Phocas Financial Corp. Lowers Position in ChampionX Co. (NASDAQ:CHX)

Phocas Financial Corp. trimmed its position in shares of ChampionX Co. (NASDAQ:CHX) by 5.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 200,176 shares of the company’s stock after selling 12,332 shares during the quarter. Phocas Financial Corp.’s holdings in ChampionX were worth $6,035,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CHX. Quest Partners LLC grew its holdings in ChampionX by 86.8% in the third quarter. Quest Partners LLC now owns 69,102 shares of the company’s stock worth $2,083,000 after purchasing an additional 32,103 shares during the period. AMG National Trust Bank grew its stake in shares of ChampionX by 2.9% during the 3rd quarter. AMG National Trust Bank now owns 31,399 shares of the company’s stock valued at $947,000 after purchasing an additional 882 shares during the period. KBC Group NV boosted its stake in shares of ChampionX by 18.3% during the 3rd quarter. KBC Group NV now owns 5,827 shares of the company’s stock worth $176,000 after acquiring an additional 903 shares during the last quarter. Victory Capital Management Inc. grew its holdings in ChampionX by 19.0% during the third quarter. Victory Capital Management Inc. now owns 58,478 shares of the company’s stock valued at $1,763,000 after purchasing an additional 9,333 shares during the period. Finally, GSA Capital Partners LLP increased its stake in shares of ChampionX by 143.2% in the third quarter. GSA Capital Partners LLP now owns 36,985 shares of the company’s stock worth $1,115,000 after purchasing an additional 21,778 shares in the last quarter. 98.99% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Deric D. Bryant sold 49,303 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $30.06, for a total transaction of $1,482,048.18. Following the transaction, the insider now directly owns 337,409 shares in the company, valued at approximately $10,142,514.54. The trade was a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.38% of the company’s stock.

ChampionX Trading Up 0.8 %

NASDAQ:CHX opened at $30.87 on Tuesday. ChampionX Co. has a 52 week low of $25.46 and a 52 week high of $39.95. The firm has a 50 day moving average of $30.25 and a 200 day moving average of $31.63. The company has a quick ratio of 1.20, a current ratio of 1.94 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of 19.17 and a beta of 2.38.

ChampionX (NASDAQ:CHX) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.01). The business had revenue of $906.53 million during the quarter, compared to analyst estimates of $916.50 million. ChampionX had a return on equity of 19.74% and a net margin of 8.59%. ChampionX’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.41 EPS. As a group, sell-side analysts anticipate that ChampionX Co. will post 1.66 earnings per share for the current fiscal year.

ChampionX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 3rd will be paid a $0.095 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $0.38 dividend on an annualized basis and a yield of 1.23%. ChampionX’s dividend payout ratio is currently 23.60%.

Wall Street Analysts Forecast Growth

Separately, Citigroup dropped their price objective on shares of ChampionX from $45.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, November 14th.

ChampionX Profile

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.