Clearbridge Investments LLC Decreases Stock Holdings in ChampionX Co. (NASDAQ:CHX)

Clearbridge Investments LLC cut its holdings in ChampionX Co. (NASDAQ:CHX) by 50.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,375,183 shares of the company’s stock after selling 2,379,614 shares during the quarter. Clearbridge Investments LLC’s holdings in ChampionX were worth $78,880,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in ChampionX in the 1st quarter worth approximately $27,000. Rise Advisors LLC acquired a new position in shares of ChampionX in the 1st quarter valued at about $35,000. DekaBank Deutsche Girozentrale bought a new stake in shares of ChampionX during the 2nd quarter valued at about $68,000. YHB Investment Advisors Inc. acquired a new stake in ChampionX during the first quarter worth about $134,000. Finally, Central Pacific Bank Trust Division acquired a new position in ChampionX in the first quarter valued at approximately $136,000. 98.99% of the stock is currently owned by hedge funds and other institutional investors.

ChampionX Stock Performance

Shares of NASDAQ CHX opened at $31.56 on Thursday. ChampionX Co. has a 12-month low of $25.46 and a 12-month high of $39.95. The company has a current ratio of 1.99, a quick ratio of 1.25 and a debt-to-equity ratio of 0.34. The company has a market cap of $6.01 billion, a PE ratio of 17.15, a P/E/G ratio of 1.24 and a beta of 2.37. The stock has a 50 day simple moving average of $30.92 and a 200-day simple moving average of $32.91.

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 the consensus estimate of $0.48 by ($0.11). ChampionX had a return on equity of 19.72% and a net margin of 8.66%. The business had revenue of $893.30 million during the quarter, compared to the consensus estimate of $954.91 million. During the same period in the previous year, the company posted $0.48 EPS. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, equities research analysts forecast that ChampionX Co. will post 1.99 EPS for the current year.

ChampionX Announces Dividend

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 paid a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Friday, October 4th. ChampionX’s dividend payout ratio is currently 20.65%.

Wall Street Analysts Forecast Growth

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