HGC Investment Management Inc. Acquires Shares of 43,000 ChampionX Co. (NASDAQ:CHX)

HGC Investment Management Inc. acquired a new stake in shares of ChampionX Co. (NASDAQ:CHX) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 43,000 shares of the company’s stock, valued at approximately $1,296,000.

Several other large investors also recently bought and sold shares of the business. Legend Financial Advisors Inc. increased its holdings in shares of ChampionX by 1.6% in the second quarter. Legend Financial Advisors Inc. now owns 21,472 shares of the company’s stock valued at $713,000 after purchasing an additional 340 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of ChampionX by 2.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 21,126 shares of the company’s stock worth $637,000 after buying an additional 487 shares in the last quarter. HighTower Advisors LLC increased its position in ChampionX by 4.3% during the third quarter. HighTower Advisors LLC now owns 13,621 shares of the company’s stock worth $405,000 after buying an additional 564 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in ChampionX by 1.4% in the third quarter. PNC Financial Services Group Inc. now owns 54,454 shares of the company’s stock valued at $1,642,000 after acquiring an additional 772 shares during the last quarter. Finally, UMB Bank n.a. increased its position in shares of ChampionX by 63.7% during 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 last quarter. 98.99% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Deric D. Bryant sold 49,303 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $30.06, for a total transaction of $1,482,048.18. Following the transaction, the insider now owns 337,409 shares of the company’s stock, valued at approximately $10,142,514.54. This represents a 12.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.38% of the stock is currently owned by company insiders.

ChampionX Price Performance

Shares of NASDAQ:CHX opened at $30.77 on Tuesday. ChampionX Co. has a 52 week low of $25.46 and a 52 week high of $39.95. The stock has a market cap of $5.86 billion, a PE ratio of 19.11 and a beta of 2.38. The company’s fifty day moving average is $30.54 and its 200 day moving average is $31.43. 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 results 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 return on equity of 19.74% and a net margin of 8.59%. The company had revenue of $906.53 million during the quarter, compared to the consensus estimate of $916.50 million. During the same quarter in the previous year, the company posted $0.41 earnings per share. The company’s revenue for the quarter was down 3.5% on a year-over-year basis. Research analysts anticipate that ChampionX Co. will post 1.66 earnings per share for the current year.

ChampionX Announces Dividend

The firm also recently announced 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. This represents a $0.38 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Friday, January 3rd. ChampionX’s dividend payout ratio (DPR) is currently 23.60%.

Wall Street Analysts Forecast Growth

Separately, Citigroup dropped their price target on shares of ChampionX from $45.00 to $40.00 and set a “buy” rating on the stock in a research note 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.