ChampionX (NASDAQ:CHX) Rating Increased to Overweight at Piper Sandler

Piper Sandler upgraded shares of ChampionX (NASDAQ:CHXGet Rating) from a neutral rating to an overweight rating in a research note published on Monday, Marketbeat Ratings reports. Piper Sandler currently has $30.00 price target on the stock, up from their prior price target of $28.00. Piper Sandler also issued estimates for ChampionX’s Q1 2022 earnings at $0.16 EPS, Q2 2022 earnings at $0.21 EPS, Q3 2022 earnings at $0.24 EPS, Q4 2022 earnings at $0.25 EPS, FY2022 earnings at $0.85 EPS, Q1 2023 earnings at $0.28 EPS, Q2 2023 earnings at $0.38 EPS, Q3 2023 earnings at $0.41 EPS, Q4 2023 earnings at $0.42 EPS and FY2023 earnings at $1.49 EPS.

Other equities research analysts also recently issued reports about the company. The Goldman Sachs Group upgraded ChampionX from a sell rating to a neutral rating and set a $24.00 price objective for the company in a report on Tuesday, February 22nd. Bank of America downgraded ChampionX from a buy rating to a neutral rating in a research note on Friday, March 11th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $28.33.

NASDAQ CHX opened at $25.09 on Monday. ChampionX has a one year low of $18.26 and a one year high of $30.48. The stock has a 50-day moving average of $23.32 and a 200 day moving average of $23.15. The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of 46.46 and a beta of 3.00. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.14 and a current ratio of 1.82.

ChampionX (NASDAQ:CHXGet Rating) last released its quarterly earnings data on Wednesday, February 9th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. ChampionX had a return on equity of 7.34% and a net margin of 3.68%. The company had revenue of $822.15 million during the quarter, compared to the consensus estimate of $834.63 million. During the same period last year, the company earned $0.07 EPS. On average, equities analysts predict that ChampionX will post 1.11 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 29th. Stockholders of record on Friday, April 8th will be given a dividend of $0.075 per share. The ex-dividend date is Thursday, April 7th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.20%. ChampionX’s payout ratio is currently 55.56%.

Several hedge funds have recently bought and sold shares of the company. Nordea Investment Management AB lifted its position in shares of ChampionX by 5.7% during the 1st quarter. Nordea Investment Management AB now owns 377,870 shares of the company’s stock valued at $9,341,000 after buying an additional 20,538 shares in the last quarter. Fulton Bank N.A. purchased a new position in shares of ChampionX during the 1st quarter valued at about $210,000. Norges Bank purchased a new position in shares of ChampionX during the 4th quarter valued at about $117,244,000. Quent Capital LLC purchased a new position in shares of ChampionX during the 4th quarter valued at about $33,000. Finally, BlackRock Inc. lifted its holdings in ChampionX by 0.7% in the 4th quarter. BlackRock Inc. now owns 24,374,728 shares of the company’s stock worth $492,615,000 after purchasing an additional 179,749 shares in the last quarter. 94.48% of the stock is currently owned by hedge funds and other institutional investors.

ChampionX Company Profile (Get Rating)

ChampionX Corporation provides chemistry solutions, and engineered equipment and technologies to oil and gas companies worldwide. The company's Production Chemical Technologies segment offers onshore and offshore chemical solutions, such as corrosion inhibitors, scale inhibitors, emulsion breakers, and biocides to oil and natural gas production and midstream markets to manage and control corrosion, oil and water separation, flow assurance, sour gas treatment, and water-related issues.

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Analyst Recommendations for ChampionX (NASDAQ:CHX)

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