Cactus (NYSE:WHD) Hits New 52-Week High – Here’s What Happened

Cactus, Inc. (NYSE:WHD)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $68.00 and last traded at $65.9110, with a volume of 861779 shares trading hands. The stock had previously closed at $67.21.

Analyst Ratings Changes

WHD has been the topic of a number of research reports. Citigroup upped their price target on Cactus from $65.00 to $67.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Piper Sandler raised their price objective on Cactus from $72.00 to $73.00 and gave the company an “overweight” rating in a research note 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 report on Friday, July 31st. Weiss Ratings raised Cactus from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Finally, Barclays increased their target price on Cactus from $70.00 to $74.00 and gave the stock an “overweight” rating in a report on Monday. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.20.

Cactus Stock Down 1.0%

The company has a market cap of $5.44 billion, a price-to-earnings ratio of 58.01, a price-to-earnings-growth ratio of 2.46 and a beta of 1.36. 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 stock’s fifty day moving average is $56.15 and its two-hundred day moving average is $54.81.

Cactus (NYSE:WHD) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.29. The business had revenue of $449.53 million during the quarter, compared to the consensus estimate of $400.82 million. Cactus had a return on equity of 16.66% and a net margin of 6.01%.The company’s quarterly revenue was up 64.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.66 EPS. Sell-side analysts predict that Cactus, Inc. will post 3.07 earnings per share for the current fiscal year.

Cactus Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Monday, August 31st will be given a dividend of $0.15 per share. The ex-dividend date of this dividend 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 0.9%. Cactus’s payout ratio is presently 47.86%.

Insider Buying and Selling at Cactus

In related news, President Joel Bender sold 86,700 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $57.62, for a total transaction of $4,995,654.00. Following the completion of the sale, the president owned 41,519 shares in the company, valued at approximately $2,392,324.78. This represents a 67.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Scott Bender sold 100,000 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $63.89, for a total value of $6,389,000.00. Following the completion of the sale, the chief executive officer directly owned 120,527 shares of the company’s stock, valued at $7,700,470.03. The trade was a 45.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 260,661 shares of company stock valued at $15,827,218 in the last three months. Insiders own 12.91% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in WHD. Johnson Financial Group Inc. bought a new stake in Cactus in the 3rd quarter worth about $33,000. Aster Capital Management DIFC Ltd raised its stake 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 valued at $34,000 after buying an additional 314 shares during the period. Advisors Asset Management Inc. raised its stake in Cactus by 113.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,020 shares of the company’s stock valued at $47,000 after acquiring an additional 543 shares during the period. Global Retirement Partners LLC boosted its holdings in Cactus by 39,200.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,179 shares of the company’s stock worth $54,000 after buying an additional 1,176 shares during the period. Finally, Harbor Investment Advisory LLC purchased a new position in shares of Cactus in the second quarter valued at $58,000. 85.11% of the stock is owned by 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.