Citi analyst Scott Gruber raised the firm’s price target on ChampionX to $40 from $39 and keeps a Buy rating on the shares. The analyst says that during a period when investors are worried about gas-directed services, ChampionX’s exposure to oil-directed products and services points to a better outlook for 2024. With oil prices eclipsing the $80 per barrel threshold in the U.S., investment in oil drilling and servicing of active oil wells should pick up going forward, the analyst tells investors in a research note.
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