ChampionX (NASDAQ:CHX) Issues Earnings Results, Beats Estimates By $0.10 EPS

ChampionX (NASDAQ:CHX) announced its quarterly earnings data on Wednesday. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.10, reports. ChampionX had a return on equity of 21.42% and a net margin of 9.74%. The business had revenue of $922.14 million during the quarter, compared to analysts’ expectations of $922.13 million.

ChampionX Trading Up 1.0 %

Shares of NASDAQ:CHX opened at $35.01 on Friday. The company has a current ratio of 1.82, a quick ratio of 1.15 and a debt-to-equity ratio of 0.36. ChampionX has a 12-month low of $24.98 and a 12-month high of $39.95. The company has a market cap of $6.69 billion, a PE ratio of 19.03, a price-to-earnings-growth ratio of 1.09 and a beta of 2.44. The stock has a 50 day moving average of $34.17 and a 200 day moving average of $31.18.

ChampionX Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 5th will be issued a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Thursday, April 4th. This is a positive change from ChampionX’s previous quarterly dividend of $0.09. ChampionX’s payout ratio is currently 20.65%.

Insider Transactions at ChampionX

In related news, insider William Jr. O’dell sold 27,178 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $36.00, for a total transaction of $978,408.00. Following the completion of the sale, the insider now owns 57,748 shares in the company, valued at $2,078,928. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On ChampionX

Several institutional investors have recently added to or reduced their stakes in CHX. Teachers Retirement System of The State of Kentucky increased its holdings in shares of ChampionX by 91.0% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 68,526 shares of the company’s stock worth $2,441,000 after buying an additional 32,657 shares during the last quarter. Seven Eight Capital LP bought a new stake in shares of ChampionX in the 3rd quarter worth about $250,000. Prudential PLC purchased a new position in shares of ChampionX during the 3rd quarter worth about $788,000. Congress Asset Management Co. MA raised its position in ChampionX by 114.0% in the 3rd quarter. Congress Asset Management Co. MA now owns 4,172,230 shares of the company’s stock worth $148,615,000 after purchasing an additional 2,222,224 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH raised its position in ChampionX by 51.6% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 601,358 shares of the company’s stock worth $17,566,000 after purchasing an additional 204,640 shares during the period. Hedge funds and other institutional investors own 98.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Barclays increased their price target on shares of ChampionX from $39.00 to $51.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Citigroup upped their price target on ChampionX from $39.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, March 27th. Finally, Piper Sandler raised their price target on shares of ChampionX from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.33.

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.