ChampionX (NASDAQ:CHX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The brokerage currently has a $31.00 price target on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 18.14% from the stock’s current price.
According to Zacks, “ChampionX Corporation provides chemistry solutions and engineered equipment and technologies to companies drill for and produce oil and gas. The company’s Chemical Technologies offering consist of chemistry solutions for flowing oil and gas wells as well as chemistry solutions used in drilling and completion activities. Its Production & Automation Technologies offerings consist of artificial lift equipment and solutions, including rod pumping systems, electric submersible pump systems, progressive cavity pumps and drive systems and plunger lifts, as well as a full automation and digital offering consisting of equipment and software for Industrial Internet of Things solutions for downhole monitoring, wellsite productivity enhancement and asset integrity management. Drilling Technologies offering provides polycrystalline diamond cutters and bearings. ChampionX Corporation, formerly known as Apergy Corporation, is based in TX, United States. “
Several other equities analysts have also recently commented on CHX. Credit Suisse Group upped their price target on ChampionX from $18.50 to $21.50 and gave the company an “outperform” rating in a report on Thursday, February 25th. TheStreet raised ChampionX from a “d+” rating to a “c-” rating in a report on Tuesday, June 1st. Piper Sandler increased their target price on ChampionX from $12.25 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday, March 3rd. Cowen increased their target price on ChampionX from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, February 25th. Finally, Barclays increased their target price on ChampionX from $23.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday, February 26th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $20.12.
ChampionX (NASDAQ:CHX) last posted its quarterly earnings results on Wednesday, April 28th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.05 by $0.03. The firm had revenue of $684.89 million during the quarter, compared to analysts’ expectations of $667.73 million. ChampionX had a negative return on equity of 0.86% and a negative net margin of 4.49%. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 EPS. As a group, sell-side analysts expect that ChampionX will post 0.54 earnings per share for the current year.
In other ChampionX news, VP Julia Wright sold 8,125 shares of the stock in a transaction on Friday, May 7th. The stock was sold at an average price of $24.58, for a total value of $199,712.50. Following the transaction, the vice president now directly owns 54,347 shares in the company, valued at approximately $1,335,849.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Antoine Marcos sold 12,030 shares of the stock in a transaction on Wednesday, May 5th. The shares were sold at an average price of $23.34, for a total value of $280,780.20. Following the completion of the transaction, the chief accounting officer now owns 47,475 shares in the company, valued at $1,108,066.50. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of CHX. Fred Alger Management LLC bought a new position in shares of ChampionX in the 1st quarter worth $94,318,000. Iridian Asset Management LLC CT bought a new position in shares of ChampionX in the 1st quarter worth $72,796,000. Norges Bank bought a new position in shares of ChampionX in the 4th quarter worth $39,542,000. Brown Advisory Inc. boosted its position in shares of ChampionX by 181.2% in the 1st quarter. Brown Advisory Inc. now owns 3,010,475 shares of the company’s stock worth $65,418,000 after purchasing an additional 1,939,958 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. bought a new position in shares of ChampionX in the 4th quarter worth $29,477,000. Institutional investors and hedge funds own 95.75% of the company’s stock.
ChampionX Company Profile
ChampionX Corporation provides chemistry solutions, and engineered equipment and technologies to oil and gas companies worldwide. The company's Production Chemical Technologies segment offers onshore and offshore chemical solutions, such as corrosion inhibitors, scale inhibitors, emulsion breakers, and biocides to oil and natural gas production and midstream markets to manage and control corrosion, oil and water separation, flow assurance, sour gas treatment, and water-related issues.
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