Cactus (NYSE:WHD) Sets New 12-Month High on Better-Than-Expected Earnings

Cactus, Inc. (NYSE:WHD)’s share price reached a new 52-week high 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. The stock had previously closed at $58.00.

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

Cactus Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Monday, March 2nd will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Monday, March 2nd. Cactus’s payout ratio is presently 22.31%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on WHD shares. Barclays upped their price objective on Cactus from $51.00 to $56.00 and gave the company a “neutral” rating in a research note on Wednesday, December 17th. Zacks Research cut Cactus from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Cactus in a report on Monday, December 29th. Citigroup raised shares of Cactus from a “neutral” rating to a “buy” rating and upped their price objective for the company from $45.00 to $55.00 in a report on Thursday, December 11th. Finally, Piper Sandler initiated coverage on shares of Cactus in a research note on Tuesday. They issued an “overweight” rating and a $73.00 target price for the company. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Cactus presently has a consensus rating of “Hold” and an average target price of $54.00.

Institutional Investors Weigh In On Cactus

Several large investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. raised its holdings in shares of 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 in the last quarter. AQR Capital Management LLC increased its position in shares of Cactus by 101.1% in the first quarter. AQR Capital Management LLC now owns 11,427 shares of the company’s stock worth $524,000 after purchasing an additional 5,745 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Cactus by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,685 shares of the company’s stock valued at $1,819,000 after purchasing an additional 1,733 shares during the last quarter. United Services Automobile Association purchased a new position in Cactus in the 1st quarter worth approximately $203,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Cactus by 26.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 226,931 shares of the company’s stock worth $10,400,000 after buying an additional 46,835 shares in the last quarter. Institutional investors own 85.11% of the company’s stock.

Cactus Stock Down 11.1%

The stock’s fifty day moving average price is $53.12 and its 200 day moving average price is $45.21. The company has a current ratio of 5.28, a quick ratio of 3.74 and a debt-to-equity ratio of 0.01. The stock has a market cap of $4.12 billion, a P/E ratio of 21.48, a price-to-earnings-growth ratio of 5.93 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.