Congress Asset Management Co. MA has significantly increased its holdings in ChampionX Co. (NASDAQ:CHX) during the second quarter according to a recent disclosure filed with the Securities and Exchange Commission. The institutional investor now owns approximately 1,950,006 shares of ChampionX, representing a growth of 462.6% after purchasing an additional 1,603,370 shares during the quarter. Based on its most recent filing with the SEC, Congress Asset Management Co. MA’s stake in ChampionX is valued at $60,528,000.
ChampionX recently released its quarterly earnings results for the previous quarter ending on July 25th. The company reported earnings per share (EPS) of $0.49, exceeding analysts’ consensus estimates by $0.05. Additionally, ChampionX generated revenues of $926.60 million for the quarter, slightly missing analyst estimates which were around $976.62 million. Although the quarterly revenue was down .6% compared to the same period last year, ChampionX showcased a return on equity of 19.42% and a net margin of 6.45%. In the corresponding quarter last year, the company had reported earnings per share of $0.28.
Market analysts have recently provided their insights on CHX’s performance as well as its future outlooks. Barclays raised their target price on ChampionX from $32 to $33 while Capital One Financial initiated coverage with an “overweight” rating and set a target price of $40 on the stock in a research report published on July 14th. Piper Sandler also updated their price target on shares of ChampionX from $36 to $42 according to their report released on July 26th.
Looking ahead, industry analysts anticipate that ChampionX Co.’s EPS will reach 1.85 for the current fiscal year.
Please note that this article is based solely on publicly available information and should not be viewed as financial advice. Investors should conduct their own research or consult with a professional advisor before making any investment decisions.
Institutional Ownership and Investor Confidence Grow for ChampionX Co. in Oilfield Services Industry
ChampionX Co., a leading provider of oilfield services and equipment, has seen notable changes in its institutional ownership recently. Hedge funds and other institutional investors have made adjustments to their positions in the company, reflecting a shift in investor sentiment towards the stock.
One such institution is the Commonwealth of Pennsylvania Public School Empls Retrmt SYS, which increased its stake in ChampionX by 10.5% during the first quarter. The institution now owns 74,057 shares of the company’s stock, representing a value of $1,813,000. This increase came as they purchased an additional 7,061 shares during the last quarter.
BlackRock Inc., another prominent institutional investor, also boosted its position in ChampionX during the first quarter. They now hold 24,501,257 shares of the company’s stock worth $599,791,000 after acquiring an additional 126,529 shares during the same period.
Great West Life Assurance Co. Can and Yousif Capital Management LLC are among other institutions that have recently increased their holdings in ChampionX by 8.1% and 2.3%, respectively.
These developments signify growing confidence among institutional investors in ChampionX’s prospects. However, it is important to note that Sei Investments Co., another key institutional investor, saw a significant increase in its stake by 17.8% during the first quarter.
Overall, approximately 99% of ChampionX’s stock is currently owned by institutional investors, indicating their strong interest and support for the company.
On Wednesday, October 12th, shares of ChampionX traded down $0.24 to reach $34.17. The trading volume stood at 245,425 shares compared to an average volume of 1,423,935 shares. With a market cap of $6.72 billion and a price-to-earnings ratio of 27.50, the company continues to garner attention from investors.
ChampionX’s stock has experienced significant volatility, with a 12-month low of $19.95 and a 12-month high of $38.37. Amidst this fluctuation, the company’s stock demonstrates an ongoing upward trend, as reflected in its 50-day moving average of $36.04 and a 200-day moving average of $31.46.
Financial analysts have also weighed in on ChampionX’s prospects, providing valuable insights for investors. Barclays recently raised their target price on the stock from $32.00 to $33.00, signaling a positive outlook for the company. Likewise, Capital One Financial initiated coverage on ChampionX, rating it as “overweight” and setting a target price of $40.00 per share.
Additionally, Piper Sandler raised their price target on ChampionX shares from $36.00 to $42.00, further reinforcing the positive sentiment surrounding the company.
To reward shareholders, ChampionX has announced a quarterly dividend that will be paid on Friday, October 27th to shareholders of record as of Friday, October 6th. Shareholders will receive a dividend of $0.085 per share, resulting in an annualized dividend payout of $0.34 and yielding 1%.
Recent news regarding insider trading activities within ChampionX has also surfaced. CEO Sivasankaran Somasundaram sold 7,404 shares at an average price of $35.00 per share and now holds 469,382 shares valued at approximately $16,428,370.
Deric D.Bryant is another insider who sold their shares (173705 in total) at an average price of $35.05 per share during the same period (July 24th). Following this transaction, Bryant now owns around 354934 shares worth approximately $12,440436.
These recent trades by insiders highlight their participation in divesting company shares. Over the last 90 days, insiders have sold a total of 230,884 shares valued at $8,138,740. This disclosure sheds light on the activities and intentions of key individuals within the company.
As institutional investors make notable changes to their positions in ChampionX and financial analysts provide positive outlooks, it becomes evident that the company’s stock carries significant potential for growth. With a strong institutional ownership base and increasing confidence among investors, ChampionX continues to capture attention in the oilfield services industry.