ChampionX Co. (NASDAQ:CHX) Sees Significant Growth in Short Interest

ChampionX Co. (NASDAQ:CHXGet Free Report) was the target of a large growth in short interest in March. As of March 15th, there was short interest totalling 8,720,000 shares, a growth of 6.2% from the February 29th total of 8,210,000 shares. Based on an average daily volume of 1,430,000 shares, the days-to-cover ratio is currently 6.1 days. Currently, 4.6% of the shares of the stock are short sold.

ChampionX Trading Up 0.1 %

NASDAQ:CHX traded up $0.02 during trading hours on Wednesday, hitting $39.10. 2,145,461 shares of the company were exchanged, compared to its average volume of 1,692,087. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of 24.82, a price-to-earnings-growth ratio of 1.12 and a beta of 2.44. ChampionX has a one year low of $24.98 and a one year high of $39.55. The company has a fifty day simple moving average of $31.17 and a 200 day simple moving average of $30.94. The company has a current ratio of 1.82, a quick ratio of 1.15 and a debt-to-equity ratio of 0.36.

ChampionX (NASDAQ:CHXGet Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. ChampionX had a return on equity of 20.14% and a net margin of 8.36%. The firm had revenue of $943.56 million for the quarter, compared to analyst estimates of $947.33 million. During the same period in the previous year, the firm earned $0.43 earnings per share. The company’s revenue was down 4.3% compared to the same quarter last year. Sell-side analysts expect that ChampionX will post 1.95 EPS for the current fiscal year.

ChampionX Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 5th will be paid a $0.095 dividend. This is a positive change from ChampionX’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $0.38 annualized dividend and a dividend yield of 0.97%. ChampionX’s dividend payout ratio is presently 24.20%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CHX shares. Citigroup upped their target price on ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, March 27th. Piper Sandler cut shares of ChampionX from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $38.00 to $32.00 in a report on Monday, January 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.50.

Get Our Latest Analysis on ChampionX

Insider Buying and Selling

In other news, insider William Jr. O’dell sold 27,178 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $36.00, for a total transaction of $978,408.00. Following the completion of the transaction, the insider now directly owns 57,748 shares of the company’s stock, valued at approximately $2,078,928. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of ChampionX by 91.0% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 68,526 shares of the company’s stock worth $2,441,000 after acquiring an additional 32,657 shares during the last quarter. Seven Eight Capital LP purchased a new position in ChampionX in the 3rd quarter worth approximately $250,000. Prudential PLC bought a new stake in ChampionX during the 3rd quarter valued at $788,000. Congress Asset Management Co. MA grew its stake in shares of ChampionX by 114.0% in the third quarter. Congress Asset Management Co. MA now owns 4,172,230 shares of the company’s stock worth $148,615,000 after purchasing an additional 2,222,224 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its holdings in ChampionX by 51.6% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 601,358 shares of the company’s stock worth $17,566,000 after buying an additional 204,640 shares during the period. Hedge funds and other institutional investors own 98.99% of the company’s stock.

About ChampionX

(Get Free Report)

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.

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