Kornitzer Capital Management Inc. KS Sells 59,770 Shares of ChampionX Co. (NASDAQ:CHX)

Kornitzer Capital Management Inc. KS reduced its stake in ChampionX Co. (NASDAQ:CHX) by 15.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 330,085 shares of the company’s stock after selling 59,770 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in ChampionX were worth $9,642,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of CHX. NewEdge Advisors LLC lifted its position in shares of ChampionX by 654.0% during the 1st quarter. NewEdge Advisors LLC now owns 1,870 shares of the company’s stock valued at $51,000 after buying an additional 1,622 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in shares of ChampionX by 19.4% in the third quarter. Parkside Financial Bank & Trust now owns 2,166 shares of the company’s stock worth $77,000 after purchasing an additional 352 shares during the period. Covestor Ltd increased its stake in shares of ChampionX by 683.0% in the first quarter. Covestor Ltd now owns 2,216 shares of the company’s stock worth $54,000 after purchasing an additional 1,933 shares in the last quarter. Penserra Capital Management LLC bought a new stake in shares of ChampionX during the 3rd quarter valued at $96,000. Finally, Mendota Financial Group LLC purchased a new position in shares of ChampionX during the 4th quarter valued at $114,000. 98.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ChampionX

In related news, insider William Jr. O’dell sold 27,178 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 57,748 shares in the company, valued at $2,078,928. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.38% of the company’s stock.

Analysts Set New Price Targets

CHX has been the topic of a number of recent analyst reports. Piper Sandler raised their price target on ChampionX from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Citigroup lifted their target price on ChampionX from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, March 27th. Finally, Barclays upped their price target on ChampionX from $39.00 to $51.00 and gave the stock an “overweight” rating in a research note on Thursday, April 4th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.33.

ChampionX Price Performance

Shares of CHX traded down $0.75 during mid-day trading on Friday, hitting $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. The company has a market cap of $6.79 billion, a PE ratio of 22.63, a price-to-earnings-growth ratio of 1.15 and a beta of 2.44. ChampionX Co. has a 52-week low of $24.98 and a 52-week high of $39.95. The firm has a 50-day moving average of $33.69 and a two-hundred day moving average of $31.14.

ChampionX (NASDAQ:CHX) last released its quarterly earnings results on Tuesday, February 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. ChampionX had a net margin of 8.36% and a return on equity of 20.14%. The company had revenue of $943.56 million for the quarter, compared to the consensus estimate of $947.33 million. During the same quarter in the prior year, the firm earned $0.43 earnings per share. ChampionX’s revenue was down 4.3% on a year-over-year basis. On average, equities analysts predict that ChampionX Co. will post 1.95 earnings per share for the current year.

ChampionX Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 5th will be given a dividend of $0.095 per share. The ex-dividend date is Thursday, April 4th. This is an increase from ChampionX’s previous quarterly dividend of $0.09. This represents a $0.38 dividend on an annualized basis and a yield of 1.07%. ChampionX’s dividend payout ratio is 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.