State of Michigan Retirement System Boosts Position in ChampionX Corporation (NASDAQ:CHX)

State of Michigan Retirement System increased its stake in ChampionX Corporation (NASDAQ:CHX) by 1.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,695 shares of the company’s stock after buying an additional 600 shares during the period. State of Michigan Retirement System’s holdings in ChampionX were worth $1,362,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in ChampionX by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 19,964,329 shares of the company’s stock worth $542,830,000 after acquiring an additional 227,627 shares during the period. Westchester Capital Management LLC raised its stake in ChampionX by 14.7% in the fourth quarter. Westchester Capital Management LLC now owns 3,243,134 shares of the company’s stock worth $88,181,000 after buying an additional 414,995 shares in the last quarter. Northern Trust Corp raised its stake in ChampionX by 10.9% in the fourth quarter. Northern Trust Corp now owns 2,917,978 shares of the company’s stock worth $79,340,000 after buying an additional 286,853 shares in the last quarter. AQR Arbitrage LLC raised its stake in ChampionX by 7.4% in the fourth quarter. AQR Arbitrage LLC now owns 2,808,543 shares of the company’s stock worth $75,859,000 after buying an additional 194,219 shares in the last quarter. Finally, Norges Bank bought a new position in ChampionX in the fourth quarter worth approximately $74,032,000. 98.99% of the stock is currently owned by institutional investors.

ChampionX Trading Down 2.8%

ChampionX stock opened at $26.60 on Tuesday. The firm has a market cap of $5.09 billion, a PE ratio of 17.62, a P/E/G ratio of 5.35 and a beta of 1.49. ChampionX Corporation has a 12 month low of $21.92 and a 12 month high of $35.94. The stock’s 50 day simple moving average is $25.43 and its two-hundred day simple moving average is $27.07. The company has a current ratio of 2.25, a quick ratio of 1.62 and a debt-to-equity ratio of 0.31.

ChampionX (NASDAQ:CHX) last posted its earnings results on Tuesday, April 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. The business had revenue of $864.46 million for the quarter, compared to analyst estimates of $900.59 million. ChampionX had a net margin of 8.20% and a return on equity of 19.25%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.50 EPS. Analysts anticipate that ChampionX Corporation will post 1.92 earnings per share for the current year.

ChampionX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $0.38 annualized dividend and a dividend yield of 1.43%. ChampionX’s dividend payout ratio (DPR) is presently 25.17%.

Analyst Ratings Changes

Separately, Stifel Nicolaus upped their price objective on ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, May 5th.

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.