Frank Rimerman Advisors LLC Raises Stock Position in ChampionX Co. (NASDAQ:CHX)

Frank Rimerman Advisors LLC raised its stake in shares of ChampionX Co. (NASDAQ:CHX) by 114,154.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,421 shares of the company’s stock after purchasing an additional 27,397 shares during the period. Frank Rimerman Advisors LLC’s holdings in ChampionX were worth $911,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of ChampionX in the second quarter worth approximately $744,000. Canada Pension Plan Investment Board acquired a new stake in ChampionX during the 2nd quarter worth $16,857,000. Benjamin Edwards Inc. grew its holdings in shares of ChampionX by 19.6% during the second quarter. Benjamin Edwards Inc. now owns 12,870 shares of the company’s stock worth $427,000 after buying an additional 2,105 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of ChampionX in the second quarter valued at about $2,249,000. Finally, Seven Eight Capital LP purchased a new position in shares of ChampionX in the second quarter worth about $1,882,000. Hedge funds and other institutional investors own 98.99% of the company’s stock.

Analyst Ratings Changes

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

ChampionX Stock Up 1.4 %

NASDAQ CHX opened at $30.98 on Tuesday. The business’s fifty day simple moving average is $31.50 and its 200-day simple moving average is $33.00. The company has a quick ratio of 1.25, a current ratio of 1.99 and a debt-to-equity ratio of 0.34. The firm has a market cap of $5.90 billion, a PE ratio of 16.84, a P/E/G ratio of 1.13 and a beta of 2.37. ChampionX Co. has a 52 week low of $25.46 and a 52 week high of $39.95.

ChampionX (NASDAQ:CHX) last posted its earnings results 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 firm had revenue of $893.30 million during the quarter, compared to analyst estimates of $954.91 million. ChampionX had a net margin of 8.66% and a return on equity of 19.72%. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 earnings per share. As a group, equities analysts anticipate that ChampionX Co. will post 1.99 earnings per share for the current year.

ChampionX Dividend Announcement

The firm 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. This represents a $0.38 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Friday, October 4th. ChampionX’s dividend payout ratio (DPR) 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.