Retirement Systems of Alabama Sells 1,479 Shares of ChampionX Co. (NASDAQ:CHX)

Retirement Systems of Alabama reduced its position in shares of ChampionX Co. (NASDAQ:CHX) by 0.6% during the fourth quarter, Holdings Channel reports. The firm owned 243,976 shares of the company’s stock after selling 1,479 shares during the period. Retirement Systems of Alabama’s holdings in ChampionX were worth $7,127,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FMR LLC lifted its position in shares of ChampionX by 20.2% during the 3rd quarter. FMR LLC now owns 7,109,432 shares of the company’s stock worth $253,238,000 after buying an additional 1,193,122 shares in the last quarter. Congress Asset Management Co. MA boosted its position in ChampionX by 114.0% in the third quarter. Congress Asset Management Co. MA now owns 4,172,230 shares of the company’s stock worth $148,615,000 after purchasing an additional 2,222,224 shares during the last quarter. Invesco Ltd. grew its stake in ChampionX by 5.3% in the 3rd quarter. Invesco Ltd. now owns 3,121,545 shares of the company’s stock valued at $111,189,000 after purchasing an additional 157,788 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of ChampionX by 28.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,426,407 shares of the company’s stock valued at $86,429,000 after purchasing an additional 538,555 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of ChampionX by 1.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,598,635 shares of the company’s stock worth $46,696,000 after buying an additional 24,854 shares during the last quarter. 98.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ChampionX

In related news, insider William Jr. O’dell sold 27,178 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $36.00, for a total transaction of $978,408.00. Following the completion of the transaction, the insider now owns 57,748 shares in the company, valued at $2,078,928. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.38% of the stock is currently owned by corporate insiders.

ChampionX Stock Performance

NASDAQ:CHX opened at $33.60 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.16 and a current ratio of 1.83. ChampionX Co. has a fifty-two week low of $24.98 and a fifty-two week high of $39.95. The business has a 50 day moving average price of $34.59 and a 200-day moving average price of $31.18. The firm has a market cap of $6.40 billion, a PE ratio of 18.26, a price-to-earnings-growth ratio of 1.06 and a beta of 2.45.

ChampionX (NASDAQ:CHX) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.10. ChampionX had a net margin of 9.74% and a return on equity of 21.42%. The business had revenue of $922.14 million during the quarter, compared to analysts’ expectations of $922.13 million. Equities research analysts predict that ChampionX Co. will post 1.95 earnings per share for the current year.

ChampionX Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 5th were paid a $0.095 dividend. The ex-dividend date of this dividend was Thursday, April 4th. This is a boost from ChampionX’s previous quarterly dividend of $0.09. This represents a $0.38 annualized dividend and a dividend yield of 1.13%. ChampionX’s dividend payout ratio (DPR) is presently 20.65%.

Wall Street Analysts Forecast Growth

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

ChampionX Profile

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.