Benjamin Edwards Inc. Increases Stake in ChampionX Co. (NASDAQ:CHX)

Benjamin Edwards Inc. lifted its holdings in shares of ChampionX Co. (NASDAQ:CHX) by 19.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 12,870 shares of the company’s stock after purchasing an additional 2,105 shares during the period. Benjamin Edwards Inc.’s holdings in ChampionX were worth $427,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

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

ChampionX Stock Performance

ChampionX stock opened at $30.54 on Friday. ChampionX Co. has a fifty-two week low of $25.46 and a fifty-two week high of $39.95. The stock has a market cap of $5.82 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 1.13 and a beta of 2.37. The stock’s 50 day simple moving average is $31.60 and its two-hundred day simple moving average is $32.99. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.25 and a current ratio of 1.99.

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

ChampionX Announces Dividend

The business also recently declared 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 1.24%. The ex-dividend date of this dividend is Friday, October 4th. ChampionX’s dividend payout ratio 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.