Citigroup Inc. Buys 205,439 Shares of ChampionX Co. (NASDAQ:CHX)

Citigroup Inc. lifted its stake in ChampionX Co. (NASDAQ:CHX) by 31.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 862,580 shares of the company’s stock after buying an additional 205,439 shares during the period. Citigroup Inc.’s holdings in ChampionX were worth $26,007,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of CHX. Bayesian Capital Management LP acquired a new position in ChampionX during the first quarter worth $1,052,000. Point72 DIFC Ltd bought a new stake in shares of ChampionX in the 2nd quarter worth about $623,000. Quest Partners LLC increased its position in shares of ChampionX by 86.8% during the 3rd quarter. Quest Partners LLC now owns 69,102 shares of the company’s stock worth $2,083,000 after purchasing an additional 32,103 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in ChampionX by 8.1% during the 2nd quarter. New York State Teachers Retirement System now owns 231,551 shares of the company’s stock valued at $7,690,000 after purchasing an additional 17,259 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in ChampionX in the second quarter valued at about $20,677,000. Institutional investors own 98.99% of the company’s stock.

Insider Activity

In other news, insider Deric D. Bryant sold 49,303 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $30.06, for a total value of $1,482,048.18. Following the transaction, the insider now owns 337,409 shares of the company’s stock, valued at approximately $10,142,514.54. This trade represents a 12.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Citigroup cut their target price on shares of ChampionX from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, November 14th.

ChampionX Stock Performance

ChampionX stock opened at $30.92 on Tuesday. The stock has a 50-day simple moving average of $30.50 and a 200 day simple moving average of $31.53. The stock has a market capitalization of $5.89 billion, a price-to-earnings ratio of 19.20 and a beta of 2.38. The company has a quick ratio of 1.20, a current ratio of 1.94 and a debt-to-equity ratio of 0.33. ChampionX Co. has a 12-month low of $25.46 and a 12-month high of $39.95.

ChampionX (NASDAQ:CHX) last announced its earnings results on Wednesday, October 23rd. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). ChampionX had a return on equity of 19.74% and a net margin of 8.59%. The company had revenue of $906.53 million during the quarter, compared to the consensus estimate of $916.50 million. During the same period in the prior year, the firm posted $0.41 earnings per share. The company’s revenue was down 3.5% on a year-over-year basis. On average, research analysts anticipate that ChampionX Co. will post 1.66 earnings per share for the current fiscal year.

ChampionX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 3rd will be paid a $0.095 dividend. The ex-dividend date is Friday, January 3rd. This represents a $0.38 annualized dividend and a dividend yield of 1.23%. ChampionX’s dividend payout ratio (DPR) is currently 23.60%.

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.