Intech Investment Management LLC Takes $2.25 Million Position in ChampionX Co. (NASDAQ:CHX)

Intech Investment Management LLC bought a new position in ChampionX Co. (NASDAQ:CHX) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 67,713 shares of the company’s stock, valued at approximately $2,249,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Hawk Ridge Capital Management LP purchased a new stake in shares of ChampionX in the fourth quarter worth approximately $67,592,000. Renaissance Technologies LLC bought a new stake in shares of ChampionX during the second quarter worth $20,677,000. Picton Mahoney Asset Management purchased a new stake in shares of ChampionX during the second quarter valued at $19,442,000. Scout Investments Inc. bought a new position in shares of ChampionX in the first quarter worth about $18,957,000. Finally, Norges Bank purchased a new position in ChampionX in the 4th quarter worth about $11,182,000. 98.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Piper Sandler dropped 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 investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus 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 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 company has a 50-day moving average of $31.50 and a 200 day moving average of $33.00. The firm has a market cap 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.

ChampionX (NASDAQ:CHX) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.37 earnings per share (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 the consensus estimate of $954.91 million. ChampionX had a net margin of 8.66% and a return on equity of 19.72%. ChampionX’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.48 earnings per share. As a group, research analysts anticipate that ChampionX Co. will post 1.99 EPS for the current fiscal year.

ChampionX Dividend Announcement

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