ChampionX (NASDAQ:CHX) Price Target Cut to $40.00 by Analysts at Citigroup

ChampionX (NASDAQ:CHX) had its price objective dropped by analysts at Citigroup from $45.00 to $40.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 29.66% from the stock’s current price.

ChampionX Trading Down 0.6 %

CHX traded down $0.19 during trading on Thursday, reaching $30.85. 440,844 shares of the stock traded hands, compared to its average volume of 1,857,691. The stock has a market capitalization of $5.88 billion, a PE ratio of 19.11 and a beta of 2.38. The stock’s 50-day moving average is $30.15 and its 200 day moving average is $31.71. The company has a quick ratio of 1.20, a current ratio of 1.94 and a debt-to-equity ratio of 0.33. ChampionX has a 12 month low of $25.46 and a 12 month high of $39.95.

ChampionX (NASDAQ:CHX) last announced its quarterly 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 the consensus estimate of $916.50 million. During the same quarter in the previous year, the company posted $0.41 EPS. The firm’s revenue was down 3.5% on a year-over-year basis. Equities analysts anticipate that ChampionX will post 1.66 earnings per share for the current year.

Insider Activity at ChampionX

In other ChampionX news, insider Deric D. Bryant sold 49,303 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $30.06, for a total transaction of $1,482,048.18. Following the transaction, the insider now directly owns 337,409 shares in the company, valued at approximately $10,142,514.54. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Legend Financial Advisors Inc. increased its position in ChampionX by 1.6% in the second quarter. Legend Financial Advisors Inc. now owns 21,472 shares of the company’s stock worth $713,000 after buying an additional 340 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in ChampionX by 2.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 21,126 shares of the company’s stock valued at $637,000 after acquiring an additional 487 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in ChampionX during the first quarter valued at about $27,000. PNC Financial Services Group Inc. boosted its position in ChampionX by 1.4% during the third quarter. PNC Financial Services Group Inc. now owns 54,454 shares of the company’s stock worth $1,642,000 after purchasing an additional 772 shares during the period. Finally, UMB Bank n.a. increased its stake in shares of ChampionX by 63.7% in the third quarter. UMB Bank n.a. now owns 2,266 shares of the company’s stock worth $68,000 after purchasing an additional 882 shares in the last quarter. 98.99% of the stock is owned by institutional investors.

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.