State of New Jersey Common Pension Fund D Trims Stake in ChampionX Co. (NASDAQ:CHX)

State of New Jersey Common Pension Fund D reduced its position in ChampionX Co. (NASDAQ:CHX) by 32.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 77,272 shares of the company’s stock after selling 36,995 shares during the period. State of New Jersey Common Pension Fund D’s holdings in ChampionX were worth $2,566,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CHX. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in ChampionX by 6.7% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 526,091 shares of the company’s stock valued at $18,881,000 after acquiring an additional 32,860 shares during the last quarter. Avantax Advisory Services Inc. purchased a new stake in ChampionX during the 1st quarter valued at approximately $587,000. Sei Investments Co. raised its stake in ChampionX by 18.0% during the 1st quarter. Sei Investments Co. now owns 798,936 shares of the company’s stock valued at $28,674,000 after acquiring an additional 121,700 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in ChampionX by 27.3% during the 4th quarter. Westfield Capital Management Co. LP now owns 891,381 shares of the company’s stock valued at $26,037,000 after acquiring an additional 190,928 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in ChampionX by 7.2% during the 4th quarter. Fisher Asset Management LLC now owns 365,798 shares of the company’s stock valued at $10,685,000 after acquiring an additional 24,662 shares during the last quarter. 98.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

ChampionX Stock Performance

NASDAQ CHX opened at $29.83 on Thursday. The company has a current ratio of 1.99, a quick ratio of 1.25 and a debt-to-equity ratio of 0.34. The business’s 50 day moving average is $31.67 and its two-hundred day moving average is $33.03. ChampionX Co. has a 12-month low of $25.46 and a 12-month high of $39.95. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 1.13 and a beta of 2.37.

ChampionX (NASDAQ:CHX) last released its earnings results on Wednesday, July 24th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.11). The business had revenue of $893.30 million for 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.48 EPS. Research analysts expect that ChampionX Co. will post 1.99 EPS for the current year.

ChampionX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Friday, October 4th. ChampionX’s dividend payout ratio 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.