Citigroup Inc. Reduces Stake in Cactus, Inc. $WHD

Citigroup Inc. cut its stake in Cactus, Inc. (NYSE:WHD) by 43.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 91,495 shares of the company’s stock after selling 68,891 shares during the quarter. Citigroup Inc. owned about 0.11% of Cactus worth $3,611,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp grew its holdings in shares of Cactus by 0.7% in the second quarter. State Street Corp now owns 2,774,526 shares of the company’s stock valued at $121,302,000 after purchasing an additional 18,104 shares during the period. Geode Capital Management LLC raised its stake in Cactus by 2.6% during the second quarter. Geode Capital Management LLC now owns 1,912,393 shares of the company’s stock worth $83,618,000 after purchasing an additional 48,562 shares during the period. First Trust Advisors LP boosted its holdings in Cactus by 5.2% in the 2nd quarter. First Trust Advisors LP now owns 1,349,868 shares of the company’s stock valued at $59,016,000 after purchasing an additional 66,591 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Cactus by 13.9% in the 2nd quarter. Alliancebernstein L.P. now owns 989,141 shares of the company’s stock valued at $43,245,000 after buying an additional 120,732 shares during the period. Finally, Wasatch Advisors LP increased its holdings in shares of Cactus by 7.5% during the 2nd quarter. Wasatch Advisors LP now owns 752,947 shares of the company’s stock worth $32,919,000 after buying an additional 52,292 shares during the last quarter. Institutional investors and hedge funds own 85.11% of the company’s stock.

Cactus Price Performance

Shares of NYSE WHD opened at $50.74 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.81 and a quick ratio of 4.13. The company has a market cap of $4.05 billion, a price-to-earnings ratio of 21.14, a price-to-earnings-growth ratio of 4.91 and a beta of 1.25. The stock’s 50-day moving average is $53.68 and its two-hundred day moving average is $45.62. Cactus, Inc. has a 1-year low of $33.20 and a 1-year high of $59.25.

Cactus (NYSE:WHD) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.07. Cactus had a return on equity of 15.18% and a net margin of 15.39%.The business had revenue of $261.20 million during the quarter, compared to the consensus estimate of $250.60 million. During the same period in the previous year, the company posted $0.71 earnings per share. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. Analysts forecast that Cactus, Inc. will post 3.08 EPS for the current fiscal year.

Cactus Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Monday, March 2nd will be given a $0.14 dividend. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. Cactus’s dividend payout ratio is currently 23.33%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Barclays raised their target price on Cactus from $56.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday. Citigroup raised their price objective on Cactus from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Sandler assumed coverage on shares of Cactus in a research report on Tuesday, February 24th. They issued an “overweight” rating and a $73.00 target price on the stock. Zacks Research lowered shares of Cactus from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Cactus in a research report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.33.

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.