ChampionX Co. (NASDAQ:CHX) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in shares of ChampionX Co. (NASDAQ:CHX) by 3.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,786,303 shares of the company’s stock after selling 60,051 shares during the quarter. JPMorgan Chase & Co. owned about 0.94% of ChampionX worth $53,857,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. State Street Corp raised its holdings in ChampionX by 1.7% during the third quarter. State Street Corp now owns 7,422,097 shares of the company’s stock worth $223,776,000 after purchasing an additional 122,622 shares during the last quarter. Geode Capital Management LLC increased its position in shares of ChampionX by 1.4% in the third quarter. Geode Capital Management LLC now owns 4,617,387 shares of the company’s stock valued at $139,239,000 after buying an additional 63,119 shares in the last quarter. Millennium Management LLC raised its stake in shares of ChampionX by 12,607.0% during the 2nd quarter. Millennium Management LLC now owns 3,120,847 shares of the company’s stock worth $103,643,000 after buying an additional 3,096,287 shares during the last quarter. Westchester Capital Management LLC grew its stake in ChampionX by 67.8% in the 3rd quarter. Westchester Capital Management LLC now owns 2,828,139 shares of the company’s stock valued at $85,268,000 after acquiring an additional 1,142,628 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in ChampionX by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,623,131 shares of the company’s stock valued at $79,087,000 after acquiring an additional 84,875 shares in the last quarter. Hedge funds and other institutional investors own 98.99% of the company’s stock.

Insider Buying and Selling

In related news, insider Deric D. Bryant sold 49,303 shares of the company’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 transaction of $1,482,048.18. Following the completion of the transaction, the insider now owns 337,409 shares of the company’s stock, valued at approximately $10,142,514.54. This represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Citigroup dropped their price objective on shares of ChampionX from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, November 14th.

ChampionX Price Performance

NASDAQ:CHX opened at $27.35 on Friday. ChampionX Co. has a 12-month low of $25.46 and a 12-month high of $39.95. The firm has a market cap of $5.21 billion, a price-to-earnings ratio of 16.99 and a beta of 2.38. The company’s 50-day moving average is $29.08 and its two-hundred day moving average is $30.69. The company has a current ratio of 1.94, a quick ratio of 1.20 and a debt-to-equity ratio of 0.33.

ChampionX (NASDAQ:CHX) last announced its quarterly earnings data 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). The firm had revenue of $906.53 million for the quarter, compared to analysts’ expectations of $916.50 million. ChampionX had a net margin of 8.59% and a return on equity of 19.74%. The business’s quarterly revenue was down 3.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 EPS. Research analysts expect that ChampionX Co. will post 1.66 EPS for the current year.

ChampionX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 3rd will be paid a $0.095 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $0.38 annualized dividend and a yield of 1.39%. ChampionX’s payout ratio is currently 23.60%.

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.