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

ChampionX (NASDAQ:CHX) posted its earnings results on Wednesday. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.40 by $0.10, reports. ChampionX had a net margin of 9.74% and a return on equity of 21.42%. The business had revenue of $922.14 million for the quarter, compared to the consensus estimate of $922.13 million.

ChampionX Trading Down 0.4 %

Shares of NASDAQ:CHX traded down $0.15 during mid-day trading on Friday, hitting $34.86. The company had a trading volume of 1,720,357 shares, compared to its average volume of 3,763,563. The company has a market capitalization of $6.66 billion, a PE ratio of 18.95, a price-to-earnings-growth ratio of 1.11 and a beta of 2.44. The firm has a fifty day moving average price of $34.26 and a 200 day moving average price of $31.18. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.83 and a quick ratio of 1.15. ChampionX has a one year low of $24.98 and a one year high of $39.95.

ChampionX Increases Dividend

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

Wall Street Analyst Weigh In

Several research firms have issued reports on CHX. Barclays raised their price target on shares of ChampionX from $39.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, April 4th. Piper Sandler raised their price target on shares of ChampionX from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Citigroup raised their price target on shares of ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $40.33.

Insider Buying and Selling at ChampionX

In other ChampionX news, insider William Jr. O’dell sold 27,178 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were 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 approximately $2,078,928. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ChampionX

A number of hedge funds have recently bought and sold shares of CHX. SG Americas Securities LLC boosted its holdings in ChampionX by 16.9% during the 3rd quarter. SG Americas Securities LLC now owns 4,479 shares of the company’s stock worth $160,000 after acquiring an additional 649 shares during the last quarter. Park Place Capital Corp raised its stake in ChampionX by 240.5% in the 3rd quarter. Park Place Capital Corp now owns 4,519 shares of the company’s stock valued at $161,000 after acquiring an additional 3,192 shares during the period. Hanlon Investment Management Inc. bought a new stake in ChampionX in the 3rd quarter valued at about $853,000. Covenant Partners LLC bought a new stake in shares of ChampionX during the third quarter valued at about $535,000. Finally, Commonwealth Equity Services LLC bought a new stake in shares of ChampionX during the third quarter valued at about $4,537,000. 98.99% of the stock is owned by hedge funds and other 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.