Short Interest in ChampionX Co. (NASDAQ:CHX) Decreases By 9.4%

ChampionX Co. (NASDAQ:CHX) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 6,480,000 shares, a decrease of 9.4% from the October 15th total of 7,150,000 shares. Approximately 3.4% of the shares of the stock are sold short. Based on an average daily volume of 1,600,000 shares, the days-to-cover ratio is currently 4.1 days.

ChampionX Stock Performance

Shares of NASDAQ:CHX traded up $0.23 during midday trading on Monday, reaching $30.87. 895,000 shares of the company’s stock traded hands, compared to its average volume of 1,854,207. The company has a market cap of $5.88 billion, a price-to-earnings ratio of 19.17 and a beta of 2.38. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.20 and a current ratio of 1.94. ChampionX has a one year low of $25.46 and a one year high of $39.95. The stock has a 50 day moving average of $30.25 and a 200 day moving average of $31.63.

ChampionX (NASDAQ:CHX) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates 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 firm’s revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.41 EPS. As a group, equities research analysts anticipate that ChampionX will post 1.66 EPS for the current fiscal year.

ChampionX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 3rd will be given a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date is Friday, January 3rd. ChampionX’s payout ratio is 23.60%.

Analyst Upgrades and Downgrades

Separately, Citigroup dropped their target price on ChampionX from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday.

Insider Activity

In other news, insider Deric D. Bryant sold 49,303 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $30.06, for a total value of $1,482,048.18. Following the completion of the transaction, the insider now owns 337,409 shares in the company, valued at $10,142,514.54. This trade represents a 12.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.38% of the company’s stock.

Institutional Trading of ChampionX

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Coldstream Capital Management Inc. grew its position in shares of ChampionX by 6.6% during the third quarter. Coldstream Capital Management Inc. now owns 9,625 shares of the company’s stock worth $290,000 after purchasing an additional 594 shares in the last quarter. Geode Capital Management LLC grew its position in shares of ChampionX by 1.4% during the third quarter. Geode Capital Management LLC now owns 4,617,387 shares of the company’s stock worth $139,239,000 after purchasing an additional 63,119 shares in the last quarter. Barclays PLC grew its position in shares of ChampionX by 147.2% during the third quarter. Barclays PLC now owns 357,081 shares of the company’s stock worth $10,766,000 after purchasing an additional 212,654 shares in the last quarter. MML Investors Services LLC grew its position in shares of ChampionX by 8.9% during the third quarter. MML Investors Services LLC now owns 89,145 shares of the company’s stock worth $2,688,000 after purchasing an additional 7,299 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of ChampionX during the third quarter worth about $783,000. Hedge funds and other institutional investors own 98.99% of the company’s stock.

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.