ChampionX Co. (NASDAQ:CHX) Stock Holdings Lifted by Westchester Capital Management LLC

Westchester Capital Management LLC raised its holdings in ChampionX Co. (NASDAQ:CHX) by 67.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,828,139 shares of the company’s stock after buying an additional 1,142,628 shares during the quarter. ChampionX comprises 3.6% of Westchester Capital Management LLC’s holdings, making the stock its 10th largest position. Westchester Capital Management LLC’s holdings in ChampionX were worth $85,268,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC grew its holdings in shares of ChampionX by 12,607.0% during the second quarter. Millennium Management LLC now owns 3,120,847 shares of the company’s stock valued at $103,643,000 after buying an additional 3,096,287 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in ChampionX by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,623,131 shares of the company’s stock valued at $79,087,000 after purchasing an additional 84,875 shares during the last quarter. Magnetar Financial LLC acquired a new position in shares of ChampionX in the second quarter valued at about $72,860,000. Fiera Capital Corp lifted its holdings in shares of ChampionX by 1.2% during the second quarter. Fiera Capital Corp now owns 1,299,611 shares of the company’s stock worth $43,160,000 after purchasing an additional 15,326 shares during the period. Finally, Westfield Capital Management Co. LP boosted its position in ChampionX by 4.6% in the third quarter. Westfield Capital Management Co. LP now owns 1,133,863 shares of the company’s stock valued at $34,186,000 after buying an additional 50,120 shares during the last quarter. Institutional investors and hedge funds own 98.99% of the company’s stock.

Wall Street Analysts Forecast Growth

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

ChampionX Price Performance

Shares of CHX opened at $30.95 on Friday. The business’s 50-day moving average is $30.53 and its two-hundred day moving average is $31.49. The company has a market capitalization of $5.90 billion, a P/E ratio of 19.22 and a beta of 2.38. ChampionX Co. has a fifty-two week low of $25.46 and a fifty-two week high of $39.95. 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 (NASDAQ:CHX) last posted its earnings results on Wednesday, October 23rd. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.01). ChampionX had a return on equity of 19.74% and a net margin of 8.59%. The company had revenue of $906.53 million for the quarter, compared to analyst estimates of $916.50 million. During the same period last year, the business earned $0.41 earnings per share. The firm’s revenue was down 3.5% on a year-over-year basis. Research analysts predict that ChampionX Co. will post 1.66 earnings per share for the current year.

ChampionX Dividend Announcement

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

Insiders Place Their Bets

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

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.