ChampionX Co. (NASDAQ:CHX) Short Interest Update

ChampionX Co. (NASDAQ:CHX) saw a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 7,160,000 shares, an increase of 12.2% from the August 31st total of 6,380,000 shares. Currently, 3.8% of the company’s stock are short sold. Based on an average daily volume of 1,610,000 shares, the short-interest ratio is presently 4.4 days.

ChampionX Stock Performance

Shares of ChampionX stock traded up $0.70 during trading on Friday, reaching $30.30. The company’s stock had a trading volume of 2,362,201 shares, compared to its average volume of 1,865,867. The firm has a market cap of $5.77 billion, a PE ratio of 16.47, a P/E/G ratio of 1.24 and a beta of 2.37. The company has a 50-day moving average price of $31.14 and a two-hundred day moving average price of $32.95. 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 has a fifty-two week low of $25.46 and a fifty-two week 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.11). ChampionX had a return on equity of 19.72% and a net margin of 8.66%. The company had revenue of $893.30 million for the quarter, compared to analysts’ expectations of $954.91 million. During the same period in the prior year, the business earned $0.48 EPS. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, analysts forecast that ChampionX will post 1.99 EPS for the current year.

ChampionX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders 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 annualized dividend and a yield of 1.25%. ChampionX’s dividend payout ratio is currently 20.65%.

Institutional Trading of ChampionX

Several hedge funds have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of ChampionX during the 2nd quarter worth approximately $8,302,000. Sanctuary Advisors LLC acquired a new stake in ChampionX in the second quarter valued at $650,000. Aristides Capital LLC acquired a new stake in ChampionX in the second quarter valued at $253,000. Water Island Capital LLC acquired a new position in shares of ChampionX during the 2nd quarter worth $35,384,000. Finally, Creative Planning grew its stake in shares of ChampionX by 5.2% during the 2nd quarter. Creative Planning now owns 143,482 shares of the company’s stock worth $4,765,000 after purchasing an additional 7,069 shares during the period. Institutional investors and hedge funds own 98.99% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Piper Sandler dropped their target price on 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.00.

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.