Cactus (NYSE:WHD) Price Target Raised to $78.00

Cactus (NYSE:WHD) had its price objective hoisted by Piper Sandler from $75.00 to $78.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently commented on WHD. Weiss Ratings reiterated a “hold (c)” rating on shares of Cactus in a research report on Tuesday, September 8th. Stifel Nicolaus lifted their target price on Cactus from $68.00 to $72.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Wall Street Zen cut Cactus from a “buy” rating to a “hold” rating in a report on Saturday, October 31st. Barclays boosted their target price on Cactus from $74.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. Finally, Citigroup cut their target price on Cactus from $75.00 to $73.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 30th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Cactus has an average rating of “Moderate Buy” and an average price target of $74.75.

Cactus Trading Down 5.4%

Shares of NYSE:WHD opened at $54.91 on Tuesday. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of 38.13, a PEG ratio of 1.48 and a beta of 1.38. Cactus has a 1-year low of $39.16 and a 1-year high of $74.07. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.10 and a current ratio of 3.06. The company has a 50 day moving average price of $65.22 and a 200 day moving average price of $58.48.

Cactus (NYSE:WHD) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.19. The firm had revenue of $430.89 million for the quarter, compared to analyst estimates of $437.94 million. Cactus had a net margin of 6.69% and a return on equity of 17.93%. The firm’s quarterly revenue was up 63.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.67 earnings per share. On average, research analysts anticipate that Cactus will post 3.22 EPS for the current fiscal year.

Cactus Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Monday, November 30th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, November 30th. Cactus’s dividend payout ratio (DPR) is 41.67%.

Insider Buying and Selling

In other news, CEO Scott Bender sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $63.91, for a total transaction of $6,391,000.00. Following the sale, the chief executive officer owned 120,527 shares in the company, valued at $7,702,880.57. The trade was a 45.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joel Bender sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $70.37, for a total transaction of $7,037,000.00. Following the completion of the sale, the president owned 41,519 shares of the company’s stock, valued at approximately $2,921,692.03. This trade represents a 70.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 300,000 shares of company stock worth $19,625,000 in the last 90 days. 12.91% of the stock is owned by company insiders.

Institutional Trading of Cactus

Several large investors have recently added to or reduced their stakes in the company. First Trust Advisors LP lifted its position in Cactus by 13.7% in the 1st quarter. First Trust Advisors LP now owns 2,090,619 shares of the company’s stock worth $99,033,000 after buying an additional 251,283 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cactus by 3.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,821,142 shares of the company’s stock valued at $86,266,000 after buying an additional 53,576 shares during the period. Jennison Associates LLC boosted its stake in shares of Cactus by 202.3% during the 1st quarter. Jennison Associates LLC now owns 1,713,701 shares of the company’s stock valued at $81,178,000 after buying an additional 1,146,766 shares during the period. Encompass Capital Advisors LLC purchased a new position in shares of Cactus during the 1st quarter valued at $36,262,000. Finally, Bank of America Corp DE grew its holdings in shares of Cactus by 34.8% during the 1st quarter. Bank of America Corp DE now owns 659,889 shares of the company’s stock valued at $31,259,000 after acquiring an additional 170,534 shares in the last quarter. 85.11% of the stock is owned by institutional investors and hedge funds.

About Cactus

Cactus, Inc (NYSE: WHD) designs, manufactures, sells and rents wellhead and pressure-control equipment used in onshore oil and gas drilling and production. Its products are designed to help operators manage pressure and control access to wells during drilling, completion and production activities.

The company’s offerings include wellhead systems, frac stacks, zipper manifolds and other pressure-control equipment. Cactus also provides field services, including equipment installation, maintenance and support, as well as rental services for selected products.