On September 14, 2023, it was announced that Sheets Smith Wealth Management has acquired a new stake in ChampionX Co. (NASDAQ: CHX). According to the firm’s recent filing with the Securities & Exchange Commission, they purchased 9,823 shares of the company’s stock, valued at approximately $267,000.
ChampionX, a publicly traded company listed on the NASDAQ exchange under the ticker symbol CHX, recently released its quarterly earnings results on July 25th. The company reported earnings per share (EPS) of $0.49 for the quarter, surpassing analysts’ consensus estimates of $0.44 by $0.05. Additionally, ChampionX achieved a return on equity of 19.42% and a net margin of 6.45%. However, its quarterly revenue of $926.60 million fell short of analyst estimates of $976.62 million. Comparatively, the company’s revenue for the same quarter last year saw a slight decline of 0.6%.
In terms of investor sentiment towards ChampionX, several equities research analysts have offered their insights on the stock recently. Capital One Financial initiated coverage on ChampionX in a research note published on July 14th and gave it an “overweight” rating along with a price objective of $40.00 per share. Barclays also provided their outlook on the stock and raised their price target from $32.00 to $33.00 in their research report on July 26th. Similarly, Piper Sandler increased their price target for ChampionX from $36.00 to $42.00.
Based on data from Bloomberg.com, ChampionX currently holds an average rating of “Moderate Buy” from investment analysts with an average price target set at $37.40 per share.
Looking ahead, market experts anticipate that ChampionX Co.’s earnings per share for this fiscal year will reach 1.85. It remains to be seen how market conditions and the company’s operational performance will shape its future outcomes and attract investor interest.
Please note that the information provided in this article is based on publicly available data as of September 14, 2023, and should not be construed as financial or investment advice. Investors are encouraged to conduct their research and analysis before making any investment decisions.
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ChampionX Attracts Hedge Funds and Shows Promising Growth in Oil and Gas Industry
ChampionX Co., a leading provider of specialty chemicals and equipment serving the global oil and gas industry, has recently attracted the attention of several hedge funds. These investors have taken varying positions in the company, resulting in changes to their stakes.
One notable investor that has increased its stake in ChampionX is the Commonwealth of Pennsylvania Public School Empls Retrmt SYS. During the first quarter, the fund raised its stake by 10.5%, now owning 74,057 shares valued at $1,813,000. This increase was primarily driven by an additional purchase of 7,061 shares.
Similarly, BlackRock Inc., one of the largest investment management firms globally, raised its stake in ChampionX by 0.5% during the same period. With an additional purchase of 126,529 shares, BlackRock now owns a whopping 24,501,257 shares valued at $599,791,000.
Another notable investor that increased its stake is Great West Life Assurance Co. Can. The company raised its stake in ChampionX by 8.1%, now owning 110,119 shares valued at $2,768,000 after purchasing an additional 8,223 shares.
Yousif Capital Management LLC also joined the list of investors increasing their stakes. The firm raised its stake by 2.3% during the first quarter through an additional purchase of 2,439 shares. As a result, Yousif Capital Management LLC currently owns 109,208 shares valued at $2,673.
Lastly, Sei Investments Co., a global wealth management firm based in Pennsylvania saw fit to raise its stake by a sizeable amount – approximately 17.8%. After purchasing an additional 104849 shares during the first quarter for a total transaction value of $17 million Sei Investments Co currently controls up to close to seven hundred thousand investments worth $17 million.
It should be noted that these changes in stake ownership have led to institutional investors collectively owning 98.99% of ChampionX’s stock.
Apart from the significant investment activity, ChampionX also made headlines when insider Deric D. Bryant sold 173,705 shares on July 24th. This transaction took place at an average price of $35.05 per share, resulting in a total transaction value of $6,088,360.25. Following this sale, Deric D. Bryant now owns 354,934 shares directly in the company with an estimated value of $12,440,436.70.
Furthermore, CEO Sivasankaran Somasundaram conducted his own sale of company shares on July 24th where he sold 7,404 shares at an average price of $35 each for a total value of $259,140.00.
Overall, insiders have collectively sold 232978 company shares over the past three months with a cumulative worth exceeding eight million dollars – standing at around $8194768.
As for the financial performance of the company itself, ChampionX started trading on September 14th at a share price of $37.20.According to historical data spanning over twelve months –starting September – reveals that the lowest point reached by CHX stock was about $17..83 while its highest point stood at approximately$38..37.Based on these figures it can be assumed that the firm is reasonably stable at present.It should be mentioned though that market capitalization lies at roughly seven billion US dollars making it clear that ChampionX represents a significant player within the oil and gas industry.
Furthermore historically speaking CHX has maintained a Price-Earnings Ratio (PE Ratio) currently standing at about thirty times earnings with a recent quarter EPS consisting . In addition P/E ratio stands at about .Price/Earnings growth ratio also remains modestly healthy hovering around 0..73 and concludes a detailed breakdown according to market indicators for ChampionX Co.
In financial terms, it must also be clarified the CHX has a fifty-day moving average of roughly $35..48 and a 200-day moving average of approximately $30.50.Should an analyst look at liquidity especially in consideraiton of short-term scenarios the quick ratio stands at around 1.09 whereas current ration reads about 1.82.As for liabilities, the typical debt-to-equity ratio remains approximately 0., ranging from reviewed data
As investors continue to monitor the movements and activities within ChampionX, these recent developments certainly provide valuable insights into the company’s performance. The increased stakes by various institutional investors signify growing confidence in ChampionX’s future prospects. Furthermore, insider transactions provide additional context that may influence investment decisions. Lastly, analyzing key financial figures gives potential investors an idea of how the stock is performing and its overall stability within the market.
Overall, with significant attention from hedge funds and notable insider activity, ChampionX is poised for continued growth and success within the oil and gas industry.
