Cactus (NYSE:WHD) Sets New 52-Week High - Here's What Happened

Key Points

• Cactus shares hit a new 52-week high, trading as high as $63.56 after closing the previous day at $62.26. The stock was last reported at $63.51 on relatively light volume.
• Recent earnings were stronger than expected, with Q1 EPS of $0.70 beating estimates of $0.65 and revenue of $388.35 million topping forecasts. Revenue also jumped 38.5% from the same quarter last year.
• Analysts remain generally positive, with Stifel Nicolaus and Citigroup both raising price targets and maintaining Buy ratings. The stock currently carries a consensus “Moderate Buy” rating with an average price target of $60.50.

Cactus, Inc. (NYSE:WHD - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The stock traded as high as $63.56 and last traded at $63.51, with a volume of 28614 shares trading hands. The stock had previously closed at $62.26.

Analyst Ratings Changes

WHD has been the subject of several research analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Cactus in a research note on Friday, March 27th. Stifel Nicolaus boosted their price target on shares of Cactus from $59.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, May 20th. Citigroup boosted their price target on shares of Cactus from $63.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Wall Street Zen lowered shares of Cactus from a "buy" rating to a "hold" rating in a research note on Saturday, March 21st. Finally, Zacks Research lowered shares of Cactus from a "strong-buy" rating to a "hold" rating in a research note on Monday, January 26th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $60.50.

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 cap of $5.00 billion, a P/E ratio of 58.89, a price-to-earnings-growth ratio of 2.45 and a beta of 1.37. The company's 50 day moving average price is $53.04 and its 200-day moving average price is $50.70.

Cactus (NYSE:WHD - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.05. Cactus had a net margin of 6.17% and a return on equity of 15.43%. The firm had revenue of $388.35 million during the quarter, compared to analyst estimates of $380.42 million. During the same quarter in the prior year, the business posted $0.73 EPS. The business's revenue was up 38.5% compared to the same quarter last year. Equities analysts forecast that Cactus, Inc. will post 2.86 EPS for the current fiscal year.

Cactus Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Monday, June 1st will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, June 1st. Cactus's payout ratio is 52.83%.

Insider Buying and Selling

In related news, Director Michael Y. Mcgovern sold 12,000 shares of the business's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $56.57, for a total value of $678,840.00. Following the transaction, the director directly owned 15,990 shares of the company's stock, valued at approximately $904,554.30. The trade was a 42.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Alan Semple sold 10,206 shares of the business's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $56.62, for a total transaction of $577,863.72. Following the completion of the transaction, the director directly owned 29,444 shares in the company, valued at $1,667,119.28. This trade represents a 25.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In 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

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. lifted its holdings in Cactus by 113.8% during the first quarter. Advisors Asset Management Inc. now owns 1,020 shares of the company's stock valued at $47,000 after purchasing an additional 543 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Cactus by 101.1% during the first quarter. AQR Capital Management LLC now owns 11,427 shares of the company's stock valued at $524,000 after purchasing an additional 5,745 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings 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 stake in Cactus during the first quarter valued at about $203,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Cactus by 26.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 226,931 shares of the company's stock valued at $10,400,000 after purchasing an additional 46,835 shares during the last quarter. 85.11% of the stock is owned by hedge funds and other 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. Its products are sold and rented primarily for onshore unconventional oil and gas wells for drilling, completion, and production phases of the wells.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.