M&T Bank Corp Buys 721 Shares of ChampionX Corporation (NASDAQ:CHX)

M&T Bank Corp grew its stake in shares of ChampionX Corporation (NASDAQ:CHX) by 2.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,166 shares of the company’s stock after acquiring an additional 721 shares during the period. M&T Bank Corp’s holdings in ChampionX were worth $780,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Teacher Retirement System of Texas bought a new stake in shares of ChampionX during the first quarter valued at approximately $1,528,000. Highland Capital Management LLC purchased a new position in ChampionX during the first quarter valued at approximately $292,000. Copeland Capital Management LLC increased its holdings in ChampionX by 8.4% during the first quarter. Copeland Capital Management LLC now owns 918,114 shares of the company’s stock valued at $27,360,000 after buying an additional 70,912 shares during the period. Retirement Systems of Alabama increased its holdings in ChampionX by 0.3% during the first quarter. Retirement Systems of Alabama now owns 232,227 shares of the company’s stock valued at $6,920,000 after buying an additional 595 shares during the period. Finally, State of Alaska Department of Revenue increased its holdings in ChampionX by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 22,323 shares of the company’s stock valued at $665,000 after buying an additional 600 shares during the period. Institutional investors own 98.99% of the company’s stock.

Analysts Set New Price Targets

Separately, Stifel Nicolaus lifted their price objective on shares of ChampionX from $39.00 to $40.00 and gave the company a “buy” rating in a report on Monday, May 5th.

ChampionX Price Performance

NASDAQ CHX opened at $26.60 on Tuesday. The firm’s fifty day simple moving average is $25.43 and its two-hundred day simple moving average is $27.07. The company has a current ratio of 2.25, a quick ratio of 1.62 and a debt-to-equity ratio of 0.31. ChampionX Corporation has a 12-month low of $21.92 and a 12-month high of $35.94. The firm has a market capitalization of $5.09 billion, a P/E ratio of 17.62, a P/E/G ratio of 5.35 and a beta of 1.49.

ChampionX (NASDAQ:CHX) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. ChampionX had a net margin of 8.20% and a return on equity of 19.25%. The business had revenue of $864.46 million for the quarter, compared to analyst estimates of $900.59 million. During the same period in the previous year, the company earned $0.50 earnings per share. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. Analysts forecast that ChampionX Corporation will post 1.92 EPS for the current fiscal year.

ChampionX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be issued a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend is Thursday, July 3rd. ChampionX’s dividend payout ratio is currently 25.17%.

About ChampionX

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.