ChampionX (NASDAQ:CHX) Price Target Lowered to $40.00 at Citigroup

ChampionX (NASDAQ:CHX) had its price objective lowered by Citigroup from $45.00 to $40.00 in a report published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

ChampionX Price Performance

ChampionX stock opened at $30.64 on Thursday. The business’s fifty day moving average is $30.21 and its two-hundred day moving average is $31.65. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.20 and a current ratio of 1.94. The firm has a market cap of $5.84 billion, a P/E ratio of 19.03 and a beta of 2.38. ChampionX has a 52 week low of $25.46 and a 52 week high of $39.95.

ChampionX (NASDAQ:CHX) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.01). ChampionX had a return on equity of 19.74% and a net margin of 8.59%. The company had revenue of $906.53 million for the quarter, compared to analyst estimates of $916.50 million. During the same quarter last year, the company earned $0.41 EPS. The firm’s quarterly revenue was down 3.5% on a year-over-year basis. Equities research analysts forecast that ChampionX will post 1.66 earnings per share for the current fiscal year.

ChampionX Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 4th were given a dividend of $0.095 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.24%. ChampionX’s payout ratio is currently 23.60%.

Insider Activity

In other ChampionX news, insider Deric D. Bryant sold 49,303 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $30.06, for a total value of $1,482,048.18. Following the transaction, the insider now directly owns 337,409 shares of the company’s stock, valued at approximately $10,142,514.54. This trade represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.38% of the stock is currently owned by insiders.

Institutional Trading of ChampionX

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new position in ChampionX during the first quarter worth about $27,000. Blue Trust Inc. raised its position in shares of ChampionX by 442.4% during the third quarter. Blue Trust Inc. now owns 1,329 shares of the company’s stock worth $44,000 after purchasing an additional 1,084 shares during the period. DekaBank Deutsche Girozentrale bought a new position in shares of ChampionX during the 2nd quarter valued at about $68,000. UMB Bank n.a. grew its position in shares of ChampionX by 63.7% in the 3rd quarter. UMB Bank n.a. now owns 2,266 shares of the company’s stock valued at $68,000 after purchasing an additional 882 shares during the period. Finally, KBC Group NV raised its holdings in ChampionX by 18.3% during the 3rd quarter. KBC Group NV now owns 5,827 shares of the company’s stock worth $176,000 after buying an additional 903 shares during the period. 98.99% of the stock is owned by institutional investors.

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.