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

Cactus, Inc. (NYSE:WHD) reached a new 52-week high during trading on Tuesday . The stock traded as high as $63.56 and last traded at $63.51, with a volume of 28614 shares changing hands. The stock had previously closed at $62.26.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Barclays upped their price objective on shares of Cactus from $62.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cactus in a report on Friday, March 27th. Zacks Research downgraded shares of Cactus from a “strong-buy” rating to a “hold” rating in a report on Monday, January 26th. Citigroup upped their price target on Cactus from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Finally, Wall Street Zen cut Cactus from a “buy” rating to a “hold” rating in a research report on Saturday, March 21st. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $60.50.

Cactus Stock Performance

The company has a quick ratio of 1.71, a current ratio of 2.61 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average is $53.04 and its two-hundred day moving average is $50.70. The company has a market capitalization of $5.00 billion, a P/E ratio of 58.89, a PEG ratio of 2.45 and a beta of 1.37.

Cactus (NYSE:WHD) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.05. The company had revenue of $388.35 million for the quarter, compared to analysts’ expectations of $380.42 million. Cactus had a net margin of 6.17% and a return on equity of 15.43%. Cactus’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.73 earnings per share. Equities analysts anticipate that Cactus, Inc. will post 2.86 earnings per share for the current fiscal year.

Cactus Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Monday, June 1st will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Monday, June 1st. Cactus’s dividend payout ratio (DPR) is presently 52.83%.

Insider Buying and Selling at Cactus

In other Cactus news, President Joel Bender sold 106,809 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $49.92, for a total transaction of $5,331,905.28. Following the transaction, the president directly owned 27,793 shares in the company, valued at $1,387,426.56. This trade represents a 79.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael Y. Mcgovern sold 12,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $56.57, for a total transaction of $678,840.00. Following the transaction, the director owned 15,990 shares in the company, valued at $904,554.30. The trade was a 42.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 222,206 shares of company stock worth $11,295,784 over the last ninety days. Insiders own 12.91% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Segall Bryant & Hamill LLC bought a new position in Cactus during the first quarter valued at approximately $1,221,000. Bank of America Corp DE grew its position in Cactus by 34.8% during the first 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 during the last quarter. Janus Henderson Group PLC grew its position in Cactus by 0.6% during the first quarter. Janus Henderson Group PLC now owns 338,033 shares of the company’s stock valued at $16,020,000 after acquiring an additional 2,029 shares during the last quarter. Cim LLC grew its position in Cactus by 105.2% during the first quarter. Cim LLC now owns 9,792 shares of the company’s stock valued at $464,000 after acquiring an additional 5,020 shares during the last quarter. Finally, Amundi bought a new position in Cactus during the first quarter valued at approximately $434,000. 85.11% of the stock is currently 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.