Cactus (NYSE:WHD) Price Target Raised to $74.00

Cactus (NYSE:WHD) had its price target upped by Citigroup from $73.00 to $74.00 in a research report report published on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also commented on WHD. Stifel Nicolaus boosted their price objective on Cactus from $68.00 to $72.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Wall Street Zen lowered Cactus from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Piper Sandler lifted their price target on Cactus from $75.00 to $78.00 and gave the company an “overweight” rating in a report on Tuesday. Barclays lifted their price target on Cactus from $74.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Cactus in a research report on Tuesday, September 8th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Cactus currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.75.

Cactus Stock Down 5.4%

NYSE WHD opened at $54.91 on Tuesday. The firm has a market cap of $4.40 billion, a PE ratio of 38.13, a price-to-earnings-growth ratio of 1.48 and a beta of 1.38. Cactus has a one year low of $39.16 and a one year high of $74.07. The stock’s 50 day simple moving average is $65.22 and its 200 day simple moving average is $58.48. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.06 and a quick ratio of 2.10.

Cactus (NYSE:WHD) last released its quarterly earnings results on Wednesday, October 28th. The company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.19. Cactus had a return on equity of 17.93% and a net margin of 6.69%. The firm had revenue of $430.89 million during the quarter, compared to analysts’ expectations of $437.94 million. During the same period last year, the firm posted $0.67 EPS. The business’s revenue was up 63.2% on a year-over-year basis. As a group, sell-side analysts forecast that Cactus will post 3.22 earnings per share for the current fiscal year.

Cactus Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Monday, November 30th will be paid a dividend of $0.15 per share. 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 is 41.67%.

Insider Buying and Selling

In related news, President Joel Bender sold 100,000 shares of the firm’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 value of $7,037,000.00. Following the completion of the sale, the president owned 41,519 shares of the company’s stock, valued at $2,921,692.03. This trade represents a 70.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Scott Bender sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $63.91, for a total transaction of $6,391,000.00. Following the completion of the transaction, the chief executive officer owned 120,527 shares of the company’s stock, valued at $7,702,880.57. This trade represents a 45.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 300,000 shares of company stock valued at $19,625,000. 12.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cactus

Hedge funds and other institutional investors have recently made changes to their positions in the company. First Trust Advisors LP lifted its stake in shares of Cactus by 13.7% during the first quarter. First Trust Advisors LP now owns 2,090,619 shares of the company’s stock valued at $99,033,000 after acquiring an additional 251,283 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Cactus by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,821,142 shares of the company’s stock valued at $86,266,000 after acquiring an additional 53,576 shares during the last quarter. Jennison Associates LLC boosted its holdings in Cactus by 202.3% in the first quarter. Jennison Associates LLC now owns 1,713,701 shares of the company’s stock valued at $81,178,000 after acquiring an additional 1,146,766 shares during the last quarter. Encompass Capital Advisors LLC acquired a new stake in Cactus in the first quarter worth about $36,262,000. Finally, Bank of America Corp DE increased its position in Cactus by 34.8% in the first quarter. Bank of America Corp DE now owns 659,889 shares of the company’s stock worth $31,259,000 after purchasing an additional 170,534 shares during the period. 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.