Cactus (NYSE:WHD) Reaches New 52-Week High on Earnings Beat

Cactus, Inc. (NYSE:WHD)’s stock price reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $59.25 and last traded at $57.7150, with a volume of 45297 shares trading hands. The stock had previously closed at $58.00.

The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.07. Cactus had a net margin of 15.39% and a return on equity of 15.42%. The firm had revenue of $261.20 million for the quarter, compared to analysts’ expectations of $250.60 million. During the same period last year, the firm earned $0.71 earnings per share. The business’s revenue for the quarter was down 4.0% on a year-over-year basis.

Cactus Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Monday, March 2nd will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.0%. Cactus’s payout ratio is 23.33%.

Analyst Ratings Changes

WHD has been the topic of a number of recent analyst reports. Zacks Research cut Cactus from a “strong-buy” rating to a “hold” rating in a report on Monday, January 26th. Piper Sandler initiated coverage on shares of Cactus in a research note on Tuesday. They set an “overweight” rating and a $73.00 price objective on the stock. Stifel Nicolaus upped their target price on shares of Cactus from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Barclays increased their target price on shares of Cactus from $51.00 to $56.00 and gave the stock a “neutral” rating in a report on Wednesday, December 17th. Finally, Citigroup raised shares of Cactus from a “neutral” rating to a “buy” rating and boosted their price target for the company from $45.00 to $55.00 in a report on Thursday, December 11th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.00.

Institutional Investors Weigh In On Cactus

Large investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its stake in Cactus by 67.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 642 shares of the company’s stock valued at $25,000 after acquiring an additional 259 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of Cactus in the third quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd lifted its position in shares of Cactus by 73.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 742 shares of the company’s stock worth $34,000 after purchasing an additional 314 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in Cactus during the third quarter worth $33,000. Finally, Advisors Asset Management Inc. boosted its holdings in 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 purchasing an additional 543 shares during the last quarter. Institutional investors own 85.11% of the company’s stock.

Cactus Trading Up 4.9%

The company has a debt-to-equity ratio of 0.01, a current ratio of 5.28 and a quick ratio of 3.74. The business’s 50-day moving average is $53.29 and its two-hundred day moving average is $45.32. The firm has a market cap of $4.32 billion, a P/E ratio of 22.54, a P/E/G ratio of 5.27 and a beta of 1.27.

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.