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

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

Insider Transactions at ChampionX

In other ChampionX news, insider Deric D. Bryant sold 49,303 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $30.06, for a total transaction of $1,482,048.18. Following the transaction, the insider now owns 337,409 shares in the company, valued at approximately $10,142,514.54. This represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.38% of the company’s stock.

Institutional Trading of ChampionX

A number of institutional investors have recently bought and sold shares of CHX. Allspring Global Investments Holdings LLC purchased a new position in shares of ChampionX during the first quarter valued at approximately $27,000. Russell Investments Group Ltd. raised its holdings in ChampionX by 2.5% during the 1st quarter. Russell Investments Group Ltd. now owns 228,230 shares of the company’s stock valued at $8,191,000 after acquiring an additional 5,528 shares during the period. Avantax Advisory Services Inc. bought a new stake in shares of ChampionX during the first quarter valued at about $587,000. ProShare Advisors LLC lifted its stake in ChampionX by 4.3% in the 1st quarter. ProShare Advisors LLC now owns 44,529 shares of the company’s stock worth $1,598,000 after purchasing an additional 1,846 shares in the last quarter. Finally, Bleakley Financial Group LLC purchased a new position in ChampionX during the first quarter worth about $237,000. Institutional investors own 98.99% of the company’s stock.

ChampionX Price Performance

Shares of ChampionX stock traded down $0.24 during midday trading on Friday, hitting $30.64. 950,788 shares of the company were exchanged, compared to its average volume of 1,797,091. ChampionX has a 52 week low of $25.46 and a 52 week high of $39.95. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.94 and a quick ratio of 1.20. The firm has a 50 day simple moving average of $30.21 and a 200-day simple moving average of $31.66. The firm has a market cap of $5.84 billion, a P/E ratio of 19.03 and a beta of 2.38.

ChampionX (NASDAQ:CHX) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates 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 business’s revenue was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. Research analysts forecast that ChampionX will post 1.66 earnings per share for the current year.

ChampionX Dividend Announcement

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

Analysts Set New Price Targets

Separately, Citigroup cut their target price on ChampionX from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday.

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.