Cactus (NYSE:WHD) Stock Rating Upgraded by Bank of America

Cactus (NYSE:WHD) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage currently has a $40.00 target price on the stock, up from their previous target price of $39.00. Bank of America‘s target price would indicate a potential downside of 7.35% from the stock’s current price.

Several other brokerages have also recently weighed in on WHD. Wall Street Zen raised shares of Cactus from a “sell” rating to a “hold” rating in a research report on Saturday, August 30th. Barclays restated an “overweight” rating and issued a $52.00 price objective (down from $53.00) on shares of Cactus in a report on Monday, August 4th. Zacks Research lowered shares of Cactus from a “hold” rating to a “strong sell” rating in a report on Monday, September 8th. Stifel Nicolaus decreased their price objective on shares of Cactus from $57.00 to $53.00 and set a “buy” rating for the company in a report on Friday, August 1st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Cactus in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $48.75.

Cactus Trading Up 2.1%

Shares of WHD opened at $43.17 on Wednesday. The stock has a market capitalization of $3.45 billion, a P/E ratio of 17.20, a PEG ratio of 4.02 and a beta of 1.48. The company has a quick ratio of 3.48, a current ratio of 4.85 and a debt-to-equity ratio of 0.01. The firm has a fifty day simple moving average of $39.58 and a two-hundred day simple moving average of $41.42. Cactus has a twelve month low of $33.20 and a twelve month high of $70.01.

Cactus (NYSE:WHD) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.09. The business had revenue of $263.95 million during the quarter, compared to analysts’ expectations of $253.89 million. Cactus had a net margin of 15.86% and a return on equity of 16.29%. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.74 EPS. On average, research analysts anticipate that Cactus will post 3.08 EPS for the current year.

Insider Activity

In related news, EVP William D. Marsh sold 10,172 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $41.32, for a total value of $420,307.04. Following the completion of the transaction, the executive vice president directly owned 11,088 shares in the company, valued at $458,156.16. This trade represents a 47.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 13.75% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WHD. Balyasny Asset Management L.P. bought a new position in shares of Cactus in the 2nd quarter worth about $30,648,000. Millennium Management LLC bought a new position in shares of Cactus in the 1st quarter worth about $28,924,000. Encompass Capital Advisors LLC bought a new position in shares of Cactus in the 1st quarter worth about $27,457,000. Pacer Advisors Inc. increased its stake in shares of Cactus by 10,002.6% in the 1st quarter. Pacer Advisors Inc. now owns 458,053 shares of the company’s stock worth $20,993,000 after acquiring an additional 453,519 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in Cactus by 130.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 694,149 shares of the company’s stock valued at $30,340,000 after purchasing an additional 393,260 shares during the last quarter. 85.11% of the stock is currently 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.