ChampionX Co. (NASDAQ:CHX) Short Interest Update

ChampionX Co. (NASDAQ:CHX) was the target of a significant drop in short interest in November. As of November 30th, there was short interest totalling 6,840,000 shares, a drop of 7.7% from the November 15th total of 7,410,000 shares. Based on an average daily volume of 1,700,000 shares, the short-interest ratio is presently 4.0 days. Approximately 3.6% of the company’s stock are short sold.

Insider Buying and Selling

In related news, insider Deric D. Bryant sold 49,303 shares of ChampionX stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $30.06, for a total value of $1,482,048.18. Following the completion of the transaction, the insider now directly owns 337,409 shares in the company, valued at approximately $10,142,514.54. This trade represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On ChampionX

Several hedge funds and other institutional investors have recently made changes to their positions in CHX. Millennium Management LLC raised its holdings in ChampionX by 12,607.0% during the second quarter. Millennium Management LLC now owns 3,120,847 shares of the company’s stock worth $103,643,000 after purchasing an additional 3,096,287 shares in the last quarter. Magnetar Financial LLC purchased a new position in shares of ChampionX during the 2nd quarter valued at $72,860,000. Westchester Capital Management LLC grew its holdings in shares of ChampionX by 67.8% during the 3rd quarter. Westchester Capital Management LLC now owns 2,828,139 shares of the company’s stock valued at $85,268,000 after acquiring an additional 1,142,628 shares in the last quarter. Water Island Capital LLC purchased a new position in shares of ChampionX during the 2nd quarter valued at $35,384,000. Finally, Squarepoint Ops LLC purchased a new position in shares of ChampionX during the 2nd quarter valued at $21,669,000. 98.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Citigroup decreased their target price on ChampionX from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, November 14th.

ChampionX Stock Performance

Shares of NASDAQ CHX opened at $27.54 on Wednesday. The company has a current ratio of 1.94, a quick ratio of 1.20 and a debt-to-equity ratio of 0.33. The stock has a 50 day simple moving average of $30.10 and a 200-day simple moving average of $31.10. The company has a market cap of $5.25 billion, a PE ratio of 17.11 and a beta of 2.38. ChampionX has a 12-month low of $25.46 and a 12-month high of $39.95.

ChampionX (NASDAQ:CHX) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.01). The business had revenue of $906.53 million for 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%. The business’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 earnings per share. On average, equities research analysts forecast that ChampionX will post 1.66 EPS for the current year.

ChampionX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 3rd will be given a dividend of $0.095 per share. The ex-dividend date is Friday, January 3rd. This represents a $0.38 annualized dividend and a dividend yield of 1.38%. ChampionX’s dividend payout ratio is presently 23.60%.

ChampionX Company 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.