ChampionX Co. (NASDAQ:CHX) Sees Large Increase in Short Interest

ChampionX Co. (NASDAQ:CHX) was the recipient of a large growth in short interest during the month of July. As of July 15th, there was short interest totalling 5,870,000 shares, a growth of 21.5% from the June 30th total of 4,830,000 shares. Approximately 3.1% of the company’s shares are short sold. Based on an average daily volume of 1,910,000 shares, the short-interest ratio is currently 3.1 days.

ChampionX Stock Down 0.6 %

Shares of CHX stock traded down $0.19 during trading hours on Tuesday, hitting $33.71. 1,122,508 shares of the company were exchanged, compared to its average volume of 1,969,648. The company has a market capitalization of $6.42 billion, a PE ratio of 18.32, a PEG ratio of 1.43 and a beta of 2.41. ChampionX has a 52 week low of $25.46 and a 52 week high of $39.95. The business has a 50 day moving average of $32.67 and a two-hundred day moving average of $32.54. 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 (NASDAQ:CHX) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $0.37 earnings per share 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 firm had revenue of $893.30 million for the quarter, compared to analyst estimates of $954.91 million. During the same period in the prior year, the company earned $0.48 earnings per share. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. Analysts anticipate that ChampionX will post 1.92 earnings per share for the current fiscal year.

ChampionX Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 5th were issued a $0.095 dividend. This represents a $0.38 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Friday, July 5th. ChampionX’s payout ratio is 20.65%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CHX shares. Piper Sandler cut their target price on shares of ChampionX from $40.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Barclays lifted their target price on shares of ChampionX from $39.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $39.00.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CHX. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of ChampionX by 6.7% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 526,091 shares of the company’s stock valued at $18,881,000 after acquiring an additional 32,860 shares during the period. Avantax Advisory Services Inc. bought a new position in ChampionX during the first quarter worth about $587,000. Sei Investments Co. increased its position in ChampionX by 18.0% during the first quarter. Sei Investments Co. now owns 798,936 shares of the company’s stock worth $28,674,000 after buying an additional 121,700 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in ChampionX by 27.3% in the fourth quarter. Westfield Capital Management Co. LP now owns 891,381 shares of the company’s stock valued at $26,037,000 after buying an additional 190,928 shares during the period. Finally, Fisher Asset Management LLC lifted its position in shares of ChampionX by 7.2% in the fourth quarter. Fisher Asset Management LLC now owns 365,798 shares of the company’s stock valued at $10,685,000 after buying an additional 24,662 shares during the last quarter. 98.99% of the stock is currently owned by institutional investors.

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.