Wolverine Asset Management LLC Purchases 24,392 Shares of ChampionX Co. (NASDAQ:CHX)

Wolverine Asset Management LLC boosted its position in ChampionX Co. (NASDAQ:CHX) by 29.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 106,836 shares of the company’s stock after purchasing an additional 24,392 shares during the quarter. Wolverine Asset Management LLC’s holdings in ChampionX were worth $3,221,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new position in shares of ChampionX in the first quarter worth approximately $27,000. Blue Trust Inc. raised its stake in shares of ChampionX by 442.4% in the third quarter. Blue Trust Inc. now owns 1,329 shares of the company’s stock worth $44,000 after purchasing an additional 1,084 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of ChampionX during the second quarter valued at $68,000. UMB Bank n.a. boosted its position in shares of ChampionX by 63.7% during the third quarter. UMB Bank n.a. now owns 2,266 shares of the company’s stock valued at $68,000 after buying an additional 882 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new stake in ChampionX in the 2nd quarter worth about $194,000. Institutional investors own 98.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut their target price on shares of ChampionX from $40.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday, July 15th.

ChampionX Stock Up 2.9 %

CHX opened at $31.67 on Tuesday. The company has a current ratio of 1.94, a quick ratio of 1.20 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $6.03 billion, a PE ratio of 19.67 and a beta of 2.38. ChampionX Co. has a 1-year low of $25.46 and a 1-year high of $39.95. The firm’s 50 day simple moving average is $30.08 and its two-hundred day simple moving average is $31.73.

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

ChampionX Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 4th were issued a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 1.20%. The ex-dividend date was Friday, October 4th. ChampionX’s dividend payout ratio is currently 23.60%.

Insiders Place Their Bets

In other ChampionX news, insider Deric D. Bryant sold 49,303 shares of ChampionX stock in a transaction on 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 sale, the insider now directly owns 337,409 shares in the company, valued at approximately $10,142,514.54. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.38% of the stock is currently owned by company insiders.

About ChampionX

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.