ChampionX Co. Announces Quarterly Dividend of $0.08 (NASDAQ:CHX)

ChampionX Co. (NASDAQ:CHXGet Rating) announced a quarterly dividend on Thursday, May 12th, Zacks reports. Investors of record on Friday, July 1st will be paid a dividend of 0.075 per share on Friday, July 29th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date is Thursday, June 30th.

ChampionX has a dividend payout ratio of 18.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect ChampionX to earn $1.63 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 18.4%.

Shares of NASDAQ:CHX opened at $21.77 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.85 and a quick ratio of 1.09. ChampionX has a one year low of $19.00 and a one year high of $30.48. The company’s fifty day moving average price is $23.58 and its 200-day moving average price is $22.97. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of 31.55 and a beta of 2.88.

ChampionX (NASDAQ:CHXGet Rating) last posted its earnings results on Tuesday, April 26th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.19 by $0.03. ChampionX had a net margin of 4.43% and a return on equity of 8.92%. The firm had revenue of $865.96 million during the quarter, compared to analysts’ expectations of $833.75 million. During the same period last year, the company posted $0.08 EPS. As a group, equities research analysts expect that ChampionX will post 1.14 EPS for the current year.

Several brokerages have weighed in on CHX. Barclays lifted their price target on shares of ChampionX from $33.00 to $38.00 in a report on Monday, May 2nd. The Goldman Sachs Group upgraded shares of ChampionX from a “sell” rating to a “neutral” rating and set a $24.00 price objective on the stock in a research report on Tuesday, February 22nd. Bank of America cut shares of ChampionX from a “buy” rating to a “neutral” rating in a research report on Friday, March 11th. Finally, Piper Sandler upgraded shares of ChampionX from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $28.00 to $30.00 in a report on Monday, April 11th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $28.83.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its position in ChampionX by 30.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,095,028 shares of the company’s stock worth $82,760,000 after acquiring an additional 946,759 shares during the last quarter. Renaissance Technologies LLC bought a new stake in ChampionX in the 1st quarter valued at $14,400,000. Clearbridge Investments LLC grew its holdings in ChampionX by 11.3% in the 1st quarter. Clearbridge Investments LLC now owns 4,274,579 shares of the company’s stock valued at $104,642,000 after buying an additional 433,739 shares in the last quarter. Morgan Stanley grew its holdings in ChampionX by 131.1% in the 2nd quarter. Morgan Stanley now owns 647,324 shares of the company’s stock valued at $16,604,000 after buying an additional 367,241 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in ChampionX by 150.4% in the 4th quarter. Millennium Management LLC now owns 442,393 shares of the company’s stock valued at $8,941,000 after buying an additional 265,736 shares in the last quarter. 96.89% of the stock is owned by hedge funds and other institutional investors.

About ChampionX (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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