Harbor Capital Advisors Inc. Buys 51,236 Shares of ChampionX Co. (NASDAQ:CHX)

Harbor Capital Advisors Inc. grew its stake in ChampionX Co. (NASDAQ:CHX) by 505.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,378 shares of the company’s stock after purchasing an additional 51,236 shares during the period. Harbor Capital Advisors Inc.’s holdings in ChampionX were worth $2,038,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC bought a new stake in ChampionX during the 4th quarter valued at about $26,000. Allspring Global Investments Holdings LLC bought a new position in ChampionX in the first quarter worth about $27,000. Rise Advisors LLC acquired a new stake in ChampionX in the first quarter valued at approximately $35,000. Quadrant Capital Group LLC grew its holdings in ChampionX by 37.6% in the fourth quarter. Quadrant Capital Group LLC now owns 3,041 shares of the company’s stock worth $89,000 after purchasing an additional 831 shares during the last quarter. Finally, Principal Securities Inc. acquired a new position in shares of ChampionX during the fourth quarter worth $91,000. Hedge funds and other institutional investors own 98.99% of the company’s stock.

ChampionX Stock Performance

Shares of NASDAQ:CHX traded down $0.31 during trading on Wednesday, hitting $30.56. The stock had a trading volume of 1,439,475 shares, compared to its average volume of 1,973,763. The stock has a 50-day simple moving average of $32.61 and a two-hundred day simple moving average of $32.75. The stock has a market capitalization of $5.82 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 1.37 and a beta of 2.41. ChampionX Co. has a 12-month low of $25.46 and a 12-month high of $39.95. The company has a quick ratio of 1.25, a current ratio of 1.99 and a debt-to-equity ratio of 0.34.

ChampionX (NASDAQ:CHX) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.11). ChampionX had a net margin of 8.66% and a return on equity of 19.72%. The business had revenue of $893.30 million for the quarter, compared to analyst estimates of $954.91 million. During the same quarter in the previous year, the firm posted $0.48 earnings per share. The business’s revenue was down 3.6% on a year-over-year basis. On average, equities research analysts expect that ChampionX Co. will post 1.92 earnings per share for the current fiscal year.

ChampionX Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Friday, July 5th were paid a dividend of $0.095 per share. The ex-dividend date of this dividend was Friday, July 5th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.24%. ChampionX’s payout ratio is currently 20.65%.

Analysts Set New Price Targets

Separately, Piper Sandler decreased their price target on ChampionX from $40.00 to $33.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, ChampionX presently has an average rating of “Moderate Buy” and an average target price of $39.00.

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.