Westfield Capital Management Co. LP Increases Stake in ChampionX Co. (NASDAQ:CHX)

Westfield Capital Management Co. LP raised its holdings in shares of ChampionX Co. (NASDAQ:CHX) by 4.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,133,863 shares of the company’s stock after acquiring an additional 50,120 shares during the quarter. Westfield Capital Management Co. LP’s holdings in ChampionX were worth $34,186,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of ChampionX by 442.4% during the 3rd quarter. Blue Trust Inc. now owns 1,329 shares of the company’s stock valued at $44,000 after buying an additional 1,084 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of ChampionX during the second quarter worth $68,000. UMB Bank n.a. boosted its holdings 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 acquiring an additional 882 shares during the period. KBC Group NV grew its position in shares of ChampionX by 18.3% in the third quarter. KBC Group NV now owns 5,827 shares of the company’s stock valued at $176,000 after purchasing an additional 903 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in ChampionX during the 2nd quarter worth about $194,000. 98.99% of the stock is owned by hedge funds and other institutional investors.

ChampionX Stock Down 0.1 %

CHX opened at $31.24 on Monday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.94 and a quick ratio of 1.20. ChampionX Co. has a one year low of $25.46 and a one year high of $39.95. The firm has a market capitalization of $5.95 billion, a P/E ratio of 19.40 and a beta of 2.38. The company has a fifty day moving average price of $30.46 and a 200-day moving average price of $31.55.

ChampionX (NASDAQ:CHX) last announced its earnings results on Wednesday, October 23rd. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). ChampionX had a return on equity of 19.74% and a net margin of 8.59%. The business had revenue of $906.53 million during the quarter, compared to the consensus estimate of $916.50 million. During the same quarter in the prior year, the company earned $0.41 earnings per share. ChampionX’s revenue was down 3.5% compared to the same quarter last year. Equities research analysts expect that ChampionX Co. will post 1.66 earnings per share for the current fiscal year.

ChampionX Dividend Announcement

The business also recently announced 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. This represents a $0.38 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Friday, January 3rd. ChampionX’s dividend payout ratio is currently 23.60%.

Insider Buying and Selling at ChampionX

In related news, insider Deric D. Bryant sold 49,303 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $30.06, for a total value of $1,482,048.18. Following the transaction, the insider now owns 337,409 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through the SEC website. 1.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

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.