Cactus (NYSE:WHD) Releases Earnings Results, Beats Estimates By $0.19 EPS

Key Points

• Cactus beat earnings expectations: The company reported quarterly EPS of $0.96, $0.19 above consensus, while revenue of $430.89 million fell short of the $437.94 million estimate.
• Shares declined 1.8% to $64.36 following the results. Cactus has a $5.16 billion market capitalization and trades at a P/E ratio of 55.01.
• Insiders have been selling shares: Executives sold 450,155 shares worth $28.8 million over the past 90 days. Analysts maintain a consensus “Hold” rating with an average price target of $66.60.

Cactus (NYSE:WHD - Get Free Report) announced its earnings results on Wednesday. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.19, FiscalAI reports. Cactus had a net margin of 6.01% and a return on equity of 16.66%. The company had revenue of $430.89 million during the quarter, compared to analyst estimates of $437.94 million.

Cactus Trading Down 1.8%

Shares of WHD traded down $1.20 during trading hours on Wednesday, hitting $64.36. The stock had a trading volume of 643,412 shares, compared to its average volume of 853,258. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.81 and a current ratio of 2.59. The firm has a market cap of $5.16 billion, a P/E ratio of 55.01, a P/E/G ratio of 1.69 and a beta of 1.42. The company's fifty day simple moving average is $66.32 and its 200 day simple moving average is $58.14. Cactus has a 12-month low of $39.16 and a 12-month high of $74.07.

Insider Transactions at Cactus

In related news, President Joel Bender sold 100,000 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $70.37, for a total transaction of $7,037,000.00. Following the completion of the sale, the president directly owned 41,519 shares of the company's stock, valued at approximately $2,921,692.03. This represents a 70.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Scott Bender sold 100,000 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $61.97, for a total value of $6,197,000.00. Following the transaction, the chief executive officer directly owned 120,527 shares in the company, valued at $7,469,058.19. This trade represents a 45.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 450,155 shares of company stock worth $28,763,333 over the last 90 days. Company insiders own 12.91% of the company's stock.

Wall Street Analyst Weigh In

WHD has been the subject of a number of recent research reports. Barclays lifted their target price on Cactus from $74.00 to $75.00 and gave the company an "overweight" rating in a report on Thursday, October 15th. Wall Street Zen upgraded Cactus from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Cactus in a report on Tuesday, September 8th. Piper Sandler increased their price objective on Cactus from $72.00 to $73.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 14th. Finally, Stifel Nicolaus increased their price target on shares of Cactus from $68.00 to $72.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Cactus presently has a consensus rating of "Hold" and an average price target of $66.60.

Cactus Company Profile

Cactus, Inc NYSE: WHD designs, manufactures, sells and rents wellhead and pressure-control equipment used in onshore oil and gas drilling and production. Its products are designed to help operators manage pressure and control access to wells during drilling, completion and production activities.

The company's offerings include wellhead systems, frac stacks, zipper manifolds and other pressure-control equipment. Cactus also provides field services, including equipment installation, maintenance and support, as well as rental services for selected products.

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