Cactus (NYSE:WHD) Hits New 1-Year High - Here's What Happened

Key Points

• Cactus shares hit a new 52-week high, reaching as much as $59.54 intraday before closing near $59.40, up from the previous close of $56.96.
• Recent earnings topped expectations, with quarterly EPS of $0.70 versus the $0.65 consensus and revenue of $388.35 million, up 38.5% year over year.
• Analyst sentiment is mixed but constructive: Citigroup and Barclays raised price targets, while the stock’s consensus rating remains “Moderate Buy” with an average target of $57.83; the company also declared a $0.14 quarterly dividend.

Cactus, Inc. (NYSE:WHD - Get Free Report)'s stock price reached a new 52-week high on Monday . The company traded as high as $59.54 and last traded at $59.3970, with a volume of 101048 shares trading hands. The stock had previously closed at $56.96.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wall Street Zen downgraded Cactus from a "buy" rating to a "hold" rating in a report on Saturday, March 21st. Zacks Research cut shares of Cactus from a "strong-buy" rating to a "hold" rating in a report on Monday, January 26th. Citigroup lifted their target price on shares of Cactus from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, May 11th. Weiss Ratings restated a "hold (c)" rating on shares of Cactus in a report on Friday, March 27th. Finally, Barclays upped their price target on shares of Cactus from $62.00 to $70.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $57.83.

Cactus Stock Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.71 and a current ratio of 2.61. The stock has a market capitalization of $4.79 billion, a PE ratio of 56.34, a P/E/G ratio of 2.17 and a beta of 1.37. The firm has a 50 day moving average of $51.56 and a 200-day moving average of $49.91.

Cactus (NYSE:WHD - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.05. Cactus had a return on equity of 15.43% and a net margin of 6.17%.The firm had revenue of $388.35 million for the quarter, compared to the consensus estimate of $380.42 million. During the same quarter in the prior year, the company posted $0.73 earnings per share. The firm's revenue was up 38.5% on a year-over-year basis. Research analysts forecast that Cactus, Inc. will post 2.84 earnings per share for the current year.

Cactus Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.56 dividend on an annualized basis and a yield of 0.9%. Cactus's payout ratio is currently 52.83%.

Insider Activity

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

Hedge Funds Weigh In On Cactus

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its holdings in Cactus by 67.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 642 shares of the company's stock valued at $25,000 after purchasing an additional 259 shares during the period. Aster Capital Management DIFC Ltd increased its holdings in shares of Cactus by 73.4% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 742 shares of the company's stock worth $34,000 after purchasing an additional 314 shares during the period. Johnson Financial Group Inc. acquired a new position in shares of Cactus during the third quarter valued at about $33,000. Advisors Asset Management Inc. lifted its stake in shares of Cactus by 113.8% in the first quarter. Advisors Asset Management Inc. now owns 1,020 shares of the company's stock valued at $47,000 after buying an additional 543 shares during the period. Finally, Huntington National Bank lifted its stake in shares of Cactus by 55.4% in the third quarter. Huntington National Bank now owns 1,094 shares of the company's stock valued at $43,000 after buying an additional 390 shares during the period. Institutional investors own 85.11% of the company's stock.

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. Its products are sold and rented primarily for onshore unconventional oil and gas wells for drilling, completion, and production phases of the wells.

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