Tabor Asset Management LP Makes New Investment in ChampionX Corporation (NASDAQ:CHX)

Tabor Asset Management LP acquired a new position in ChampionX Corporation (NASDAQ:CHX - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 317,330 shares of the company's stock, valued at approximately $9,456,000. ChampionX accounts for 2.4% of Tabor Asset Management LP's portfolio, making the stock its 3rd largest holding. Tabor Asset Management LP owned approximately 0.17% of ChampionX at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its stake in shares of ChampionX by 153.2% in the fourth quarter. Jones Financial Companies Lllp now owns 924 shares of the company's stock valued at $25,000 after acquiring an additional 559 shares in the last quarter. Signaturefd LLC raised its stake in shares of ChampionX by 51.6% in the first quarter. Signaturefd LLC now owns 2,321 shares of the company's stock valued at $69,000 after acquiring an additional 790 shares in the last quarter. UMB Bank n.a. raised its stake in shares of ChampionX by 45.5% in the first quarter. UMB Bank n.a. now owns 3,097 shares of the company's stock valued at $92,000 after acquiring an additional 969 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of ChampionX by 27.5% in the first 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 in the last quarter. Finally, Brown Brothers Harriman & Co. raised its stake in shares of ChampionX by 82,557.1% in the fourth 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 in the last quarter. 98.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

ChampionX Price Performance

ChampionX stock remained flat at $25.81 during midday trading on Monday. The company's stock had a trading volume of 1,273 shares, compared to its average volume of 2,860,781. ChampionX Corporation has a one year low of $21.92 and a one year high of $35.68. The company has a current ratio of 2.25, a quick ratio of 1.62 and a debt-to-equity ratio of 0.31. The stock has a market cap of $4.94 billion, a P/E ratio of 17.09, a P/E/G ratio of 5.04 and a beta of 1.49. The stock's fifty day moving average is $25.58 and its 200-day moving average is $27.04.

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

ChampionX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be issued a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Thursday, July 3rd. ChampionX's payout ratio is 25.17%.

ChampionX 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.