Kornitzer Capital Management Inc. KS Has $9.64 Million Stock Position in ChampionX Co. (NASDAQ:CHX)

Kornitzer Capital Management Inc. KS reduced its stake in shares of ChampionX Co. (NASDAQ:CHX - Free Report) by 15.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 330,085 shares of the company's stock after selling 59,770 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.17% of ChampionX worth $9,642,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of ChampionX by 0.5% during the 1st quarter. BlackRock Inc. now owns 24,501,257 shares of the company's stock worth $599,791,000 after buying an additional 126,529 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of ChampionX by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 19,915,020 shares of the company's stock worth $487,520,000 after buying an additional 132,397 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of ChampionX by 13.7% during the 2nd quarter. Alliancebernstein L.P. now owns 8,184,487 shares of the company's stock worth $254,046,000 after buying an additional 988,872 shares during the last quarter. State Street Corp raised its stake in shares of ChampionX by 6.1% during the 1st quarter. State Street Corp now owns 7,422,065 shares of the company's stock worth $201,357,000 after buying an additional 426,656 shares during the last quarter. Finally, FMR LLC raised its stake in ChampionX by 20.2% in the 3rd quarter. FMR LLC now owns 7,109,432 shares of the company's stock valued at $253,238,000 after purchasing an additional 1,193,122 shares during the last quarter. 98.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Citigroup upped their price objective on shares of ChampionX from $39.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, March 27th. Barclays upped their price objective on shares of ChampionX from $39.00 to $51.00 and gave the company an "overweight" rating in a research note on Thursday, April 4th. Finally, Piper Sandler upped their price objective on shares of ChampionX from $32.00 to $40.00 and gave the company a "neutral" rating in a research note on Monday, April 8th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.33.

Insiders Place Their Bets

In other ChampionX news, insider William Jr. O'dell sold 27,178 shares of the company's stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $36.00, for a total value of $978,408.00. Following the completion of the transaction, the insider now owns 57,748 shares in the company, valued at approximately $2,078,928. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.38% of the stock is owned by company insiders.

ChampionX Trading Down 2.1 %

Shares of NASDAQ:CHX traded down $0.75 during trading on Friday, reaching $35.53. 3,033,046 shares of the stock were exchanged, compared to its average volume of 3,439,172. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.15 and a current ratio of 1.82. ChampionX Co. has a 12-month low of $24.98 and a 12-month high of $39.95. The firm has a market cap of $6.79 billion, a price-to-earnings ratio of 22.63, a price-to-earnings-growth ratio of 1.15 and a beta of 2.44. The firm's 50-day moving average price is $33.69 and its 200 day moving average price is $31.12.

ChampionX (NASDAQ:CHX - Get Free Report) last issued its earnings results on Tuesday, February 6th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. ChampionX had a return on equity of 20.14% and a net margin of 8.36%. The business had revenue of $943.56 million during the quarter, compared to analysts' expectations of $947.33 million. During the same quarter in the previous year, the business earned $0.43 EPS. The company's revenue for the quarter was down 4.3% on a year-over-year basis. On average, sell-side analysts anticipate that ChampionX Co. will post 1.95 earnings per share for the current fiscal year.

ChampionX Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 5th will be issued a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend is Thursday, April 4th. This is a boost from ChampionX's previous quarterly dividend of $0.09. ChampionX's dividend payout ratio is currently 24.20%.

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.