abrdn plc Trims Stock Position in ChampionX Co. (NASDAQ:CHX)

abrdn plc cut its position in ChampionX Co. (NASDAQ:CHX - Free Report) by 21.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 773,818 shares of the company's stock after selling 208,581 shares during the period. abrdn plc owned about 0.40% of ChampionX worth $22,603,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC grew its stake in ChampionX by 20.2% during the third quarter. FMR LLC now owns 7,109,432 shares of the company's stock valued at $253,238,000 after acquiring an additional 1,193,122 shares in the last quarter. Congress Asset Management Co. MA grew its stake in ChampionX by 114.0% during the third quarter. Congress Asset Management Co. MA now owns 4,172,230 shares of the company's stock valued at $148,615,000 after acquiring an additional 2,222,224 shares in the last quarter. Invesco Ltd. grew its stake in ChampionX by 5.3% during the third quarter. Invesco Ltd. now owns 3,121,545 shares of the company's stock valued at $111,189,000 after acquiring an additional 157,788 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in ChampionX by 28.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,426,407 shares of the company's stock valued at $86,429,000 after acquiring an additional 538,555 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of ChampionX by 1.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,598,635 shares of the company's stock worth $46,696,000 after buying an additional 24,854 shares in the last quarter. 98.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity

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

ChampionX Trading Down 1.3 %

Shares of ChampionX stock traded down $0.45 during trading on Wednesday, hitting $34.65. The stock had a trading volume of 2,455,415 shares, compared to its average volume of 2,040,209. The firm's fifty day simple moving average is $34.06 and its 200-day simple moving average is $31.15. The stock has a market cap of $6.62 billion, a PE ratio of 22.07, a PEG ratio of 1.11 and a beta of 2.44. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.82 and a quick ratio of 1.15. ChampionX Co. has a 12 month low of $24.98 and a 12 month high of $39.95.

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

ChampionX Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 5th will be issued a $0.095 dividend. The ex-dividend date is Thursday, April 4th. This represents a $0.38 annualized dividend and a dividend yield of 1.10%. This is a positive change from ChampionX's previous quarterly dividend of $0.09. ChampionX's payout ratio is currently 24.20%.

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.