Market Analysts see ChampionX Corporation [CHX] gaining to $18. Time to buy?

ChampionX Corporation [NYSE: CHX] traded at a high on 11/16/20, posting a 10.68 gain after which it closed the day’ session at $11.50. The company report on November 16, 2020 that ChampionX and Modumetal Inc. Announce Exclusive Collaboration Agreement.

ChampionX Corporation (“ChampionX”) (NYSE: CHX) announced an exclusive collaboration agreement with Modumetal Inc. The agreement is intended to drive production-related technology developments by combining Modumetal’s advanced materials and processes and ChampionX’s extensive research and development capabilities.

Initially, the agreement calls for the introduction of Norris® Rod couplings coated with Modumetal nanolaminate technology. Under the terms of the agreement, the two companies also will evaluate the technical and commercial feasibility of combining Modumetal technology with existing and new production equipment advancements—including artificial lift system components—to improve equipment reliability and lower oil and gas operators’ operating expenses.

The results of the trading session contributed to over 1707229 shares changing hands. Over the past one week, the price volatility of ChampionX Corporation stands at 5.05% while the volatility over the past one month is 7.02%.

The market cap for CHX stock reached $2.24 billion, with 199.81 million shares outstanding and 198.55 million shares in the current float. Compared to the average trading volume of 1.82M shares, CHX reached a trading volume of 1707229 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about ChampionX Corporation [CHX]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CHX shares is $15.45 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CHX stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Cowen have made an estimate for ChampionX Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on October 30, 2020. While these analysts kept the previous recommendation, Scotiabank raised their target price to Sector Outperform. The new note on the price target was released on September 16, 2020, representing the official price target for ChampionX Corporation stock. Previously, the target price had yet another raise to $13, while Credit Suisse analysts kept a Outperform rating on CHX stock.

The Average True Range (ATR) for ChampionX Corporation is set at 0.69, with the Price to Sales ratio for CHX stock in the period of the last 12 months amounting to 1.56. The Price to Book ratio for the last quarter was 1.44, with the Price to Cash per share for the same quarter was set at 0.88. Price to Free Cash Flow for CHX in the course of the last twelve months was 12.34 with Quick ratio for the last quarter at 1.30.

How has CHX stock performed recently?

ChampionX Corporation [CHX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 10.26. With this latest performance, CHX shares gained by 44.65% in over the last four-week period, additionally plugging by 33.10% over the last 6 months – not to mention a drop of -55.11% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CHX stock in for the last two-week period is set at 70.36, with the RSI for the last a single of trading hit 76.01, and the three-weeks RSI is set at 66.17 for ChampionX Corporation [CHX]. The present Moving Average for the last 50 days of trading for this stock 8.77, while it was recorded at 10.53 for the last single week of trading, and 10.53 for the last 200 days.

ChampionX Corporation [CHX]: Deeper insight into the fundamentals

ChampionX Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 2.10.

Earnings analysis for ChampionX Corporation [CHX]

With the latest financial reports released by the company, ChampionX Corporation posted 0.13/share EPS, while the average EPS was predicted by analysts to be reported at 0.14/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -7.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CHX. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for ChampionX Corporation go to -12.63%.

Insider trade positions for ChampionX Corporation [CHX]

There are presently around $2,296 million, or 98.20% of CHX stock, in the hands of institutional investors. The top three institutional holders of CHX stocks are: BLACKROCK INC. with ownership of 21,220,658, which is approximately -7.931% of the company’s market cap and around 0.60% of the total institutional ownership; VANGUARD GROUP INC, holding 18,821,182 shares of the stock with an approximate value of $216.44 million in CHX stocks shares; and BOSTON PARTNERS, currently with $144.73 million in CHX stock with ownership of nearly 25.013% of the company’s market capitalization.

133 institutional holders increased their position in ChampionX Corporation [NYSE:CHX] by around 24,952,359 shares. Additionally, 150 investors decreased positions by around 23,589,875 shares, while 53 investors held positions by with 151,091,162 shares. The mentioned changes placed institutional holdings at 199,633,396 shares, according to the latest SEC report filing. CHX stock had 40 new institutional investments in for a total of 3,423,957 shares, while 47 institutional investors sold positions of 5,176,511 shares during the same period.

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