Short Interest in ChampionX Co. (NASDAQ:CHX) Declines By 8.9%

ChampionX Co. (NASDAQ:CHX) was the recipient of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 5,560,000 shares, a drop of 8.9% from the May 31st total of 6,100,000 shares. Approximately 2.9% of the company’s shares are short sold. Based on an average daily volume of 2,460,000 shares, the days-to-cover ratio is currently 2.3 days.

Wall Street Analyst Weigh In

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

ChampionX Trading Down 1.4 %

NASDAQ CHX traded down $0.45 during trading hours on Monday, hitting $32.76. 1,188,636 shares of the company’s stock were exchanged, compared to its average volume of 1,998,555. The stock has a 50-day simple moving average of $32.92 and a 200 day simple moving average of $31.87. ChampionX has a 1-year low of $25.46 and a 1-year high of $39.95. The firm has a market cap of $6.24 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 1.38 and a beta of 2.41. The company has a current ratio of 1.83, a quick ratio of 1.16 and a debt-to-equity ratio of 0.35.

ChampionX (NASDAQ:CHX) last released its earnings results on Wednesday, April 24th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.40 by $0.10. 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. On average, equities analysts forecast that ChampionX will post 1.92 EPS for the current fiscal year.

ChampionX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be paid a $0.095 dividend. The ex-dividend date of this dividend is Friday, July 5th. This represents a $0.38 dividend on an annualized basis and a yield of 1.16%. ChampionX’s dividend payout ratio (DPR) is presently 20.65%.

Institutional Investors Weigh In On ChampionX

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new stake in ChampionX in the fourth quarter valued at approximately $26,000. Allspring Global Investments Holdings LLC acquired a new stake in ChampionX in the first quarter valued at approximately $27,000. Rise Advisors LLC acquired a new stake in ChampionX in the first quarter valued at approximately $35,000. Quadrant Capital Group LLC grew its stake in ChampionX by 37.6% in the fourth quarter. Quadrant Capital Group LLC now owns 3,041 shares of the company’s stock valued at $89,000 after acquiring an additional 831 shares during the period. Finally, Principal Securities Inc. acquired a new stake in ChampionX in the fourth quarter valued at approximately $91,000. Institutional investors and hedge funds own 98.99% of the company’s stock.

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.