Van ECK Associates Corp Sells 509,408 Shares of ChampionX Co. (NASDAQ:CHX)

Van ECK Associates Corp decreased its holdings in ChampionX Co. (NASDAQ:CHX) by 12.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,429,572 shares of the company’s stock after selling 509,408 shares during the quarter. Van ECK Associates Corp’s holdings in ChampionX were worth $100,178,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Congress Asset Management Co. MA boosted its stake in shares of ChampionX by 114.0% during the 3rd quarter. Congress Asset Management Co. MA now owns 4,172,230 shares of the company’s stock valued at $148,615,000 after purchasing an additional 2,222,224 shares in the last quarter. FMR LLC boosted its position in ChampionX by 20.2% during the 3rd quarter. FMR LLC now owns 7,109,432 shares of the company’s stock valued at $253,238,000 after acquiring an additional 1,193,122 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in ChampionX by 136.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,022,461 shares of the company’s stock valued at $36,420,000 after acquiring an additional 590,680 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of ChampionX by 28.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,426,407 shares of the company’s stock worth $86,429,000 after acquiring an additional 538,555 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH lifted its stake in shares of ChampionX by 51.6% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 601,358 shares of the company’s stock valued at $17,566,000 after purchasing an additional 204,640 shares during the period. Hedge funds and other institutional investors own 98.99% of the company’s stock.

Insider Buying and Selling at ChampionX

In other ChampionX news, insider William Jr. O’dell sold 27,178 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $36.00, for a total value of $978,408.00. Following the transaction, the insider now directly owns 57,748 shares in the company, valued at $2,078,928. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.38% of the company’s stock.

ChampionX Stock Performance

Shares of CHX stock traded down $0.19 during trading hours on Tuesday, reaching $34.37. The company had a trading volume of 592,516 shares, compared to its average volume of 2,033,629. The firm has a market cap of $6.54 billion, a PE ratio of 18.78, a price-to-earnings-growth ratio of 1.10 and a beta of 2.44. The business has a fifty day moving average price of $34.34 and a 200-day moving average price of $31.14. ChampionX Co. has a one year low of $24.98 and a one year high of $39.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.16 and a current ratio of 1.83.

ChampionX (NASDAQ:CHX) last posted its earnings results on Wednesday, April 24th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.10. The business had revenue of $922.14 million during the quarter, compared to the consensus estimate of $922.13 million. ChampionX had a net margin of 9.74% and a return on equity of 21.42%. Sell-side analysts predict that ChampionX Co. will post 1.95 earnings per share for the current fiscal year.

ChampionX Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 5th were given a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 1.11%. This is a boost from ChampionX’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Thursday, April 4th. ChampionX’s dividend payout ratio (DPR) is presently 20.65%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Citigroup increased their price objective on ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, March 27th. Piper Sandler raised their price objective on ChampionX from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Barclays increased their target price on ChampionX from $39.00 to $51.00 and gave the stock an “overweight” rating in a research note on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.33.

ChampionX 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.