ChampionX Co. (NASDAQ:CHX) Short Interest Update

ChampionX Co. (NASDAQ:CHX) was the target of a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 6,840,000 shares, a decrease of 7.7% from the November 15th total of 7,410,000 shares. Approximately 3.6% of the shares of the stock are sold short. Based on an average trading volume of 1,700,000 shares, the days-to-cover ratio is presently 4.0 days.

Analysts Set New Price Targets

Separately, Citigroup dropped their price target on ChampionX from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, November 14th.

ChampionX Stock Down 0.5 %

Shares of CHX traded down $0.15 during mid-day trading on Monday, hitting $28.34. 1,661,750 shares of the company traded hands, compared to its average volume of 1,832,982. The company has a quick ratio of 1.20, a current ratio of 1.94 and a debt-to-equity ratio of 0.33. ChampionX has a 1-year low of $25.46 and a 1-year high of $39.95. The business has a 50 day moving average of $30.26 and a 200 day moving average of $31.16. The company has a market capitalization of $5.40 billion, a PE ratio of 17.70 and a beta of 2.38.

ChampionX (NASDAQ:CHX) last released its earnings results on Wednesday, October 23rd. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). ChampionX had a return on equity of 19.74% and a net margin of 8.59%. The company had revenue of $906.53 million for the quarter, compared to analysts’ expectations of $916.50 million. During the same period in the prior year, the firm earned $0.41 EPS. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. Equities research analysts anticipate that ChampionX will post 1.66 EPS for the current year.

ChampionX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 3rd will be issued a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Friday, January 3rd. ChampionX’s payout ratio is 23.60%.

Insiders Place Their Bets

In related news, insider Deric D. Bryant sold 49,303 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $30.06, for a total transaction of $1,482,048.18. Following the completion of the sale, the insider now owns 337,409 shares of the company’s stock, valued at $10,142,514.54. This trade represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On ChampionX

Several hedge funds and other institutional investors have recently modified their holdings of CHX. Legend Financial Advisors Inc. increased its position in shares of ChampionX by 1.6% during the 2nd quarter. Legend Financial Advisors Inc. now owns 21,472 shares of the company’s stock worth $713,000 after purchasing an additional 340 shares during the last quarter. Nisa Investment Advisors LLC raised its position in ChampionX by 2.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 21,126 shares of the company’s stock valued at $637,000 after purchasing an additional 487 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of ChampionX by 4.3% during the third quarter. HighTower Advisors LLC now owns 13,621 shares of the company’s stock worth $405,000 after purchasing an additional 564 shares in the last quarter. Coldstream Capital Management Inc. increased its stake in ChampionX by 6.6% in the third quarter. Coldstream Capital Management Inc. now owns 9,625 shares of the company’s stock valued at $290,000 after purchasing an additional 594 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of ChampionX by 1.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 54,454 shares of the company’s stock valued at $1,642,000 after buying an additional 772 shares in the last quarter. 98.99% of the stock is owned by hedge funds and other institutional investors.

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.