Cactus (NYSE:WHD) Posts Quarterly Earnings Results, Beats Expectations By $0.29 EPS

by · The Markets Daily

Cactus (NYSE:WHD – Get Free Report) released its quarterly earnings results on Wednesday. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.29, FiscalAI reports. The firm had revenue of $449.53 million during the quarter, compared to analysts’ expectations of $400.82 million. Cactus had a net margin of 6.17% and a return on equity of 15.43%.

Cactus Stock Down 1.6%

Cactus stock traded down $0.83 during midday trading on Wednesday, hitting $52.31. 730,859 shares of the company’s stock were exchanged, compared to its average volume of 910,627. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.71 and a current ratio of 2.61. Cactus has a 12 month low of $33.20 and a 12 month high of $64.30. The firm has a 50-day moving average of $55.66 and a two-hundred day moving average of $54.15. The company has a market cap of $4.19 billion, a PE ratio of 49.35, a P/E/G ratio of 2.03 and a beta of 1.38.

Cactus Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Monday, June 1st were paid a $0.14 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. Cactus’s dividend payout ratio is 52.83%.

Insider Activity

In other news, CEO Scott Bender sold 13,300 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $55.07, for a total value of $732,431.00. Following the completion of the sale, the chief executive officer owned 128,219 shares of the company’s stock, valued at approximately $7,061,020.33. This represents a 9.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael Y. Mcgovern sold 12,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $56.57, for a total transaction of $678,840.00. Following the transaction, the director owned 15,990 shares in the company, valued at approximately $904,554.30. This represents a 42.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 35,506 shares of company stock worth $1,989,135. 12.91% of the stock is currently owned by corporate insiders.

Institutional Trading of Cactus

Hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP increased its holdings in shares of Cactus by 52.8% in the 3rd quarter. Wellington Management Group LLP now owns 3,304,595 shares of the company’s stock valued at $130,432,000 after acquiring an additional 1,141,249 shares during the period. Balyasny Asset Management L.P. purchased a new stake in shares of Cactus during the 2nd quarter worth $30,648,000. Franklin Resources Inc. boosted its position in Cactus by 559.4% during the fourth quarter. Franklin Resources Inc. now owns 544,998 shares of the company’s stock valued at $24,896,000 after purchasing an additional 462,345 shares in the last quarter. Millennium Management LLC bought a new stake in Cactus during the fourth quarter valued at about $19,103,000. Finally, Ameriprise Financial Inc. grew its stake in Cactus by 130.7% in the second quarter. Ameriprise Financial Inc. now owns 694,149 shares of the company’s stock valued at $30,340,000 after purchasing an additional 393,260 shares during the last quarter. Hedge funds and other institutional investors own 85.11% of the company’s stock.

Analyst Ratings Changes

WHD has been the subject of several recent analyst reports. Weiss Ratings upgraded Cactus from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Barclays raised their price target on Cactus from $62.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Stifel Nicolaus restated a “buy” rating and set a $68.00 price objective (up from $66.00) on shares of Cactus in a report on Tuesday, June 16th. Citigroup upped their price objective on Cactus from $65.00 to $67.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. Finally, Piper Sandler increased their target price on Cactus from $72.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.60.

Check Out Our Latest Stock Report on WHD

Cactus Company Profile

(Get Free Report)

Cactus, Inc, together with its subsidiaries, designs, manufactures, sells, and leases pressure control and spoolable pipes in the United States, Australia, Canada, the Middle East, and internationally. It operates through two segments, Pressure Control and Spoolable Technologies. The Pressure Control segment designs, manufactures, sells, and rents a range of wellhead and pressure control equipment under the Cactus Wellhead brand name through service centers. Its products are sold and rented primarily for onshore unconventional oil and gas wells for drilling, completion, and production phases of the wells.

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