The Vanguard Group, Inc. recently announced the acquisition of new stake in ChampionX Corporation (NASDAQ:CHX). The institutional investor has increased its shareholding in the Energy company by 0.33% to 19.63 million shares with purchase of 64888.0 shares. This fresh investment now brings its stake to 9.92% valued currently at $531.66 million. In addition, American Century Investment Manag raised its holdings by 0.8 million to 6.01 million shares. And Massachusetts Financial Services has lifted its position by 0.61% or 31142.0 shares – to 5.15 million shares.
With over 1.27 million ChampionX Corporation (CHX) shares trading Tuesday and a closing price of $27.03 on the day, the dollar volume was approximately $34.39 million. The shares have shown a negative half year performance of -13.94% and its price on 05/23/23 lost nearly -1.28%. Currently, there are 198.29M common shares owned by the public and among those 197.74M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for CHX have a consensus price objective of $35.56. The analysts have set the share’s price value over the next 12 months at a high of $40.00 and a low of $32.00. The average price target is 23.99% above its recent price level and an upside to the estimated low will see the stock gain 15.53% over that period. But an upside of 32.42% will see the stock hit the forecast high price target while median target price for the stock is $34.00.
Insiders at the company have transacted a total of 76 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 28 of these insider trades were purchases, accounting for 652,334 shares. Insider sales of the common stock occurred on 48 occasions, with total insider shares sold totaling 606,821 shares.
The top 3 mutual fund holders in ChampionX Corporation are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 6.2 million shares of the company’s stock, all valued at over $167.86 million. The company bought an additional 22144.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. Vanguard Total Stock Market ETF bought 22526.0 shares to see its total holdings expand to 6.15 million shares valued at over $166.59 million and representing 3.11% of the shares outstanding. Vanguard Small Cap Index Fund bought 1668.0 shares to bring its total holdings to over 5.2 million shares at a value of $140.75 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.63% of the shares outstanding.
Shares of ChampionX Corporation (NASDAQ: CHX) opened at $27.52, up $0.14 from a prior closing price of $27.38. However, the script later moved the day high at 27.63, down -1.28%. The company’s stock has a 5-day price change of 3.80% and -8.96% over the past three months. CHX shares are trading -6.76% year to date (YTD), with the 12-month market performance up to 25.96% higher. It has a 12-month low price of $16.64 and touched a high of $33.65 over the same period. CHX has an average intraday trading volume of 1.49 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.01%, 0.39%, and 0.14% respectively.
Institutional ownership of ChampionX Corporation (NASDAQ: CHX) shares accounts for 101.41% of the company’s 198.29M shares outstanding. Mutual fund holders own 36.00%, while other institutional holders and individual stakeholders account for 63.73% and 0.94% respectively.
It has a market capitalization of $5.46B and a beta (3y monthly) value of 2.55. The stock’s trailing 12-month PE ratio is 30.44, while the earnings-per-share (ttm) stands at $0.89. The company has a PEG of 0.96 and a Quick Ratio of 1.00 with the debt-to-equity ratio at 0.36. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.52% over the week and 3.65% over the month.
Analysts forecast that ChampionX Corporation (CHX) will achieve an EPS of $0.44 for the current quarter, $0.52 for the next quarter and $2.39 for 2024. The lowest estimate earnings-per-share for the quarter is $0.38 while analysts give the company a high EPS estimate of $0.47. Comparatively, EPS for the current quarter was $0.28 a year ago. Earnings per share for the fiscal year are expected to increase by 37.50%, and 26.09% over the next financial year. EPS should grow at an annualized rate of 31.70% over the next five years, compared to -11.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate ChampionX Corporation (CHX) as a “Strong Buy” at a consensus score of 1.80. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 2 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
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