United Services Automobile Association Decreases Holdings in ChampionX Co. (NASDAQ:CHX)

United Services Automobile Association cut its stake in shares of ChampionX Co. (NASDAQ:CHX) by 4.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,282 shares of the company’s stock after selling 652 shares during the period. United Services Automobile Association’s holdings in ChampionX were worth $508,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CHX. Legend Financial Advisors Inc. increased its stake in shares of ChampionX by 1.6% in the 2nd quarter. Legend Financial Advisors Inc. now owns 21,472 shares of the company’s stock worth $713,000 after purchasing an additional 340 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of ChampionX in the 1st quarter worth $27,000. Mendota Financial Group LLC increased its stake in shares of ChampionX by 19.3% in the 1st quarter. Mendota Financial Group LLC now owns 4,648 shares of the company’s stock worth $167,000 after purchasing an additional 751 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of ChampionX by 37.6% in the 4th quarter. Quadrant Capital Group LLC now owns 3,041 shares of the company’s stock worth $89,000 after purchasing an additional 831 shares in the last quarter. Finally, EntryPoint Capital LLC increased its stake in shares of ChampionX by 18.9% in the 1st quarter. EntryPoint Capital LLC now owns 5,817 shares of the company’s stock worth $209,000 after purchasing an additional 923 shares in the last quarter. 98.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler reduced their price objective 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 research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $39.00.

ChampionX Trading Down 2.1 %

Shares of ChampionX stock opened at $28.20 on Wednesday. The firm has a market cap of $5.37 billion, a price-to-earnings ratio of 15.33, a PEG ratio of 1.16 and a beta of 2.37. The business has a 50-day moving average price of $32.05 and a 200-day moving average price of $33.12. 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 Co. has a twelve month low of $25.46 and a twelve month high of $39.95.

ChampionX (NASDAQ:CHX) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates 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 company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.48 EPS. Equities research analysts anticipate that ChampionX Co. will post 1.99 EPS for the current fiscal year.

ChampionX Dividend Announcement

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

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.