abrdn plc Has $22.60 Million Stake in ChampionX Co. (NASDAQ:CHX)

abrdn plc trimmed its position in ChampionX Co. (NASDAQ:CHX) by 21.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 773,818 shares of the company’s stock after selling 208,581 shares during the quarter. abrdn plc owned 0.40% of ChampionX worth $22,603,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. FMR LLC increased its stake in ChampionX by 20.2% in the third quarter. FMR LLC now owns 7,109,432 shares of the company’s stock valued at $253,238,000 after acquiring an additional 1,193,122 shares during the last quarter. Congress Asset Management Co. MA increased its stake in ChampionX by 114.0% in the third quarter. Congress Asset Management Co. MA now owns 4,172,230 shares of the company’s stock valued at $148,615,000 after acquiring an additional 2,222,224 shares during the last quarter. Invesco Ltd. increased its stake in ChampionX by 5.3% in the third quarter. Invesco Ltd. now owns 3,121,545 shares of the company’s stock valued at $111,189,000 after acquiring an additional 157,788 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in ChampionX by 28.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,426,407 shares of the company’s stock valued at $86,429,000 after acquiring an additional 538,555 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in ChampionX by 1.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,598,635 shares of the company’s stock valued at $46,696,000 after acquiring an additional 24,854 shares during the last quarter. 98.99% of the stock is owned by institutional investors.

Insider Transactions at ChampionX

In related news, insider William Jr. O’dell sold 27,178 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $36.00, for a total value of $978,408.00. Following the transaction, the insider now owns 57,748 shares in the company, valued at $2,078,928. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.38% of the stock is owned by company insiders.

Analysts Set New Price Targets

CHX has been the topic of a number of research reports. Barclays boosted their target price on shares of ChampionX from $39.00 to $51.00 and gave the stock an “overweight” rating in a research note on Thursday, April 4th. Citigroup boosted their target price on shares of ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, March 27th. Finally, Piper Sandler boosted their target price on shares of ChampionX from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.33.

ChampionX Price Performance

Shares of NASDAQ:CHX opened at $35.10 on Wednesday. The firm has a market cap of $6.71 billion, a PE ratio of 22.36, a price-to-earnings-growth ratio of 1.12 and a beta of 2.44. The firm’s fifty day moving average is $33.95 and its 200-day moving average is $31.13. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.15 and a current ratio of 1.82. ChampionX Co. has a 52 week low of $24.98 and a 52 week high of $39.95.

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

ChampionX Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 5th will be issued a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.08%. 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 24.20%.

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.