Bank of America Corp DE trimmed its position in shares of ChampionX Co. (NASDAQ:CHX – Get Rating) by 7.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,255,542 shares of the company's stock after selling 104,071 shares during the quarter. Bank of America Corp DE owned 0.62% of ChampionX worth $30,735,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CHX. Van ECK Associates Corp boosted its position in shares of ChampionX by 35.6% during the first quarter. Van ECK Associates Corp now owns 7,873,500 shares of the company's stock worth $192,743,000 after purchasing an additional 2,065,566 shares in the last quarter. Gates Capital Management Inc. boosted its position in shares of ChampionX by 36.1% during the first quarter. Gates Capital Management Inc. now owns 6,653,209 shares of the company's stock worth $162,871,000 after purchasing an additional 1,766,481 shares in the last quarter. Loomis Sayles & Co. L P raised its holdings in shares of ChampionX by 79.3% during the first quarter. Loomis Sayles & Co. L P now owns 3,019,631 shares of the company's stock worth $73,920,000 after acquiring an additional 1,335,460 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of ChampionX by 30.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,095,028 shares of the company's stock worth $82,760,000 after acquiring an additional 946,759 shares during the period. Finally, Ceredex Value Advisors LLC acquired a new stake in shares of ChampionX during the first quarter worth $16,642,000. 98.74% of the stock is owned by institutional investors.
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Analysts Set New Price Targets
A number of equities research analysts recently commented on the stock. The Goldman Sachs Group dropped their price objective on shares of ChampionX from $26.00 to $21.00 and set a "neutral" rating on the stock in a report on Wednesday, July 13th. Benchmark assumed coverage on shares of ChampionX in a report on Wednesday, August 24th. They set a "buy" rating and a $32.00 price objective on the stock. Finally, Bank of America upgraded shares of ChampionX from a "neutral" rating to a "buy" rating and dropped their price objective for the stock from $25.00 to $22.00 in a report on Friday, July 15th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, ChampionX currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.60.
ChampionX Stock Up 1.5 %
Shares of CHX stock opened at $19.57 on Friday. The firm has a market capitalization of $3.97 billion, a P/E ratio of 24.77, a PEG ratio of 0.34 and a beta of 2.62. The firm's fifty day moving average price is $21.20 and its two-hundred day moving average price is $21.86. ChampionX Co. has a 1 year low of $16.64 and a 1 year high of $28.08. The company has a current ratio of 1.95, a quick ratio of 1.15 and a debt-to-equity ratio of 0.39.
ChampionX (NASDAQ:CHX – Get Rating) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.02. The company had revenue of $932.57 million for the quarter, compared to analyst estimates of $897.30 million. ChampionX had a net margin of 4.78% and a return on equity of 10.79%. During the same period in the previous year, the business earned $0.11 EPS. On average, equities analysts predict that ChampionX Co. will post 1.21 EPS for the current fiscal year.
ChampionX Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 7th will be paid a dividend of $0.075 per share. The ex-dividend date is Thursday, October 6th. This represents a $0.30 annualized dividend and a dividend yield of 1.53%. ChampionX's dividend payout ratio is presently 37.98%.
ChampionX Profile
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ChampionX Corporation provides chemistry solutions, and engineered equipment and technologies to oil and gas companies worldwide. The company's Production Chemical Technologies segment offers onshore and offshore chemical solutions, such as corrosion inhibitors, scale inhibitors, emulsion breakers, and biocides to oil and natural gas production and midstream markets to manage and control corrosion, oil and water separation, flow assurance, sour gas treatment, and water-related issues.
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