ChampionX (NASDAQ:CHX) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of ChampionX (NASDAQ:CHX) from a buy rating to a hold rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “ChampionX Corporation provides chemistry solutions and engineered equipment and technologies to companies drill for and produce oil and gas. The company’s Chemical Technologies offering consist of chemistry solutions for flowing oil and gas wells as well as chemistry solutions used in drilling and completion activities. Its Production & Automation Technologies offerings consist of artificial lift equipment and solutions, including rod pumping systems, electric submersible pump systems, progressive cavity pumps and drive systems and plunger lifts, as well as a full automation and digital offering consisting of equipment and software for Industrial Internet of Things solutions for downhole monitoring, wellsite productivity enhancement and asset integrity management. Drilling Technologies offering provides polycrystalline diamond cutters and bearings. ChampionX Corporation, formerly known as Apergy Corporation, is based in TX, United States. “

CHX has been the topic of a number of other research reports. Credit Suisse Group boosted their price target on ChampionX from $18.50 to $21.50 and gave the stock an outperform rating in a research report on Thursday, February 25th. Wells Fargo & Company boosted their price target on ChampionX from $19.00 to $24.00 and gave the stock an overweight rating in a research report on Thursday, February 25th. Barclays boosted their price target on ChampionX from $23.00 to $29.00 and gave the stock an overweight rating in a research report on Friday, February 26th. TheStreet raised ChampionX from a d+ rating to a c- rating in a research report on Tuesday, June 1st. Finally, Piper Sandler boosted their price target on ChampionX from $12.25 to $18.00 and gave the stock a neutral rating in a research report on Wednesday, March 3rd. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $20.12.

NASDAQ:CHX opened at $26.24 on Tuesday. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average of $23.70. The firm has a market capitalization of $5.28 billion, a P/E ratio of -28.52 and a beta of 3.32. ChampionX has a 52-week low of $6.87 and a 52-week high of $30.48.

ChampionX (NASDAQ:CHX) last released its earnings results on Wednesday, April 28th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. The business had revenue of $684.89 million for the quarter, compared to the consensus estimate of $667.73 million. ChampionX had a negative return on equity of 0.86% and a negative net margin of 4.49%. ChampionX’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 earnings per share. Research analysts anticipate that ChampionX will post 0.54 EPS for the current year.

In related news, CAO Antoine Marcos sold 12,030 shares of the business’s stock in a transaction that occurred on Wednesday, May 5th. The stock was sold at an average price of $23.34, for a total value of $280,780.20. Following the completion of the sale, the chief accounting officer now directly owns 47,475 shares in the company, valued at $1,108,066.50. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Julia Wright sold 8,125 shares of the business’s stock in a transaction that occurred on Friday, May 7th. The shares were sold at an average price of $24.58, for a total value of $199,712.50. Following the completion of the sale, the vice president now owns 54,347 shares of the company’s stock, valued at $1,335,849.26. The disclosure for this sale can be found here. Insiders own 0.83% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. First Horizon Advisors Inc. boosted its stake in shares of ChampionX by 30.9% in the fourth quarter. First Horizon Advisors Inc. now owns 3,134 shares of the company’s stock valued at $47,000 after buying an additional 740 shares during the period. Allred Capital Management LLC bought a new stake in shares of ChampionX in the first quarter valued at approximately $48,000. Strs Ohio bought a new stake in shares of ChampionX in the fourth quarter valued at approximately $64,000. Arlington Partners LLC acquired a new position in ChampionX during the first quarter valued at approximately $79,000. Finally, Public Employees Retirement System of Ohio raised its position in ChampionX by 11.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 7,439 shares of the company’s stock valued at $114,000 after purchasing an additional 779 shares in the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.

About ChampionX

ChampionX Corporation provides chemistry solutions, and engineered equipment and technologies to oil and gas companies worldwide. The company's Production Chemical Technologies segment offers onshore and offshore chemical solutions, such as corrosion inhibitors, scale inhibitors, emulsion breakers, and biocides to oil and natural gas production and midstream markets to manage and control corrosion, oil and water separation, flow assurance, sour gas treatment, and water-related issues.

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