Shell Asset Management Co. Reduces Position in ChampionX Co. (NASDAQ:CHX)

Shell Asset Management Co. cut its holdings in shares of ChampionX Co. (NASDAQ:CHX) by 3.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,165 shares of the company’s stock after selling 495 shares during the quarter. Shell Asset Management Co.’s holdings in ChampionX were worth $508,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of ChampionX by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 20,033,091 shares of the company’s stock worth $585,167,000 after buying an additional 62,967 shares in the last quarter. Brown Advisory Inc. lifted its holdings in shares of ChampionX by 1.8% in the fourth quarter. Brown Advisory Inc. now owns 6,364,676 shares of the company’s stock worth $185,912,000 after buying an additional 110,956 shares in the last quarter. Congress Asset Management Co. MA lifted its holdings in shares of ChampionX by 2.1% in the first quarter. Congress Asset Management Co. MA now owns 3,991,117 shares of the company’s stock worth $143,241,000 after buying an additional 80,626 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of ChampionX by 2.6% in the first quarter. Bessemer Group Inc. now owns 3,842,425 shares of the company’s stock worth $137,905,000 after buying an additional 99,100 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of ChampionX by 11.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,433,718 shares of the company’s stock worth $100,305,000 after purchasing an additional 349,035 shares during the last quarter. 98.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CHX. Piper Sandler decreased their price objective on shares of ChampionX from $40.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Barclays upped their price objective on shares of ChampionX from $39.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, ChampionX has an average rating of “Moderate Buy” and a consensus target price of $39.00.

ChampionX Price Performance

NASDAQ CHX traded up $0.06 on Friday, reaching $34.14. 512,550 shares of the company’s stock traded hands, compared to its average volume of 1,971,251. ChampionX Co. has a 12 month low of $25.46 and a 12 month high of $39.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.83 and a quick ratio of 1.16. The stock has a 50-day simple moving average of $32.68 and a 200 day simple moving average of $32.31. The stock has a market cap of $6.50 billion, a PE ratio of 18.55, a P/E/G ratio of 1.41 and a beta of 2.41.

ChampionX (NASDAQ:CHX) last issued its earnings results on Wednesday, July 24th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.11). ChampionX had a return on equity of 19.84% and a net margin of 8.66%. The firm had revenue of $893.30 million during the quarter, compared to the consensus estimate of $954.91 million. During the same quarter in the prior year, the business posted $0.48 EPS. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, research analysts predict that ChampionX Co. will post 1.92 earnings per share for the current year.

ChampionX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be paid a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date is Friday, July 5th. ChampionX’s payout ratio is 20.65%.

ChampionX 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.