Citigroup Cuts ChampionX (NASDAQ:CHX) Price Target to $40.00

ChampionX (NASDAQ:CHX) had its target price decreased by Citigroup from $45.00 to $40.00 in a report published on Thursday,Benzinga reports. Citigroup currently has a buy rating on the stock.

ChampionX Trading Down 1.0 %

Shares of CHX stock traded down $0.30 during trading hours on Thursday, hitting $30.58. 431,371 shares of the company were exchanged, compared to its average volume of 1,856,189. ChampionX has a 1 year low of $25.46 and a 1 year high of $39.95. The firm has a fifty day moving average of $30.18 and a 200 day moving average of $31.70. The firm has a market cap of $5.83 billion, a PE ratio of 19.10 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 announced its quarterly 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 firm had revenue of $906.53 million for the quarter, compared to analyst estimates of $916.50 million. During the same quarter in the prior year, the company earned $0.41 earnings per share. The business’s revenue was down 3.5% compared to the same quarter last year. Analysts expect that ChampionX will post 1.66 earnings per share for the current year.

ChampionX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 4th were given a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Friday, October 4th. ChampionX’s payout ratio is currently 23.60%.

Insider Buying and Selling

In other ChampionX news, insider Deric D. Bryant sold 49,303 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 337,409 shares in the company, valued at approximately $10,142,514.54. The trade was a 12.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.38% of the company’s stock.

Institutional Trading of ChampionX

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quantinno Capital Management LP purchased a new stake in shares of ChampionX in the third quarter valued at $265,000. HGC Investment Management Inc. acquired a new stake in ChampionX during the 3rd quarter worth about $1,296,000. HighTower Advisors LLC grew its stake in ChampionX by 4.3% during the 3rd quarter. HighTower Advisors LLC now owns 13,621 shares of the company’s stock valued at $405,000 after acquiring an additional 564 shares in the last quarter. Holocene Advisors LP acquired a new position in shares of ChampionX in the 3rd quarter valued at about $444,000. Finally, ClearAlpha Technologies LP lifted its position in shares of ChampionX by 87.4% in the third quarter. ClearAlpha Technologies LP now owns 273,409 shares of the company’s stock worth $8,243,000 after purchasing an additional 127,482 shares in the last quarter. 98.99% of the stock is currently owned by institutional investors.

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.