Truist Financial Corp Cuts Holdings in ChampionX Co. (NASDAQ:CHX)

Truist Financial Corp lowered its holdings in ChampionX Co. (NASDAQ:CHX) by 4.2% in the 4th quarter, Holdings Channel reports. The firm owned 95,949 shares of the company’s stock after selling 4,211 shares during the period. Truist Financial Corp’s holdings in ChampionX were worth $2,803,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC bought a new position in ChampionX in the 4th quarter worth approximately $26,000. Jennison Associates LLC lifted its holdings in shares of ChampionX by 17.7% in the fourth quarter. Jennison Associates LLC now owns 25,053 shares of the company’s stock worth $732,000 after buying an additional 3,765 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of ChampionX by 24.2% during the fourth quarter. Federated Hermes Inc. now owns 610,656 shares of the company’s stock worth $17,837,000 after acquiring an additional 119,003 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in ChampionX by 1.6% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,598,635 shares of the company’s stock valued at $46,696,000 after acquiring an additional 24,854 shares in the last quarter. Finally, Phocas Financial Corp. increased its holdings in ChampionX by 1.8% in the 4th quarter. Phocas Financial Corp. now owns 221,155 shares of the company’s stock valued at $6,460,000 after acquiring an additional 3,827 shares during the last quarter. 98.99% of the stock is currently owned by institutional investors.

ChampionX Stock Performance

Shares of NASDAQ:CHX opened at $34.03 on Wednesday. The company has a current ratio of 1.83, a quick ratio of 1.16 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $6.48 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 1.06 and a beta of 2.45. ChampionX Co. has a 12 month low of $24.98 and a 12 month high of $39.95. The firm’s 50-day moving average is $34.64 and its 200 day moving average is $31.12.

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

ChampionX Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 5th were paid a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 1.12%. The ex-dividend date was Thursday, April 4th. This is an increase from ChampionX’s previous quarterly dividend of $0.09. ChampionX’s dividend payout ratio (DPR) is currently 20.65%.

Analysts Set New Price Targets

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

Insider Buying and Selling at ChampionX

In other ChampionX news, insider William Jr. O’dell sold 27,178 shares of ChampionX stock in a transaction 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 sale, the insider now directly owns 57,748 shares of the company’s stock, valued at approximately $2,078,928. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.38% of the stock is owned by corporate insiders.

ChampionX Company 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.