Envestnet Asset Management Inc. Reduces Stake in ChampionX Corporation (NASDAQ:CHX)

Envestnet Asset Management Inc. lowered its position in ChampionX Corporation (NASDAQ:CHX) by 51.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 370,991 shares of the company’s stock after selling 385,771 shares during the period. Envestnet Asset Management Inc. owned approximately 0.19% of ChampionX worth $11,056,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Snowden Capital Advisors LLC lifted its holdings in ChampionX by 3.6% in the fourth quarter. Snowden Capital Advisors LLC now owns 12,199 shares of the company’s stock valued at $332,000 after acquiring an additional 419 shares during the period. Retirement Systems of Alabama lifted its holdings in ChampionX by 0.3% in the first quarter. Retirement Systems of Alabama now owns 232,227 shares of the company’s stock valued at $6,920,000 after acquiring an additional 595 shares during the period. State of Alaska Department of Revenue lifted its holdings in ChampionX by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 22,323 shares of the company’s stock valued at $665,000 after acquiring an additional 600 shares during the period. Ethic Inc. lifted its holdings in ChampionX by 6.4% in the fourth quarter. Ethic Inc. now owns 13,938 shares of the company’s stock valued at $379,000 after acquiring an additional 833 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in ChampionX by 4.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,399 shares of the company’s stock valued at $609,000 after acquiring an additional 872 shares during the period. Hedge funds and other institutional investors own 98.99% of the company’s stock.

ChampionX Stock Performance

Shares of CHX stock opened at $25.81 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.25 and a quick ratio of 1.62. The company has a market cap of $4.94 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 5.04 and a beta of 1.49. The stock has a 50 day simple moving average of $25.58 and a 200-day simple moving average of $27.04. ChampionX Corporation has a 1-year low of $21.92 and a 1-year high of $35.68.

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

ChampionX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be paid a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Thursday, July 3rd. ChampionX’s dividend payout ratio is currently 25.17%.

Analysts Set New Price Targets

Separately, Stifel Nicolaus upped their target price on ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, May 5th.

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.