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

ChampionX Co. (NASDAQ:CHX) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 7,160,000 shares, a growth of 12.2% from the August 31st total of 6,380,000 shares. Currently, 3.8% of the shares of the stock are short sold. Based on an average daily volume of 1,610,000 shares, the days-to-cover ratio is currently 4.4 days.

ChampionX Price Performance

ChampionX stock traded up $0.58 during midday trading on Tuesday, reaching $30.73. 569,952 shares of the stock traded hands, compared to its average volume of 1,856,697. The stock has a market cap of $5.85 billion, a P/E ratio of 16.39, a PEG ratio of 1.24 and a beta of 2.37. The stock’s fifty day moving average is $31.05 and its 200-day moving average is $32.94. The company has a quick ratio of 1.25, a current ratio of 1.99 and a debt-to-equity ratio of 0.34. ChampionX has a 12 month low of $25.46 and a 12 month high of $39.95.

ChampionX (NASDAQ:CHX) last posted its earnings results on Wednesday, July 24th. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.11). ChampionX had a net margin of 8.66% and a return on equity of 19.72%. The business had revenue of $893.30 million during the quarter, compared to analysts’ expectations of $954.91 million. During the same period last year, the business posted $0.48 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, equities research analysts anticipate that ChampionX will post 1.99 EPS for the current year.

ChampionX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a $0.095 dividend. The ex-dividend date is Friday, October 4th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.24%. ChampionX’s dividend payout ratio (DPR) is presently 20.65%.

Wall Street Analyst Weigh In

Separately, Piper Sandler reduced their price objective 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. 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.00.

Institutional Trading of ChampionX

Several hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new stake in ChampionX during the fourth quarter valued at approximately $11,182,000. Wells Fargo & Company MN lifted its position in ChampionX by 0.8% in the fourth quarter. Wells Fargo & Company MN now owns 426,537 shares of the company’s stock worth $12,459,000 after buying an additional 3,240 shares during the last quarter. Advisory Services Network LLC lifted its position in ChampionX by 12.4% in the fourth quarter. Advisory Services Network LLC now owns 10,885 shares of the company’s stock worth $318,000 after buying an additional 1,201 shares during the last quarter. TD Asset Management Inc increased its position in ChampionX by 24.8% during the fourth quarter. TD Asset Management Inc now owns 91,864 shares of the company’s stock valued at $2,683,000 after acquiring an additional 18,250 shares during the last quarter. Finally, Stifel Financial Corp raised its position in ChampionX by 24.4% in the 4th quarter. Stifel Financial Corp now owns 226,181 shares of the company’s stock worth $6,607,000 after purchasing an additional 44,300 shares during the period. 98.99% of the stock is currently owned by hedge funds and other 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.