Cactus (WHD) Surpasses Q2 Earnings and Revenue Estimates
Cactus' (WHD) Q2 earnings and revenues top estimates on increased customer drilling activity. This is partially offset by lower contributions from both the segments.
Cactus Inc (WHD) Q2 2024 Earnings Call Transcript
Cactus Inc (NYSE:WHD ) Q2 2024 Results Conference Call August 1, 2024 10:00 AM ET Company Participants Alan Boyd - Director of Corporate Development & Investor Relations Scott Bender - Chief Executive Officer & Chairman of the Board Jay Nutt - Executive Vice President, Chief Financial Officer and Treasurer Stephen Tadlock - EVP and Chief Executive Officer of Spoolable Pipe Conference Call Participants Luke Lemoine - Pipe Sandler David Anderson - Barclays Jeff Lee blank - TPH Amer Jayaram - JP Morgan Securities Scott Gruber - Citigroup Operator Good day, and thank you for standing by. Welcome to the Cactus Quarter 2 2024 Earnings Call.
Cactus, Inc. (WHD) Q2 Earnings and Revenues Surpass Estimates
Cactus, Inc. (WHD) came out with quarterly earnings of $0.81 per share, beating the Zacks Consensus Estimate of $0.70 per share. This compares to earnings of $0.84 per share a year ago.
Factors Likely to Determine the Fate of Cactus (WHD) in Q2 Earnings
Marginally higher contributions from the Pressure Control business unit are likely to have aided Cactus' (WHD) earnings in Q2.
Analysts Estimate Cactus, Inc. (WHD) to Report a Decline in Earnings: What to Look Out for
Cactus (WHD) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Strength Seen in Cactus (WHD): Can Its 5.7% Jump Turn into More Strength?
Cactus (WHD) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.
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Cactus, Inc. (NYSE:WHD) Shares Sold by Amalgamated Bank
Amalgamated Bank reduced its stake in shares of Cactus, Inc. (NYSE:WHD â Free Report) by 4.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,226 shares of the companyâs stock after selling 433 shares during the period. Amalgamated Bankâs holdings in Cactus were worth $419,000 as of its most recent SEC filing. A number of other large investors have also made changes to their positions in the stock. Summit Global Investments boosted its stake in Cactus by 43.7% during the fourth quarter. Summit Global Investments now owns 19,121 shares of the companyâs stock worth $868,000 after buying an additional 5,814 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Cactus by 3.4% in the fourth quarter. Fisher Asset Management LLC now owns 291,188 shares of the companyâs stock valued at $13,220,000 after purchasing an additional 9,622 shares during the period. Victory Capital Management Inc. increased its position in Cactus by 4.0% during the fourth quarter. Victory Capital Management Inc. now owns 568,500 shares of the companyâs stock worth $25,810,000 after purchasing an additional 22,028 shares during the last quarter. Norden Group LLC raised its stake in Cactus by 67.7% during the fourth quarter. Norden Group LLC now owns 9,140 shares of the companyâs stock worth $415,000 after purchasing an additional 3,691 shares during the period. Finally, Islay Capital Management LLC boosted its holdings in Cactus by 17.8% in the 4th quarter. Islay Capital Management LLC now owns 19,969 shares of the companyâs stock valued at $907,000 after purchasing an additional 3,024 shares during the last quarter. 85.11% of the stock is currently owned by hedge funds and other institutional investors. Insider Buying and Selling In other Cactus news, CEO Scott Bender sold 78,000 shares of the firmâs stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $45.79, for a total value of $3,571,620.00. Following the completion of the transaction, the chief executive officer now owns 20 shares of the companyâs stock, valued at approximately $915.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP William D. Marsh sold 2,059 shares of the firmâs stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $51.03, for a total value of $105,070.77. Following the sale, the executive vice president now owns 1,852 shares of the companyâs stock, valued at $94,507.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Scott Bender sold 78,000 shares of Cactus stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $45.79, for a total transaction of $3,571,620.00. Following the completion of the transaction, the chief executive officer now owns 20 shares of the companyâs stock, valued at approximately $915.80. The disclosure for this sale can be found here. Insiders have sold a total of 681,759 shares of company stock valued at $34,599,109 in the last ninety days. Company insiders own 17.71% of the companyâs stock. Wall Street Analysts Forecast Growth Several analysts have recently commented on the stock. Barclays lifted their price target on shares of Cactus from $55.00 to $56.00 and gave the company an âoverweightâ rating in a research report on Monday, May 6th. Bank of America lifted their target price on Cactus from $40.00 to $43.00 and gave the company an âunderperformâ rating in a research report on Monday, April 15th. Finally, Benchmark reiterated a âholdâ rating on shares of Cactus in a report on Monday, May 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of âHoldâ and a consensus target price of $55.14. Get Our Latest Research Report on WHD Cactus Trading Up 1.7 % WHD opened at $51.96 on Monday. Cactus, Inc. has a 52 week low of $31.36 and a 52 week high of $57.00. The company has a quick ratio of 2.17, a current ratio of 3.24 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $50.29 and a 200-day simple moving average of $45.75. The firm has a market cap of $4.13 billion, a P/E ratio of 20.70, a P/E/G ratio of 9.54 and a beta of 1.95. Cactus (NYSE:WHD â Get Free Report) last announced its earnings results on Wednesday, May 1st. The company reported $0.75 EPS for the quarter, beating analystsâ consensus estimates of $0.67 by $0.08. The company had revenue of $274.12 million during the quarter, compared to analystsâ expectations of $270.70 million. Cactus had a return on equity of 22.46% and a net margin of 14.46%. Cactusâs revenue for the quarter was up 20.0% on a year-over-year basis. During the same period last year, the business posted $0.64 EPS. On average, equities analysts expect that Cactus, Inc. will post 2.81 earnings per share for the current year. Cactus Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Tuesday, May 28th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date is Tuesday, May 28th. Cactusâs dividend payout ratio (DPR) is currently 19.12%. About Cactus (Free Report) 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. Read More Five stocks we like better than Cactus How to Read Stock Charts for Beginners MarketBeat Week in Review â 5/13 â 5/17 There Are Different Types of Stock To Invest In Take-Two Interactive Software Offers 2nd Chance for Investors 3 Natural Gas Stocks That Offer Great Dividend Yields Deere & Companyâs Q2 Report: Strong Revenue, Cautious Outlook Want to see what other hedge funds are holding WHD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cactus, Inc. (NYSE:WHD â Free Report).
