Slotnik Capital LLC Takes $17.61 Million Position in ChampionX Co. (NASDAQ:CHX)

Slotnik Capital LLC bought a new position in shares of ChampionX Co. (NASDAQ:CHX) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 530,334 shares of the company’s stock, valued at approximately $17,612,000. ChampionX comprises approximately 8.6% of Slotnik Capital LLC’s portfolio, making the stock its 4th largest position.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of ChampionX by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 20,033,091 shares of the company’s stock valued at $585,167,000 after acquiring an additional 62,967 shares in the last quarter. Congress Asset Management Co. MA grew its position in ChampionX by 2.1% in the 1st quarter. Congress Asset Management Co. MA now owns 3,991,117 shares of the company’s stock valued at $143,241,000 after purchasing an additional 80,626 shares during the period. Bessemer Group Inc. increased its stake in ChampionX by 2.6% during the 1st quarter. Bessemer Group Inc. now owns 3,842,425 shares of the company’s stock valued at $137,905,000 after purchasing an additional 99,100 shares in the last quarter. Hawk Ridge Capital Management LP acquired a new position in ChampionX during the fourth quarter worth $67,592,000. Finally, Magnetar Financial LLC bought a new position in shares of ChampionX in the second quarter valued at $72,860,000. 98.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

ChampionX Price Performance

Shares of NASDAQ:CHX opened at $30.98 on Tuesday. The company has a current ratio of 1.99, a quick ratio of 1.25 and a debt-to-equity ratio of 0.34. The stock has a market cap of $5.90 billion, a PE ratio of 16.84, a price-to-earnings-growth ratio of 1.13 and a beta of 2.37. The stock’s fifty day simple moving average is $31.50 and its two-hundred day simple moving average is $33.00. ChampionX Co. has a 1-year low of $25.46 and a 1-year high of $39.95.

ChampionX (NASDAQ:CHX) last released 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). ChampionX had a net margin of 8.66% and a return on equity of 19.72%. The firm had revenue of $893.30 million for the quarter, compared to the consensus estimate of $954.91 million. During the same period in the previous year, the business earned $0.48 earnings per share. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, analysts forecast that ChampionX Co. will post 1.99 EPS for the current fiscal year.

ChampionX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be paid a $0.095 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.23%. ChampionX’s payout ratio is presently 20.65%.

ChampionX 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.