Sei Investments Co. Sells 67,894 Shares of ChampionX Co. (NASDAQ:CHX)

Sei Investments Co. cut its stake in ChampionX Co. (NASDAQ:CHX) by 8.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 731,042 shares of the company’s stock after selling 67,894 shares during the period. Sei Investments Co.’s holdings in ChampionX were worth $24,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in ChampionX in the 1st quarter valued at about $27,000. Rise Advisors LLC bought a new stake in shares of ChampionX during the first quarter worth approximately $35,000. DekaBank Deutsche Girozentrale acquired a new position in shares of ChampionX in the second quarter valued at approximately $68,000. YHB Investment Advisors Inc. bought a new position in shares of ChampionX during the first quarter worth approximately $134,000. Finally, Central Pacific Bank Trust Division acquired a new stake in ChampionX during the 1st quarter worth approximately $136,000. Institutional investors and hedge funds own 98.99% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler decreased their price objective on ChampionX from $40.00 to $33.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

ChampionX Stock Up 0.1 %

NASDAQ CHX opened at $31.00 on Wednesday. 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 company has a market cap of $5.90 billion, a price-to-earnings ratio of 16.85, a PEG ratio of 1.13 and a beta of 2.37. The company has a 50 day moving average of $31.43 and a 200-day moving average of $33.00. ChampionX Co. has a 1-year low of $25.46 and a 1-year 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 for the quarter, missing the consensus estimate 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%. ChampionX’s revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 earnings per share. On average, equities research analysts expect that ChampionX Co. will post 1.99 earnings per share for the current fiscal year.

ChampionX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.38 annualized dividend and a yield of 1.23%. ChampionX’s dividend 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.