Cactus (NYSE:WHD) President Joel Bender Sells 100,000 Shares of Stock

Key Points

• Cactus President Joel Bender sold 100,000 shares at an average price of $70.37, generating $7.04 million; the transaction reduced his ownership by 70.66% and was made under a Rule 10b5-1 trading plan.
• Cactus shares rose 2.1% to $72.20, near their 52-week high, after the company reported quarterly EPS of $0.93 and revenue of $449.53 million—both ahead of analyst expectations. Revenue increased 64.3% year over year.
• The company raised its quarterly dividend to $0.15 per share, equivalent to an annualized $0.60 dividend and a 0.8% yield. Analysts remain generally cautious, with a consensus “Hold” rating and a $66.80 target price.

Cactus, Inc. (NYSE:WHD - Get Free Report) President Joel Bender sold 100,000 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $70.37, for a total transaction of $7,037,000.00. Following the sale, the president owned 41,519 shares of the company's stock, valued at approximately $2,921,692.03. The trade was a 70.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Joel Bender also recently made the following trade(s):

• On Thursday, July 30th, Joel Bender sold 86,700 shares of Cactus stock. The stock was sold at an average price of $57.62, for a total value of $4,995,654.00.

Cactus Trading Up 2.1%

Shares of NYSE:WHD traded up $1.51 during midday trading on Wednesday, reaching $72.20. 713,466 shares of the company's stock were exchanged, compared to its average volume of 898,046. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of 61.71, a P/E/G ratio of 2.48 and a beta of 1.36. Cactus, Inc. has a fifty-two week low of $33.20 and a fifty-two week high of $74.07. The firm's 50 day simple moving average is $60.68 and its two-hundred day simple moving average is $56.55. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.59 and a quick ratio of 1.81.

Cactus (NYSE:WHD - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.29. Cactus had a return on equity of 16.66% and a net margin of 6.01%.The company had revenue of $449.53 million for the quarter, compared to analyst estimates of $400.82 million. During the same quarter in the previous year, the company earned $0.66 earnings per share. The firm's quarterly revenue was up 64.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Cactus, Inc. will post 3.12 EPS for the current fiscal year.

Cactus Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 31st will be paid a $0.15 dividend. This is a boost from Cactus's previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Monday, August 31st. Cactus's payout ratio is 51.28%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Citigroup cut shares of Cactus from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $67.00 to $75.00 in a report on Thursday, August 20th. Barclays increased their target price on shares of Cactus from $70.00 to $74.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. Weiss Ratings upgraded shares of Cactus from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, June 11th. Piper Sandler boosted their price target on shares of Cactus from $72.00 to $73.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Finally, Wall Street Zen raised Cactus from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $66.80.

Institutional Trading of Cactus

Several institutional investors and hedge funds have recently bought and sold shares of the business. Maryland State Retirement & Pension System grew its position in Cactus by 2.1% during the 4th quarter. Maryland State Retirement & Pension System now owns 10,066 shares of the company's stock worth $460,000 after purchasing an additional 208 shares during the last quarter. Covestor Ltd boosted its stake in shares of Cactus by 8.6% during the fourth quarter. Covestor Ltd now owns 2,758 shares of the company's stock worth $126,000 after buying an additional 219 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in shares of Cactus by 0.5% during the second quarter. CANADA LIFE ASSURANCE Co now owns 57,938 shares of the company's stock worth $2,532,000 after buying an additional 269 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in Cactus by 1.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 15,734 shares of the company's stock valued at $719,000 after acquiring an additional 300 shares during the period. Finally, California State Teachers Retirement System raised its stake in Cactus by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 66,538 shares of the company's stock valued at $2,909,000 after acquiring an additional 306 shares during the last quarter. Hedge funds and other institutional investors own 85.11% of the company's stock.

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.

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