Tidal Investments LLC Reduces Stake in ChampionX Co. (NASDAQ:CHX)

Tidal Investments LLC cut its holdings in ChampionX Co. (NASDAQ:CHX) by 10.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,574 shares of the company’s stock after selling 3,262 shares during the period. Tidal Investments LLC’s holdings in ChampionX were worth $862,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CHX. Point72 DIFC Ltd acquired a new stake in ChampionX during the 2nd quarter valued at $623,000. Quest Partners LLC boosted its stake in shares of ChampionX by 86.8% during the third quarter. Quest Partners LLC now owns 69,102 shares of the company’s stock valued at $2,083,000 after acquiring an additional 32,103 shares during the last quarter. State Street Corp increased its position in ChampionX by 1.7% during the 3rd 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 in the last quarter. Barclays PLC raised its stake in ChampionX by 147.2% in the 3rd quarter. Barclays PLC now owns 357,081 shares of the company’s stock valued at $10,766,000 after purchasing an additional 212,654 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in ChampionX in the 2nd quarter valued at about $20,677,000. 98.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

ChampionX Price Performance

Shares of NASDAQ:CHX opened at $25.79 on Friday. The business has a fifty day simple moving average of $29.75 and a 200-day simple moving average of $30.99. ChampionX Co. has a 52 week low of $25.46 and a 52 week high of $39.95. The company has a market cap of $4.91 billion, a P/E ratio of 16.02 and a beta of 2.38. The company has a quick ratio of 1.20, a current ratio of 1.94 and a debt-to-equity ratio of 0.33.

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). ChampionX had a net margin of 8.59% and a return on equity of 19.74%. The company had revenue of $906.53 million for the quarter, compared to analyst estimates of $916.50 million. During the same period in the prior year, the company earned $0.41 EPS. The company’s revenue was down 3.5% compared to the same quarter last year. Equities research analysts forecast that ChampionX Co. will post 1.66 EPS for the current 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 issued a $0.095 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.47%. ChampionX’s dividend payout ratio (DPR) is presently 23.60%.

Insider Transactions at ChampionX

In other ChampionX news, insider Deric D. Bryant sold 49,303 shares of ChampionX 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 transaction, the insider now directly owns 337,409 shares of the company’s stock, valued at $10,142,514.54. The trade was a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.38% 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.