Slotnik Capital LLC Takes Position in ChampionX Co. (NASDAQ:CHX)

Slotnik Capital LLC purchased a new stake in shares of ChampionX Co. (NASDAQ:CHX) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 530,334 shares of the company’s stock, valued at approximately $17,612,000. ChampionX comprises about 8.6% of Slotnik Capital LLC’s investment portfolio, making the stock its 4th biggest position. Slotnik Capital LLC owned 0.28% of ChampionX as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. P Schoenfeld Asset Management LP acquired a new position in ChampionX in the 2nd quarter worth about $5,446,000. Magnetar Financial LLC bought a new stake in shares of ChampionX during the second quarter worth about $72,860,000. Gabelli Funds LLC acquired a new position in shares of ChampionX in the second quarter valued at approximately $6,870,000. Frank Rimerman Advisors LLC raised its holdings in ChampionX by 114,154.2% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 27,421 shares of the company’s stock valued at $911,000 after buying an additional 27,397 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new stake in ChampionX during the 2nd quarter worth approximately $744,000. 98.99% of the stock is currently owned by institutional investors and hedge funds.

ChampionX Price Performance

ChampionX stock opened at $30.98 on Tuesday. The stock’s 50 day moving average is $31.50 and its 200 day moving average is $33.00. ChampionX Co. has a one year low of $25.46 and a one year high of $39.95. The firm has a market cap of $5.90 billion, a P/E ratio of 16.84, a P/E/G ratio of 1.13 and a beta of 2.37. 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 (NASDAQ:CHX) last issued its quarterly earnings results 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). ChampionX had a return on equity of 19.72% and a net margin of 8.66%. The firm had revenue of $893.30 million during the quarter, compared to analyst estimates of $954.91 million. During the same quarter last year, the firm posted $0.48 EPS. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, research analysts expect that ChampionX Co. will post 1.99 EPS for the current year.

ChampionX Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be given a $0.095 dividend. This represents a $0.38 annualized dividend 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 presently 20.65%.

Wall Street Analysts Forecast Growth

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

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.