Bank of New York Mellon Corp Cuts Position in ChampionX Corporation (NASDAQ:CHX)

Bank of New York Mellon Corp decreased its position in shares of ChampionX Corporation (NASDAQ:CHX - Free Report) by 0.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,851,789 shares of the company's stock after selling 10,998 shares during the period. Bank of New York Mellon Corp owned approximately 0.97% of ChampionX worth $55,183,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its position in ChampionX by 153.2% in the 4th quarter. Jones Financial Companies Lllp now owns 924 shares of the company's stock worth $25,000 after purchasing an additional 559 shares during the period. UMB Bank n.a. grew its stake in shares of ChampionX by 45.5% during the first quarter. UMB Bank n.a. now owns 3,097 shares of the company's stock valued at $92,000 after buying an additional 969 shares during the last quarter. Vestcor Inc lifted its stake in shares of ChampionX by 71.6% in the 4th quarter. Vestcor Inc now owns 5,032 shares of the company's stock valued at $137,000 after acquiring an additional 2,100 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of ChampionX by 27.5% in the 1st quarter. Parallel Advisors LLC now owns 4,672 shares of the company's stock valued at $139,000 after acquiring an additional 1,007 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in ChampionX by 82,557.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 5,786 shares of the company's stock valued at $157,000 after acquiring an additional 5,779 shares during the period. Institutional investors own 98.99% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus lifted their price target on ChampionX from $39.00 to $40.00 and gave the stock a "buy" rating in a research note on Monday, May 5th.

ChampionX Stock Up 1.7%

Shares of NASDAQ CHX opened at $27.38 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.62 and a debt-to-equity ratio of 0.31. ChampionX Corporation has a 12 month low of $21.92 and a 12 month high of $35.94. The firm has a market capitalization of $5.24 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 5.35 and a beta of 1.49. The firm has a fifty day simple moving average of $25.43 and a two-hundred day simple moving average of $27.07.

ChampionX (NASDAQ:CHX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.41 by $0.09. ChampionX had a net margin of 8.20% and a return on equity of 19.25%. The business had revenue of $864.46 million during the quarter, compared to analyst estimates of $900.59 million. During the same period in the prior year, the business earned $0.50 EPS. The company's revenue for the quarter was down 6.3% on a year-over-year basis. Equities analysts expect that ChampionX Corporation will post 1.92 earnings per share for the current year.

ChampionX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $0.38 dividend on an annualized basis and a yield of 1.39%. ChampionX's dividend payout ratio (DPR) is currently 25.17%.

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.

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