Principal Financial Group Inc. Cuts Stock Holdings in ChampionX Corporation (NASDAQ:CHX)

Principal Financial Group Inc. trimmed its position in shares of ChampionX Corporation (NASDAQ:CHX - Free Report) by 2.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,826,706 shares of the company's stock after selling 52,048 shares during the quarter. Principal Financial Group Inc. owned 0.96% of ChampionX worth $54,436,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Jones Financial Companies Lllp boosted its holdings in ChampionX by 153.2% during the 4th quarter. Jones Financial Companies Lllp now owns 924 shares of the company's stock worth $25,000 after acquiring an additional 559 shares during the last quarter. UMB Bank n.a. boosted its holdings in ChampionX by 45.5% during the 1st quarter. UMB Bank n.a. now owns 3,097 shares of the company's stock worth $92,000 after acquiring an additional 969 shares during the last quarter. Vestcor Inc boosted its holdings in ChampionX by 71.6% during the 4th quarter. Vestcor Inc now owns 5,032 shares of the company's stock worth $137,000 after acquiring an additional 2,100 shares during the last quarter. Parallel Advisors LLC boosted its holdings in ChampionX by 27.5% during the 1st quarter. Parallel Advisors LLC now owns 4,672 shares of the company's stock worth $139,000 after acquiring an additional 1,007 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of ChampionX by 82,557.1% in the 4th quarter. Brown Brothers Harriman & Co. now owns 5,786 shares of the company's stock worth $157,000 after buying an additional 5,779 shares during the last quarter. 98.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

ChampionX Price Performance

Shares of NASDAQ:CHX opened at $26.14 on Monday. The company's 50-day moving average is $25.23 and its 200 day moving average is $27.06. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.62 and a current ratio of 2.25. The company has a market capitalization of $5.00 billion, a P/E ratio of 17.31, a price-to-earnings-growth ratio of 5.11 and a beta of 1.49. ChampionX Corporation has a fifty-two week low of $21.92 and a fifty-two week high of $35.94.

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

ChampionX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be issued a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Thursday, July 3rd. ChampionX's dividend payout ratio (DPR) is currently 25.17%.

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.

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