Congress Asset Management Co. Sells 87,926 Shares of ChampionX Co. (NASDAQ:CHX)

Congress Asset Management Co. cut its stake in shares of ChampionX Co. (NASDAQ:CHX) by 22.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 305,956 shares of the company’s stock after selling 87,926 shares during the period. Congress Asset Management Co.’s holdings in ChampionX were worth $9,225,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CHX. Allspring Global Investments Holdings LLC acquired a new stake in ChampionX during the 1st quarter worth approximately $27,000. Blue Trust Inc. raised its stake in shares of ChampionX by 442.4% during the third quarter. Blue Trust Inc. now owns 1,329 shares of the company’s stock valued at $44,000 after acquiring an additional 1,084 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of ChampionX during the second quarter worth $68,000. UMB Bank n.a. grew its stake in shares of ChampionX by 63.7% in the third quarter. UMB Bank n.a. now owns 2,266 shares of the company’s stock worth $68,000 after purchasing an additional 882 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new stake in ChampionX in the first quarter valued at $136,000. 98.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Piper Sandler reduced their price target on ChampionX from $40.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th.

ChampionX Trading Down 0.1 %

NASDAQ:CHX opened at $28.22 on Friday. ChampionX Co. has a 52 week low of $25.46 and a 52 week high of $39.95. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.25 and a current ratio of 1.99. The firm’s fifty day moving average is $30.29 and its 200-day moving average is $32.07. The firm has a market cap of $5.38 billion, a P/E ratio of 17.53, a P/E/G ratio of 1.27 and a beta of 2.37.

ChampionX (NASDAQ:CHX) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). ChampionX had a net margin of 8.66% and a return on equity of 19.72%. The firm had revenue of $906.53 million for the quarter, compared to the consensus estimate of $916.50 million. During the same period last year, the company posted $0.41 EPS. The business’s revenue was down 3.5% compared to the same quarter last year. Equities analysts expect that ChampionX Co. will post 1.99 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. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date was Friday, October 4th. ChampionX’s payout ratio is 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.