ChampionX (NASDAQ:CHX) Shares Gap Up on Better-Than-Expected Earnings

Shares of ChampionX Co. (NASDAQ:CHXGet Free Report) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $26.57, but opened at $29.77. ChampionX shares last traded at $28.62, with a volume of 381,860 shares traded.

The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. The firm had revenue of $943.56 million during the quarter, compared to analyst estimates of $947.33 million. ChampionX had a net margin of 8.36% and a return on equity of 20.04%. The company’s revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.43 EPS.

ChampionX Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 5th will be paid a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date is Thursday, April 4th. This is a positive change from ChampionX’s previous quarterly dividend of $0.09. ChampionX’s payout ratio is 21.66%.

Wall Street Analyst Weigh In

CHX has been the subject of a number of recent research reports. The Goldman Sachs Group decreased their price target on shares of ChampionX from $37.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, November 14th. Piper Sandler downgraded shares of ChampionX from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $38.00 to $32.00 in a report on Monday, January 8th. Barclays raised shares of ChampionX from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $33.00 to $42.00 in a report on Tuesday, October 17th. Finally, Stifel Nicolaus cut their price objective on shares of ChampionX from $41.00 to $39.00 and set a “buy” rating on the stock in a report on Thursday, October 26th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, ChampionX presently has an average rating of “Moderate Buy” and an average price target of $37.50.

View Our Latest Stock Report on ChampionX

Institutional Investors Weigh In On ChampionX

Several institutional investors have recently added to or reduced their stakes in CHX. GAMMA Investing LLC bought a new position in shares of ChampionX in the fourth quarter worth approximately $26,000. Pinebridge Investments L.P. boosted its stake in shares of ChampionX by 1,075.0% during the second quarter. Pinebridge Investments L.P. now owns 1,175 shares of the company’s stock valued at $36,000 after purchasing an additional 1,075 shares during the period. NewEdge Advisors LLC boosted its stake in shares of ChampionX by 654.0% during the first quarter. NewEdge Advisors LLC now owns 1,870 shares of the company’s stock valued at $51,000 after purchasing an additional 1,622 shares during the period. Covestor Ltd boosted its stake in shares of ChampionX by 683.0% during the first quarter. Covestor Ltd now owns 2,216 shares of the company’s stock valued at $54,000 after purchasing an additional 1,933 shares during the period. Finally, Parkside Financial Bank & Trust boosted its stake in shares of ChampionX by 19.4% during the third quarter. Parkside Financial Bank & Trust now owns 2,166 shares of the company’s stock valued at $77,000 after purchasing an additional 352 shares during the period. 98.99% of the stock is owned by hedge funds and other institutional investors.

ChampionX Price Performance

The company has a current ratio of 1.87, a quick ratio of 1.13 and a debt-to-equity ratio of 0.35. The stock has a market cap of $5.65 billion, a P/E ratio of 18.48, a price-to-earnings-growth ratio of 0.63 and a beta of 2.45. The business’s 50 day moving average price is $28.47 and its two-hundred day moving average price is $32.07.

About ChampionX

(Get Free Report)

ChampionX Corporation provides chemistry solutions, 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.

Featured Articles

Receive News & Ratings for ChampionX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ChampionX and related companies with MarketBeat.com's FREE daily email newsletter.