Verition Fund Management LLC Purchases 199,169 Shares of ChampionX Co. (NASDAQ:CHX)

Verition Fund Management LLC raised its position in shares of ChampionX Co. (NASDAQ:CHX) by 164.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 320,100 shares of the company’s stock after buying an additional 199,169 shares during the period. Verition Fund Management LLC owned about 0.17% of ChampionX worth $9,651,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Point72 DIFC Ltd bought a new position in ChampionX in the 2nd quarter valued at $623,000. Quest Partners LLC raised its holdings in shares of ChampionX by 86.8% in the third quarter. Quest Partners LLC now owns 69,102 shares of the company’s stock valued at $2,083,000 after buying an additional 32,103 shares during the last quarter. Renaissance Technologies LLC acquired a new position in ChampionX during the 2nd quarter worth about $20,677,000. New York State Teachers Retirement System grew its holdings in ChampionX by 8.1% during the 2nd quarter. New York State Teachers Retirement System now owns 231,551 shares of the company’s stock worth $7,690,000 after acquiring an additional 17,259 shares during the last quarter. Finally, Hantz Financial Services Inc. acquired a new stake in ChampionX in the 2nd quarter valued at about $1,475,000. 98.99% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ChampionX

In related news, insider Deric D. Bryant sold 49,303 shares of ChampionX stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $30.06, for a total transaction of $1,482,048.18. Following the completion of the sale, the insider now directly owns 337,409 shares of the company’s stock, valued at $10,142,514.54. The trade was a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.38% of the stock is currently owned by company insiders.

ChampionX Stock Up 0.8 %

NASDAQ CHX opened at $30.95 on Friday. The stock has a market capitalization of $5.90 billion, a P/E ratio of 19.22 and a beta of 2.38. ChampionX Co. has a 52 week low of $25.46 and a 52 week high of $39.95. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.20 and a current ratio of 1.94. The stock has a fifty day moving average of $30.54 and a 200-day moving average of $31.46.

ChampionX (NASDAQ:CHX) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). ChampionX had a return on equity of 19.74% and a net margin of 8.59%. The firm had revenue of $906.53 million during the quarter, compared to analyst estimates of $916.50 million. During the same quarter in the previous year, the business earned $0.41 earnings per share. ChampionX’s revenue for the quarter was down 3.5% compared to the same quarter last year. On average, equities research analysts forecast that ChampionX Co. will post 1.66 EPS for the current year.

ChampionX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 3rd will be paid a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, January 3rd. ChampionX’s dividend payout ratio (DPR) is 23.60%.

Analyst Upgrades and Downgrades

Separately, Citigroup reduced their target price on shares of ChampionX from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th.

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.