ChampionX (NASDAQ:CHX) Price Target Cut to $40.00 by Analysts at Citigroup

ChampionX (NASDAQ:CHX) had its price target reduced by Citigroup from $45.00 to $40.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a buy rating on the stock.

ChampionX Stock Down 0.8 %

NASDAQ CHX opened at $30.64 on Thursday. ChampionX has a 52 week low of $25.46 and a 52 week high of $39.95. The company has a quick ratio of 1.20, a current ratio of 1.94 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $5.84 billion, a P/E ratio of 19.03 and a beta of 2.38. The stock’s 50-day moving average price is $30.21 and its 200-day moving average price is $31.66.

ChampionX (NASDAQ:CHX) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.44 earnings per share 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%. ChampionX’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 EPS. On average, equities research analysts predict that ChampionX will post 1.66 earnings per share for the current year.

ChampionX Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, October 4th were issued 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 yield of 1.24%. ChampionX’s dividend payout ratio is presently 23.60%.

Insider Transactions at ChampionX

In related news, insider Deric D. Bryant sold 49,303 shares of ChampionX stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $30.06, for a total transaction of $1,482,048.18. Following the sale, the insider now 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.38% of the company’s stock.

Institutional Investors Weigh In On ChampionX

A number of institutional investors have recently added to or reduced their stakes in CHX. Allspring Global Investments Holdings LLC bought a new position in shares of ChampionX during the first quarter worth $27,000. Russell Investments Group Ltd. lifted its stake in ChampionX by 2.5% in the 1st quarter. Russell Investments Group Ltd. now owns 228,230 shares of the company’s stock worth $8,191,000 after purchasing an additional 5,528 shares in the last quarter. Avantax Advisory Services Inc. purchased a new stake in ChampionX in the 1st quarter worth $587,000. ProShare Advisors LLC boosted its holdings in shares of ChampionX by 4.3% during the 1st quarter. ProShare Advisors LLC now owns 44,529 shares of the company’s stock valued at $1,598,000 after purchasing an additional 1,846 shares during the last quarter. Finally, Bleakley Financial Group LLC purchased a new position in shares of ChampionX during the first quarter valued at about $237,000. 98.99% of the stock is owned by hedge funds and other 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.