ChampionX (NASDAQ:CHX) Sees Unusually-High Trading Volume Following Dividend Announcement

Shares of ChampionX Co. (NASDAQ:CHX) saw unusually-high trading volume on Thursday following a dividend announcement from the company. Approximately 3,355,293 shares traded hands during mid-day trading, an increase of 2% from the previous session’s volume of 3,285,459 shares.The stock last traded at $29.88 and had previously closed at $30.37.

The newly announced dividend which will be paid on Friday, April 25th. Shareholders of record on Friday, April 4th will be paid a $0.095 dividend. The ex-dividend date is Friday, April 4th. This represents a $0.38 annualized dividend and a yield of 1.27%. ChampionX’s dividend payout ratio is currently 23.03%.

ChampionX Price Performance

The company has a market cap of $5.70 billion, a price-to-earnings ratio of 18.10 and a beta of 2.28. The company’s 50 day moving average price is $29.44 and its 200 day moving average price is $29.47. The company has a current ratio of 1.99, a quick ratio of 1.36 and a debt-to-equity ratio of 0.32.

ChampionX (NASDAQ:CHX) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. ChampionX had a return on equity of 19.84% and a net margin of 8.81%. Equities research analysts forecast that ChampionX Co. will post 1.92 earnings per share for the current year.

Institutional Trading of ChampionX

A number of institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of ChampionX during the 4th quarter worth approximately $74,032,000. Calamos Advisors LLC boosted its position in ChampionX by 470.4% during the fourth quarter. Calamos Advisors LLC now owns 1,494,500 shares of the company’s stock worth $40,635,000 after purchasing an additional 1,232,500 shares in the last quarter. Westchester Capital Management LLC grew its holdings in ChampionX by 67.8% in the third quarter. Westchester Capital Management LLC now owns 2,828,139 shares of the company’s stock valued at $85,268,000 after purchasing an additional 1,142,628 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of ChampionX by 135.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,467,451 shares of the company’s stock valued at $39,900,000 after buying an additional 844,301 shares in the last quarter. Finally, Hudson Bay Capital Management LP raised its stake in shares of ChampionX by 186.2% during the 4th quarter. Hudson Bay Capital Management LP now owns 964,420 shares of the company’s stock worth $26,223,000 after buying an additional 627,426 shares during the last quarter. Hedge funds and other institutional investors own 98.99% of the company’s stock.

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.