Squarepoint Ops LLC Invests $21.67 Million in ChampionX Co. (NASDAQ:CHX)

Squarepoint Ops LLC acquired a new stake in shares of ChampionX Co. (NASDAQ:CHX) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 652,482 shares of the company’s stock, valued at approximately $21,669,000. Squarepoint Ops LLC owned 0.34% of ChampionX at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised 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 buying an additional 62,967 shares during the last quarter. Congress Asset Management Co. MA increased its stake in ChampionX by 2.1% during 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 buying 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 buying an additional 99,100 shares during the period. Hawk Ridge Capital Management LP acquired a new position in ChampionX during the 4th quarter valued at about $67,592,000. Finally, Magnetar Financial LLC acquired a new position in ChampionX during the 2nd quarter valued at about $72,860,000. 98.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Piper Sandler lowered 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 issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.00.

ChampionX Stock Performance

Shares of CHX opened at $29.60 on Friday. The firm’s 50 day moving average is $31.24 and its 200-day moving average is $32.95. The stock has a market capitalization of $5.64 billion, a P/E ratio of 16.09, a P/E/G ratio of 1.24 and a beta of 2.37. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.99 and a quick ratio of 1.25. ChampionX Co. has a 12-month low of $25.46 and a 12-month high of $39.95.

ChampionX (NASDAQ:CHX) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.11). The business had revenue of $893.30 million during the quarter, compared to analyst estimates of $954.91 million. ChampionX had a return on equity of 19.72% and a net margin of 8.66%. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm 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 announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be given a $0.095 dividend. This represents a $0.38 annualized dividend and a dividend yield of 1.28%. The ex-dividend date is Friday, October 4th. ChampionX’s dividend payout ratio (DPR) is currently 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.