Bank of Montreal Can Cuts Stake in ChampionX Co. (NASDAQ:CHX)

Bank of Montreal Can reduced its stake in shares of ChampionX Co. (NASDAQ:CHX) by 14.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 68,698 shares of the company’s stock after selling 11,469 shares during the period. Bank of Montreal Can’s holdings in ChampionX were worth $2,297,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CHX. TD Asset Management Inc lifted its holdings in shares of ChampionX by 24.8% during the 4th quarter. TD Asset Management Inc now owns 91,864 shares of the company’s stock worth $2,683,000 after acquiring an additional 18,250 shares during the period. Stifel Financial Corp raised its holdings in ChampionX by 24.4% in the fourth quarter. Stifel Financial Corp now owns 226,181 shares of the company’s stock valued at $6,607,000 after buying an additional 44,300 shares during the period. CIBC Private Wealth Group LLC raised its holdings in ChampionX by 8.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 27,529 shares of the company’s stock valued at $804,000 after buying an additional 2,261 shares during the period. AdvisorShares Investments LLC raised its holdings in ChampionX by 20.8% in the fourth quarter. AdvisorShares Investments LLC now owns 13,738 shares of the company’s stock valued at $401,000 after buying an additional 2,369 shares during the period. Finally, Nebula Research & Development LLC purchased a new position in ChampionX in the fourth quarter valued at approximately $723,000. 98.99% of the stock is currently owned by hedge funds and other institutional investors.

ChampionX Stock Up 1.6 %

Shares of NASDAQ:CHX opened at $32.05 on Friday. 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 52-week low of $25.46 and a 52-week high of $39.95. The company has a 50 day moving average of $30.92 and a two-hundred day moving average of $32.91. The company has a market capitalization of $6.10 billion, a price-to-earnings ratio of 17.42, a price-to-earnings-growth ratio of 1.24 and a beta of 2.37.

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

ChampionX Dividend Announcement

The business also recently declared 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. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Friday, October 4th. 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 research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock 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.