Piper Sandler analyst Luke Lemoine raised the firm’s price target on ChampionX (CHX) to $40 from $32 and keeps a Neutral rating on the shares, citing SLB‘s (SLB) takeout offer. The firm notes there was some investor pushback on SLB buying “just” chemicals and lift, but it believes this needs to be reframed a good bit and needs to be characterized as production optimization and reservoir recovery — two themes that Piper thinks will be major drivers over the next few years.
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Read More on CHX:
- ChampionX price target raised to $51 from $39 at Barclays
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- SLB Announces Agreement to Acquire ChampionX in an All-Stock Transaction