Private Advisor Group LLC Purchases Shares of 23,258 ChampionX Co. (NASDAQ:CHX)

Private Advisor Group LLC bought a new stake in ChampionX Co. (NASDAQ:CHX) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 23,258 shares of the company’s stock, valued at approximately $631,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. grew its position in ChampionX by 0.5% in the 1st quarter. BlackRock Inc. now owns 24,501,257 shares of the company’s stock valued at $599,791,000 after purchasing an additional 126,529 shares during the period. Vanguard Group Inc. increased its position in shares of ChampionX by 0.7% during the first quarter. Vanguard Group Inc. now owns 19,915,020 shares of the company’s stock worth $487,520,000 after acquiring an additional 132,397 shares in the last quarter. Brown Advisory Inc. raised its holdings in shares of ChampionX by 15.2% in the 4th quarter. Brown Advisory Inc. now owns 7,061,760 shares of the company’s stock worth $204,720,000 after acquiring an additional 932,624 shares during the last quarter. State Street Corp lifted its position in ChampionX by 9.4% in the 1st quarter. State Street Corp now owns 7,054,490 shares of the company’s stock valued at $172,694,000 after acquiring an additional 606,335 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in ChampionX by 4.6% during the 1st quarter. Van ECK Associates Corp now owns 4,851,521 shares of the company’s stock valued at $131,621,000 after purchasing an additional 214,590 shares during the last quarter. 98.99% of the stock is owned by institutional investors.

ChampionX Stock Down 1.2 %

CHX stock opened at $36.09 on Friday. The stock has a market cap of $7.09 billion, a P/E ratio of 29.34, a P/E/G ratio of 0.70 and a beta of 2.60. The company has a current ratio of 1.82, a quick ratio of 1.09 and a debt-to-equity ratio of 0.35. The stock’s fifty day simple moving average is $34.15 and its two-hundred day simple moving average is $30.11. ChampionX Co. has a 1-year low of $17.83 and a 1-year high of $37.02.

ChampionX (NASDAQ:CHX) last posted its quarterly earnings results on Tuesday, July 25th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.05. The company had revenue of $926.60 million during the quarter, compared to analyst estimates of $976.62 million. ChampionX had a net margin of 6.45% and a return on equity of 19.42%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.28 earnings per share. Analysts expect that ChampionX Co. will post 1.85 EPS for the current year.

ChampionX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 7th were issued a $0.085 dividend. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $0.34 dividend on an annualized basis and a dividend yield of 0.94%. ChampionX’s dividend payout ratio (DPR) is presently 27.64%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Piper Sandler increased their price objective on ChampionX from $36.00 to $42.00 in a research note on Wednesday, July 26th. Barclays raised their price objective on ChampionX from $32.00 to $33.00 in a research note on Wednesday, July 26th. Finally, Capital One Financial began coverage on shares of ChampionX in a research note on Friday, July 14th. They issued an “overweight” rating and a $40.00 target price for the company. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.40.

Insider Activity at ChampionX

In related news, insider Deric D. Bryant sold 173,705 shares of ChampionX stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $35.05, for a total value of $6,088,360.25. Following the completion of the sale, the insider now owns 354,934 shares of the company’s stock, valued at approximately $12,440,436.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Deric D. Bryant sold 173,705 shares of ChampionX stock in a transaction on Monday, July 24th. The stock was sold at an average price of $35.05, for a total value of $6,088,360.25. Following the completion of the transaction, the insider now directly owns 354,934 shares in the company, valued at $12,440,436.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sivasankaran Somasundaram sold 14,326 shares of the stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $34.00, for a total value of $487,084.00. Following the sale, the chief executive officer now directly owns 476,786 shares in the company, valued at approximately $16,210,724. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 214,206 shares of company stock worth $7,498,890. Insiders own 1.22% of the company’s stock.

ChampionX Company Profile

ChampionX Corporation provides chemistry solutions, 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.