Magnetar Financial LLC Buys Shares of 2,193,929 ChampionX Co. (NASDAQ:CHX)

Magnetar Financial LLC purchased a new position in ChampionX Co. (NASDAQ:CHX) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 2,193,929 shares of the company’s stock, valued at approximately $72,860,000. ChampionX accounts for 1.5% of Magnetar Financial LLC’s holdings, making the stock its 18th largest position. Magnetar Financial LLC owned approximately 1.15% of ChampionX as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in ChampionX by 6.7% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 526,091 shares of the company’s stock valued at $18,881,000 after acquiring an additional 32,860 shares during the period. Avantax Advisory Services Inc. acquired a new position in shares of ChampionX in the 1st quarter worth approximately $587,000. Sei Investments Co. lifted its position in shares of ChampionX by 18.0% during the 1st quarter. Sei Investments Co. now owns 798,936 shares of the company’s stock worth $28,674,000 after buying an additional 121,700 shares during the period. Westfield Capital Management Co. LP boosted its stake in ChampionX by 27.3% in the 4th quarter. Westfield Capital Management Co. LP now owns 891,381 shares of the company’s stock valued at $26,037,000 after buying an additional 190,928 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in ChampionX by 7.2% in the 4th quarter. Fisher Asset Management LLC now owns 365,798 shares of the company’s stock valued at $10,685,000 after buying an additional 24,662 shares in the last quarter. Institutional investors and hedge funds own 98.99% of the company’s stock.

ChampionX Stock Performance

ChampionX stock opened at $30.54 on Monday. The company has a market cap of $5.82 billion, a PE ratio of 16.60, a PEG ratio of 1.13 and a beta of 2.37. The company has a current ratio of 1.99, a quick ratio of 1.25 and a debt-to-equity ratio of 0.34. ChampionX Co. has a 1 year low of $25.46 and a 1 year high of $39.95. The company’s 50-day moving average is $31.55 and its two-hundred day moving average is $33.01.

ChampionX (NASDAQ:CHX) last posted its quarterly earnings results 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 company had revenue of $893.30 million during the quarter, compared to analyst estimates of $954.91 million. ChampionX had a net margin of 8.66% and a return on equity of 19.72%. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period last year, the company earned $0.48 EPS. Equities analysts anticipate that ChampionX Co. will post 1.99 earnings per share for the current year.

ChampionX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders 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 1.24%. ChampionX’s dividend payout ratio (DPR) is currently 20.65%.

Analyst Ratings Changes

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

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.