at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CHX. Jump Financial LLC acquired a new stake in ChampionX during the fourth quarter worth about $213,000. Norges Bank bought a new stake in shares of ChampionX in the 4th quarter worth approximately $11,182,000. Coldstream Capital Management Inc. boosted its position in ChampionX by 25.3% during the 4th quarter. Coldstream Capital Management Inc. now owns 8,808 shares of the company’s stock valued at $257,000 after purchasing an additional 1,776 shares during the period. Wells Fargo & Company MN grew its stake in ChampionX by 0.8% during the 4th quarter. Wells Fargo & Company MN now owns 426,537 shares of the company’s stock worth $12,459,000 after buying an additional 3,240 shares during the last quarter. Finally, Assetmark Inc. increased its position in ChampionX by 29.4% in the fourth quarter. Assetmark Inc. now owns 30,030 shares of the company’s stock worth $877,000 after buying an additional 6,816 shares during the period. 98.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Piper Sandler lowered their price target on shares of ChampionX from $40.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

ChampionX Trading Up 1.4 %

Shares of CHX stock opened at $30.98 on Tuesday. ChampionX Co. has a 1 year low of $25.46 and a 1 year high of $39.95. The firm has a market capitalization of $5.90 billion, a PE ratio of 16.84, a price-to-earnings-growth ratio of 1.13 and a beta of 2.37. The stock has a fifty day moving average of $31.50 and a two-hundred day moving average of $33.00. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.25 and a current ratio of 1.99.

ChampionX (NASDAQ:CHX) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.11). The company had revenue of $893.30 million during 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%. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.48 EPS. As a group, research analysts expect that ChampionX Co. will post 1.99 EPS for the current year.

ChampionX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a dividend of $0.095 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.23%. ChampionX’s dividend payout ratio is presently 20.65%.

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.