ChampionX Co. (NASDAQ:CHX) Sees Large Decrease in Short Interest

ChampionX Co. (NASDAQ:CHX) saw a large decline in short interest in October. As of October 31st, there was short interest totalling 6,480,000 shares, a decline of 9.4% from the October 15th total of 7,150,000 shares. Approximately 3.4% of the company’s stock are sold short. Based on an average daily volume of 1,600,000 shares, the short-interest ratio is presently 4.1 days.

Insider Buying and Selling

In other news, insider Deric D. Bryant sold 49,303 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $30.06, for a total value of $1,482,048.18. Following the transaction, the insider now owns 337,409 shares of the company’s stock, valued at approximately $10,142,514.54. The trade was a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ChampionX

A number of hedge funds have recently made changes to their positions in CHX. Geode Capital Management LLC increased its holdings in shares of ChampionX by 1.4% in the third quarter. Geode Capital Management LLC now owns 4,617,387 shares of the company’s stock valued at $139,239,000 after buying an additional 63,119 shares in the last quarter. Barclays PLC grew its holdings in ChampionX by 147.2% in the 3rd quarter. Barclays PLC now owns 357,081 shares of the company’s stock valued at $10,766,000 after buying an additional 212,654 shares during the last quarter. MML Investors Services LLC raised its position in shares of ChampionX by 8.9% during the third quarter. MML Investors Services LLC now owns 89,145 shares of the company’s stock valued at $2,688,000 after buying an additional 7,299 shares during the last quarter. XTX Topco Ltd acquired a new stake in ChampionX during the third quarter worth $783,000. Finally, Wellington Management Group LLP raised its holdings in shares of ChampionX by 1.2% in the 3rd quarter. Wellington Management Group LLP now owns 425,287 shares of the company’s stock worth $12,822,000 after buying an additional 4,844 shares in the last quarter. Hedge funds and other institutional investors own 98.99% of the company’s stock.

Analysts Set New Price Targets

Separately, Citigroup lowered their price objective on shares of ChampionX from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday.

ChampionX Trading Down 0.8 %

Shares of CHX stock traded down $0.24 on Friday, hitting $30.64. 950,788 shares of the stock traded hands, compared to its average volume of 1,797,091. The firm’s 50-day moving average price is $30.21 and its two-hundred day moving average price is $31.66. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.20 and a current ratio of 1.94. The stock has a market capitalization of $5.84 billion, a PE ratio of 19.03 and a beta of 2.38. ChampionX has a twelve month low of $25.46 and a twelve month high of $39.95.

ChampionX (NASDAQ:CHX) last issued its earnings results on Wednesday, October 23rd. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.01). The firm had revenue of $906.53 million during the quarter, compared to analyst estimates of $916.50 million. ChampionX had a net margin of 8.59% and a return on equity of 19.74%. The firm’s revenue was down 3.5% compared to the same quarter last year. During the same period last year, the business earned $0.41 EPS. As a group, analysts anticipate that ChampionX will post 1.66 EPS for the current year.

ChampionX Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 4th were given a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date was Friday, October 4th. ChampionX’s dividend payout ratio is presently 23.60%.

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.