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

Cactus (NYSE:WHD) announced its quarterly earnings data on Wednesday. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.64 by $0.29, FiscalAI reports. Cactus had a net margin of 6.17% and a return on equity of 15.43%. The firm had revenue of $449.53 million for the quarter, compared to the consensus estimate of $400.82 million.

Cactus Price Performance

WHD traded down $0.83 during trading on Wednesday, hitting $52.31. 730,859 shares of the company traded hands, compared to its average volume of 910,627. 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. The stock’s 50-day simple moving average is $55.66 and its two-hundred day simple moving average is $54.15. Cactus has a 1 year low of $33.20 and a 1 year high of $64.30. The company has a current ratio of 2.61, a quick ratio of 1.71 and a debt-to-equity ratio of 0.01.

Cactus Announces Dividend

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Cactus

In other Cactus news, Director Michael Y. Mcgovern sold 12,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $56.57, for a total value of $678,840.00. Following the sale, the director owned 15,990 shares in the company, valued at $904,554.30. The trade was a 42.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alan Semple sold 10,206 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $56.62, for a total transaction of $577,863.72. Following the transaction, the director directly owned 29,444 shares of the company’s stock, valued at $1,667,119.28. This trade represents a 25.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 35,506 shares of company stock worth $1,989,135. Insiders own 12.91% of the company’s stock.

Hedge Funds Weigh In On Cactus

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WHD. Wellington Management Group LLP grew its holdings in Cactus by 20.0% during the 4th quarter. Wellington Management Group LLP now owns 3,963,961 shares of the company’s stock valued at $181,074,000 after buying an additional 659,366 shares in the last quarter. State Street Corp boosted its position in shares of Cactus by 3.0% during the 4th quarter. State Street Corp now owns 2,844,994 shares of the company’s stock valued at $129,959,000 after acquiring an additional 83,190 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Cactus by 17.4% during the 4th quarter. First Trust Advisors LP now owns 1,839,336 shares of the company’s stock valued at $84,021,000 after acquiring an additional 272,452 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Cactus by 2.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,767,566 shares of the company’s stock valued at $80,744,000 after purchasing an additional 49,968 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of Cactus by 20.5% in the third quarter. Alliancebernstein L.P. now owns 1,191,635 shares of the company’s stock valued at $47,034,000 after purchasing an additional 202,494 shares in the last quarter. 85.11% of the stock is owned by institutional investors.

About Cactus

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.