Citigroup Inc. Purchases 205,439 Shares of ChampionX Co. (NASDAQ:CHX)

Citigroup Inc. increased its holdings in ChampionX Co. (NASDAQ:CHX - Free Report) by 31.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 862,580 shares of the company's stock after purchasing an additional 205,439 shares during the quarter. Citigroup Inc. owned 0.45% of ChampionX worth $26,007,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CHX. Millennium Management LLC increased its position in shares of ChampionX by 12,607.0% in the second quarter. Millennium Management LLC now owns 3,120,847 shares of the company's stock valued at $103,643,000 after acquiring an additional 3,096,287 shares during the period. Magnetar Financial LLC purchased a new position in shares of ChampionX in the second quarter valued at about $72,860,000. Water Island Capital LLC purchased a new position in shares of ChampionX in the second quarter valued at about $35,384,000. Squarepoint Ops LLC purchased a new position in shares of ChampionX in the second quarter valued at about $21,669,000. Finally, Renaissance Technologies LLC purchased a new position in shares of ChampionX in the second quarter valued at about $20,677,000. Hedge funds and other institutional investors own 98.99% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, insider Deric D. Bryant sold 49,303 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $30.06, for a total value of $1,482,048.18. Following the transaction, the insider now owns 337,409 shares in the company, valued at approximately $10,142,514.54. This represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.38% of the stock is currently owned by insiders.

ChampionX Trading Down 1.2 %

Shares of CHX traded down $0.38 during trading hours on Tuesday, reaching $30.54. 1,603,242 shares of the company traded hands, compared to its average volume of 1,849,429. The company's fifty day moving average price is $30.50 and its two-hundred day moving average price is $31.53. The company has a market capitalization of $5.82 billion, a price-to-earnings ratio of 18.97 and a beta of 2.38. The company has a quick ratio of 1.20, a current ratio of 1.94 and a debt-to-equity ratio of 0.33. ChampionX Co. has a 12 month low of $25.46 and a 12 month high of $39.95.

ChampionX (NASDAQ:CHX - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The company reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.45 by ($0.01). ChampionX had a net margin of 8.59% and a return on equity of 19.74%. The company had revenue of $906.53 million for the quarter, compared to the consensus estimate of $916.50 million. During the same period in the previous year, the firm posted $0.41 EPS. The company's revenue for the quarter was down 3.5% on a year-over-year basis. Equities research analysts predict that ChampionX Co. will post 1.66 earnings per share for the current fiscal year.

ChampionX Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 1.24%. The ex-dividend date is Friday, January 3rd. ChampionX's payout ratio is currently 23.60%.

ChampionX 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.