Barclays Increases Cactus (NYSE:WHD) Price Target to $61.00

Cactus (NYSE:WHD) had its price target hoisted by Barclays from $56.00 to $61.00 in a research report sent to investors on Monday, Benzinga reports. The firm currently has an overweight rating on the stock.

WHD has been the subject of a number of other research reports. Citigroup increased their target price on shares of Cactus from $48.00 to $52.00 and gave the stock a neutral rating in a research report on Wednesday, July 10th. Benchmark reissued a hold rating on shares of Cactus in a research note on Monday, May 6th. Johnson Rice cut shares of Cactus from a buy rating to an accumulate rating in a research report on Friday, May 31st. Bank of America raised their price objective on Cactus from $40.00 to $43.00 and gave the company an underperform rating in a research report on Monday, April 15th. Finally, Piper Sandler reduced their price objective on Cactus from $55.00 to $54.00 and set a neutral rating on the stock in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and an average price target of $55.00.

Cactus Stock Up 1.2 %

Shares of NYSE WHD opened at $58.77 on Monday. The firm’s 50 day moving average price is $54.44 and its 200 day moving average price is $50.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.59 and a current ratio of 3.75. The firm has a market cap of $4.68 billion, a P/E ratio of 23.41, a price-to-earnings-growth ratio of 2.25 and a beta of 1.98. Cactus has a 1 year low of $37.58 and a 1 year high of $64.96.

Cactus (NYSE:WHD) last released its earnings results on Wednesday, July 31st. The company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.09. The firm had revenue of $290.39 million for the quarter, compared to the consensus estimate of $276.76 million. Cactus had a return on equity of 21.22% and a net margin of 16.88%. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.84 earnings per share. As a group, sell-side analysts anticipate that Cactus will post 2.91 earnings per share for the current year.

Cactus Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be paid a dividend of $0.13 per share. This is a positive change from Cactus’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Monday, August 26th. This represents a $0.52 annualized dividend and a yield of 0.88%. Cactus’s dividend payout ratio is 19.12%.

Institutional Trading of Cactus

Several hedge funds have recently made changes to their positions in WHD. Envestnet Asset Management Inc. lifted its position in Cactus by 9.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 82,641 shares of the company’s stock valued at $4,358,000 after purchasing an additional 7,231 shares during the last quarter. Vest Financial LLC increased its stake in shares of Cactus by 29.2% in the second quarter. Vest Financial LLC now owns 22,571 shares of the company’s stock valued at $1,190,000 after purchasing an additional 5,104 shares during the period. Chesapeake Capital Corp IL bought a new stake in shares of Cactus during the second quarter valued at approximately $842,000. Norden Group LLC raised its holdings in shares of Cactus by 28.1% during the second quarter. Norden Group LLC now owns 16,624 shares of the company’s stock valued at $877,000 after buying an additional 3,646 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Cactus by 3.3% during the second quarter. Arizona State Retirement System now owns 18,341 shares of the company’s stock worth $967,000 after buying an additional 585 shares during the period. 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.