Short Interest in ChampionX Co. (NASDAQ:CHX) Expands By 10.9%

30 Oct 2024, 15:36 by Amy Steele · The Cerbat Gem

ChampionX Co. (NASDAQ:CHX – Get Free Report) was the target of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 7,150,000 shares, a growth of 10.9% from the September 30th total of 6,450,000 shares. Currently, 3.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,640,000 shares, the days-to-cover ratio is currently 4.4 days.

Institutional Trading of ChampionX

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its holdings in shares of ChampionX by 12,607.0% during the 2nd quarter. Millennium Management LLC now owns 3,120,847 shares of the company’s stock worth $103,643,000 after purchasing an additional 3,096,287 shares during the period. Magnetar Financial LLC purchased a new stake in shares of ChampionX during the 2nd quarter worth about $72,860,000. Water Island Capital LLC purchased a new stake in shares of ChampionX during the 2nd quarter worth about $35,384,000. Squarepoint Ops LLC purchased a new stake in shares of ChampionX during the 2nd quarter worth about $21,669,000. Finally, Renaissance Technologies LLC acquired a new position in ChampionX during the 2nd quarter worth approximately $20,677,000. Hedge funds and other institutional investors own 98.99% of the company’s stock.

ChampionX Price Performance

ChampionX stock traded down $0.01 during midday trading on Wednesday, reaching $28.41. 681,306 shares of the company were exchanged, compared to its average volume of 1,861,072. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.25 and a current ratio of 1.99. The company has a market capitalization of $5.41 billion, a price-to-earnings ratio of 17.65, a P/E/G ratio of 1.27 and a beta of 2.37. The firm’s 50-day simple moving average is $30.42 and its 200-day simple moving average is $32.12. ChampionX has a 1 year low of $25.46 and a 1 year high of $39.95.

ChampionX (NASDAQ:CHX – Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.01). The business had revenue of $906.53 million during the quarter, compared to analysts’ expectations of $916.50 million. ChampionX had a net margin of 8.66% and a return on equity of 19.72%. The firm’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 EPS. On average, analysts anticipate that ChampionX will post 1.99 EPS for the current year.

ChampionX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, October 4th were issued a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 1.34%. The ex-dividend date of this dividend was Friday, October 4th. ChampionX’s dividend payout ratio (DPR) is 23.60%.

Wall Street Analyst Weigh In

Separately, Piper Sandler dropped their price objective on ChampionX from $40.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday, July 15th.

Read Our Latest Research Report on ChampionX

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