Short Interest in Cactus, Inc. (NYSE:WHD) Drops By 18.6%

Cactus, Inc. (NYSE:WHD) saw a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 4,390,000 shares, a decline of 18.6% from the September 15th total of 5,390,000 shares. Based on an average daily volume of 716,700 shares, the days-to-cover ratio is currently 6.1 days.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on WHD. Piper Sandler decreased their target price on shares of Cactus from $55.00 to $54.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Barclays boosted their target price on shares of Cactus from $56.00 to $61.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Citigroup upped their price objective on shares of Cactus from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, July 10th. Finally, Stifel Nicolaus decreased their price objective on shares of Cactus from $69.00 to $67.00 and set a “buy” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $55.40.

Cactus Price Performance

Cactus stock opened at $62.97 on Monday. The firm has a market cap of $5.01 billion, a PE ratio of 25.09, a price-to-earnings-growth ratio of 2.29 and a beta of 1.95. Cactus has a 52-week low of $37.58 and a 52-week high of $64.96. The company has a quick ratio of 2.59, a current ratio of 3.75 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $59.53 and its two-hundred day moving average is $54.98.

Cactus (NYSE:WHD) last released its earnings results on Wednesday, July 31st. The company reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.09. The company had revenue of $290.39 million for the quarter, compared to analyst estimates of $276.76 million. Cactus had a net margin of 16.88% and a return on equity of 21.22%. The firm’s quarterly revenue was down 5.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.84 EPS. On average, research analysts expect that Cactus will post 3.04 EPS for the current fiscal year.

Cactus Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a dividend of $0.13 per share. The ex-dividend date was Monday, August 26th. This is a positive change from Cactus’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a yield of 0.83%. Cactus’s dividend payout ratio is 20.72%.

Institutional Investors Weigh In On Cactus

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in shares of Cactus by 27.5% in the 1st quarter. GAMMA Investing LLC now owns 1,005 shares of the company’s stock valued at $50,000 after purchasing an additional 217 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Cactus in the 1st quarter valued at approximately $115,000. Covestor Ltd increased its position in shares of Cactus by 251.8% in the 1st quarter. Covestor Ltd now owns 2,508 shares of the company’s stock valued at $126,000 after purchasing an additional 1,795 shares during the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Cactus in the 1st quarter valued at approximately $182,000. Finally, Cim LLC purchased a new stake in shares of Cactus in the 2nd quarter valued at approximately $219,000. 85.11% of the stock is currently owned by institutional investors and hedge funds.

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.