Cactus (NYSE:WHD) Given New $78.00 Price Target at Piper Sandler

Cactus (NYSE:WHD) had its target price boosted by investment analysts at Piper Sandler from $75.00 to $78.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler‘s target price would suggest a potential upside of 25.48% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Cactus in a report on Tuesday, September 8th. Stifel Nicolaus lifted their target price on shares of Cactus from $68.00 to $72.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Wall Street Zen downgraded shares of Cactus from a “buy” rating to a “hold” rating in a report on Saturday. Citigroup dropped their price objective on Cactus from $75.00 to $73.00 and set a “neutral” rating for the company in a research note on Wednesday, September 30th. Finally, Barclays boosted their target price on Cactus from $74.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, October 15th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $74.50.

Cactus Stock Performance

WHD stock opened at $62.16 on Tuesday. Cactus has a twelve month low of $39.16 and a twelve month high of $74.07. The business’s fifty day simple moving average is $65.75 and its two-hundred day simple moving average is $58.39. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of 43.17, a PEG ratio of 1.71 and a beta of 1.42. The company has a quick ratio of 1.81, a current ratio of 2.59 and a debt-to-equity ratio of 0.01.

Cactus (NYSE:WHD) last issued its earnings results on Wednesday, October 28th. The company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.19. The business had revenue of $430.89 million for the quarter, compared to analyst estimates of $437.94 million. Cactus had a net margin of 6.69% and a return on equity of 18.24%. The company’s quarterly revenue was up 63.2% compared to the same quarter last year. During the same period last year, the company posted $0.67 earnings per share. Analysts predict that Cactus will post 3.13 earnings per share for the current year.

Insider Transactions at Cactus

In related news, President Joel Bender sold 100,000 shares of the stock in a transaction dated 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 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 SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steven Bender sold 25,000 shares of the business’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $67.65, for a total value of $1,691,250.00. Following the completion of the transaction, the chief executive officer owned 99,241 shares of the company’s stock, valued at $6,713,653.65. This represents a 20.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 225,000 shares of company stock worth $14,925,250. Company insiders own 12.91% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of WHD. Squarepoint Ops LLC increased its position in shares of Cactus by 104.5% during the 2nd quarter. Squarepoint Ops LLC now owns 369,645 shares of the company’s stock valued at $18,937,000 after purchasing an additional 188,864 shares during the last quarter. Energy Income Partners LLC increased its position in shares of Cactus by 48.4% during the first quarter. Energy Income Partners LLC now owns 300,759 shares of the company’s stock worth $14,247,000 after acquiring an additional 98,124 shares during the period. Morningstar Investment Management LLC purchased a new position in Cactus during the 1st quarter worth $949,000. Jennison Associates LLC lifted its holdings in shares of Cactus by 202.3% in the 1st quarter. Jennison Associates LLC now owns 1,713,701 shares of the company’s stock worth $81,178,000 after buying an additional 1,146,766 shares during the period. Finally, Bessemer Group Inc. increased its stake in shares of Cactus by 17.4% during the first quarter. Bessemer Group Inc. now owns 559,901 shares of the company’s stock valued at $26,523,000 after buying an additional 83,080 shares during the period. Hedge funds and other institutional investors own 85.11% of the company’s stock.

About Cactus

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.