|Over a month ago|
ChampionX price target raised to $35 from $29 at Barclays » 06:3611/0111/01/21
Barclays analyst J. David…
Barclays analyst J. David Anderson raised the firm's price target on ChampionX to $35 from $29 and keeps an Overweight rating on the shares. ChampionX exceeded expectations with "remarkable execution despite inflationary pressures," Anderson tells investors in a research note. The analyst believes a dividend "could be next" with ChampionX's leverage down to one times.
ChampionX reports Q3 adjusted EPS 15c, consensus 18c » 16:4710/2710/27/21
Reports Q3 revenue…
Reports Q3 revenue $818.79M, consensus $790.54M. "We could not be more proud of how remarkably well our organization continues to perform and adapt to the short-term supply chain and logistics bottlenecks that have emerged this year as global economic activity rebounds from pandemic levels. Our employees around the world have remained laser-focused on improving the lives of our customers and communities, and I want to thank each of them for their continued dedication and commitment," ChampionX's president and CEO Sivasankaran Somasundaram said.
ChampionX announces launch of Spotlight EDGE » 07:2410/2110/21/21
ChampionX Corporation announced that its Spotlight EDGE has received Microsoft's "Azure Certified Device" and "Edge Managed" certifications. The device is the only Class 1 Division 2 and ATEX finished product featured in the Microsoft Azure Certified Device Catalog.
ChampionX initiated with a Sell at Goldman Sachs » 04:4909/1709/17/21
Goldman Sachs analyst…
Goldman Sachs analyst Neil Mehta initiated coverage of ChampionX with a Sell rating and $22 price target, which represents 6% downside. The company's current valuation "screens relatively high" for the 4% annual EBITDA growth it offers between 2023 and 2026 compared to the 9% offered by other traditional oilfield service names, Mehta tells investors in a research note. Additionally, ChampionX generates 60%-65% of its revenue from the North American markets where production volume growth is likely to be "muted" in comparison to the Middle East, says the analyst.
Citi positive on oilfield services, upgrades Liberty to Buy, RPC to Neutral » 12:3809/1309/13/21
LBRT, RES, BKR, HAL, SLB, NEX, CHX
Citi analyst Scott Gruber…
Citi analyst Scott Gruber upgraded Liberty Oilfield Services (LBRT) to Buy from Neutral with a price target of $13, up from $12. The analyst also upgraded RPC, Inc. (RES) to Neutral from Sell with an unchanged price target of $4. Gruber is taking a more positive stance on oilfield services for a trade over the next six months due to exploration and production companies adding rigs and frac pricing gains around year end. The analyst feels exploration and production companies still offer greater value but he sees "solid revision potential" in oilfield services, particularly in completion levered stocks. He raised his 2022 rig count estimate by 1% to 550 on average with a Q2 peak of 570. Baker Hughes (BKR) is Gruber's top large-cap pick on its multiple expansion potential and he raised Halliburton (HAL) above Schlumberger (SLB) on higher estimate revision potential. The analyst moved NexTier Oilfield (NEX) to his top SMID pick on frac pricing leverage and valuation. ChampionX (CHX) remains his top SMID equipment pick.
ChampionX plans to redeem $90M senior notes due 2026 » 07:0209/0809/08/21
ChampionX has informed…
ChampionX has informed Wells Fargo, National Association, the trustee of the Company's 6.375% Senior Notes due 2026, of its intent to redeem $90 million of the Notes this month. Notice is expected to be provided to the holders of the Notes on or about September 13, 2021, with redemption ten days following Notice. The Notes will be redeemed pursuant to Section 11.01 of the Indenture and paragraph 5 of the Notes at 104.781% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. ChampionX plans to use proceeds from the sale of its Corsicana, Texas, chemical manufacturing plant, and cash on hand to fund the redemption of the Notes.
RPM acquires Texas manufacturing plant from ChampionX » 16:3209/0709/07/21
RPM International (RPM)…
RPM International (RPM) announced it has procured a 178,000-square-foot chemical manufacturing facility located on 120 acres in Corsicana, Texas. It was purchased from ChampionX Corporation (CHX) for an undisclosed amount. The facility will be repurposed to act as a manufacturing campus for a number of RPM's operating companies, providing multiple opportunities for expansion to meet customer demand and strengthen its supply chain. It will be owned and operated by RPM's Tremco Construction Products Group. In addition to acquiring the land, facility and equipment at the Corsicana plant, Tremco Construction Products Group also intends to hire the plant's more than 80 existing employees, with plans to potentially hire additional employees in the future.
|Over a quarter ago|
ChampionX named top SMID pick in NA Oil Services at Citi » 05:5308/1208/12/21
Citi analyst Scott Gruber…
Citi analyst Scott Gruber has raised ChampionX to be his top SMID North American Oil Field Services pick, citing a combination of valuation, peaking inflation impact, "well digested" risk to Middle East share and what he sees as its attractive growth initiatives. He maintains a Buy rating on ChampionX shares.
ChampionX reports Q2 EPS 3c, consensus 10c » 16:5107/2807/28/21
Reports Q2 revenue…
Reports Q2 revenue $749.17M, consensus $719.79M. "We recently marked the one-year anniversary of our transformational merger and we are proud of how remarkably well our organization has performed and adapted to the dynamic and evolving energy market environment of the past year. I especially want to thank all our worldwide employees for their continued dedication and commitment to serving our customers and communities well," ChampionX's president and CEO Sivasankaran Somasundaram said.
ChampionX price target raised to $30 from $26 at Stifel » 07:5507/0207/02/21
Stifel analyst Stephen…
Stifel analyst Stephen Gengaro raised the firm's price target on ChampionX to $30 from $26 and keeps a Buy rating on the shares. He has raised his multiple on the stock, stating that he continues to see ChampionX being well positioned for multi-year earnings and cash flow growth. Though Gengaro notes potential for "some near-term noise" around Production Chemicals margins, he views the company's guidance range as "reasonable" and expects pricing to drive margin expansion in the second half and in 2022.