Cactus (NYSE:WHD) Reaches New 1-Year High – Here’s What Happened

Cactus, Inc. (NYSE:WHD) reached a new 52-week high on Wednesday . The stock traded as high as $72.69 and last traded at $71.9890, with a volume of 963945 shares changing hands. The stock had previously closed at $71.07.

Wall Street Analyst Weigh In

Several research firms have issued reports on WHD. Citigroup boosted their price target on Cactus from $65.00 to $67.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Barclays raised their price objective on Cactus from $70.00 to $74.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Piper Sandler lifted their price objective on Cactus from $72.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Stifel Nicolaus boosted their price objective on Cactus from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Weiss Ratings raised shares of Cactus from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.20.

Cactus Stock Up 1.3%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.81 and a current ratio of 2.59. The company’s 50-day moving average price is $56.64 and its 200 day moving average price is $55.06. The stock has a market capitalization of $5.77 billion, a P/E ratio of 61.53, a P/E/G ratio of 2.55 and a beta of 1.36.

Cactus (NYSE:WHD) last issued its earnings results on Wednesday, July 29th. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.29. Cactus had a net margin of 6.01% and a return on equity of 16.66%. The company had revenue of $449.53 million during the quarter, compared to the consensus estimate of $400.82 million. During the same quarter in the prior year, the firm posted $0.66 EPS. Cactus’s quarterly revenue was up 64.3% compared to the same quarter last year. As a group, equities analysts expect that Cactus, Inc. will post 3.07 earnings per share for the current year.

Cactus Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 31st will be given a $0.15 dividend. The ex-dividend date is Monday, August 31st. This is a positive change from Cactus’s previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a dividend yield of 0.8%. Cactus’s dividend payout ratio (DPR) is presently 47.86%.

Insiders Place Their Bets

In related news, CEO Steven Bender sold 25,000 shares of Cactus stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $67.65, for a total transaction of $1,691,250.00. Following the sale, the chief executive officer owned 99,241 shares of the company’s stock, valued at approximately $6,713,653.65. This trade represents a 20.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Joel Bender sold 86,700 shares of Cactus stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $57.62, for a total value of $4,995,654.00. Following the sale, the president directly owned 41,519 shares in the company, valued at $2,392,324.78. This trade represents a 67.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 263,455 shares of company stock worth $16,261,764. 12.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cactus

A number of institutional investors have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd raised its position in shares of Cactus by 73.4% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 742 shares of the company’s stock valued at $34,000 after buying an additional 314 shares during the last quarter. Johnson Financial Group Inc. purchased a new position in shares of Cactus in the third quarter worth $33,000. Advisors Asset Management Inc. boosted its position in shares of Cactus by 113.8% during the first quarter. Advisors Asset Management Inc. now owns 1,020 shares of the company’s stock worth $47,000 after acquiring an additional 543 shares during the last quarter. Harbor Investment Advisory LLC bought a new position in shares of Cactus during the second quarter worth $58,000. Finally, Global Retirement Partners LLC boosted its position in shares of Cactus by 39,200.0% during the fourth quarter. Global Retirement Partners LLC now owns 1,179 shares of the company’s stock worth $54,000 after acquiring an additional 1,176 shares during the last quarter. 85.11% of the stock is owned by hedge funds and other institutional investors.

Cactus Company Profile

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.