Texas Permanent School Fund Corp Grows Stake in ChampionX Co. (NASDAQ:CHX)

Texas Permanent School Fund Corp raised its stake in shares of ChampionX Co. (NASDAQ:CHX) by 26.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 210,747 shares of the company’s stock after purchasing an additional 43,498 shares during the period. Texas Permanent School Fund Corp’s holdings in ChampionX were worth $6,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Choreo LLC bought a new position in shares of ChampionX during the second quarter valued at approximately $225,000. Quest Partners LLC grew its position in ChampionX by 99,897.3% in the 2nd quarter. Quest Partners LLC now owns 36,999 shares of the company’s stock valued at $1,229,000 after acquiring an additional 36,962 shares during the last quarter. Trium Capital LLP purchased a new stake in ChampionX in the second quarter worth $697,000. Narwhal Capital Management increased its stake in ChampionX by 1.7% in the second quarter. Narwhal Capital Management now owns 167,172 shares of the company’s stock worth $5,552,000 after purchasing an additional 2,723 shares during the period. Finally, Mesirow Institutional Investment Management Inc. lifted its position in shares of ChampionX by 1.0% during the second quarter. Mesirow Institutional Investment Management Inc. now owns 428,598 shares of the company’s stock worth $14,234,000 after purchasing an additional 4,174 shares during the last quarter. 98.99% of the stock is owned by institutional investors.

ChampionX Trading Down 2.1 %

CHX opened at $28.20 on Wednesday. The company has a quick ratio of 1.25, a current ratio of 1.99 and a debt-to-equity ratio of 0.34. The stock’s fifty day moving average is $32.05 and its two-hundred day moving average is $33.12. The company has a market capitalization of $5.37 billion, a P/E ratio of 15.33, a PEG ratio of 1.16 and a beta of 2.37. ChampionX Co. has a 52 week low of $25.46 and a 52 week high of $39.95.

ChampionX (NASDAQ:CHX) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.11). The firm had revenue of $893.30 million for the quarter, compared to analysts’ expectations of $954.91 million. ChampionX had a net margin of 8.66% and a return on equity of 19.72%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.48 EPS. Analysts forecast that ChampionX Co. will post 1.99 earnings per share for the current year.

ChampionX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.38 annualized dividend and a dividend yield of 1.35%. ChampionX’s payout ratio is currently 20.65%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler cut their price target on shares of ChampionX from $40.00 to $33.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.