Zurcher Kantonalbank Zurich Cantonalbank Sells 28,833 Shares of ChampionX Co. (NASDAQ:CHX)

Zurcher Kantonalbank Zurich Cantonalbank lessened its stake in shares of ChampionX Co. (NASDAQ:CHX) by 39.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,566 shares of the company’s stock after selling 28,833 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in ChampionX were worth $1,302,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Parkside Financial Bank & Trust boosted its position in shares of ChampionX by 19.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 2,166 shares of the company’s stock worth $77,000 after purchasing an additional 352 shares in the last quarter. Mendota Financial Group LLC acquired a new stake in shares of ChampionX in the 4th quarter worth about $114,000. SG Americas Securities LLC raised its holdings in shares of ChampionX by 16.9% in the 3rd quarter. SG Americas Securities LLC now owns 4,479 shares of the company’s stock worth $160,000 after acquiring an additional 649 shares during the last quarter. Prudent Man Advisors LLC acquired a new stake in shares of ChampionX in the 3rd quarter worth about $201,000. Finally, Forum Financial Management LP acquired a new stake in shares of ChampionX in the 3rd quarter worth about $206,000. Institutional investors own 98.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Barclays upped their target price on shares of ChampionX from $39.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, April 4th. Piper Sandler upped their target price on shares of ChampionX from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Citigroup increased their price objective on shares of ChampionX from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, ChampionX has an average rating of “Moderate Buy” and a consensus price target of $40.33.

Insider Transactions at ChampionX

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 sale, the insider now owns 57,748 shares in the company, valued at approximately $2,078,928. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.38% of the stock is currently owned by company insiders.

ChampionX Trading Down 0.4 %

NASDAQ:CHX opened at $34.86 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.15 and a current ratio of 1.82. The firm has a market cap of $6.66 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 1.09 and a beta of 2.44. ChampionX Co. has a 52 week low of $24.98 and a 52 week high of $39.95. The firm has a 50-day moving average price of $34.26 and a two-hundred day moving average price of $31.18.

ChampionX (NASDAQ:CHX) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.10. ChampionX had a net margin of 9.74% and a return on equity of 21.42%. The company had revenue of $922.14 million during the quarter, compared to analyst estimates of $922.13 million. On average, equities analysts expect that ChampionX Co. will post 1.95 earnings per share for the current fiscal year.

ChampionX Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 5th were paid a dividend of $0.095 per share. The ex-dividend date was Thursday, April 4th. This represents a $0.38 annualized dividend and a dividend yield of 1.09%. This is a positive change from ChampionX’s previous quarterly dividend of $0.09. ChampionX’s dividend payout ratio (DPR) is presently 20.65%.

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.