Cactus (NYSE:WHD) Price Target Raised to $62.00 at Barclays

Cactus (NYSE:WHD) had its target price raised by equities researchers at Barclays from $56.00 to $62.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 16.42% from the stock’s previous close.

A number of other research analysts also recently issued reports on WHD. Zacks Research downgraded shares of Cactus from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cactus in a research note on Monday, December 29th. Citigroup upgraded shares of Cactus from a “neutral” rating to a “buy” rating and upped their target price for the company from $45.00 to $55.00 in a research report on Thursday, December 11th. Finally, Piper Sandler assumed coverage on Cactus in a research report on Tuesday, February 24th. They issued an “overweight” rating and a $73.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.00.

Cactus Trading Down 1.4%

NYSE:WHD traded down $0.75 during trading hours on Monday, hitting $53.26. 60,228 shares of the stock were exchanged, compared to its average volume of 973,495. The company has a market capitalization of $4.25 billion, a P/E ratio of 22.16, a price-to-earnings-growth ratio of 5.53 and a beta of 1.27. The company has a quick ratio of 4.13, a current ratio of 5.81 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $53.29 and its two-hundred day moving average is $45.40. Cactus has a twelve month low of $33.20 and a twelve month high of $59.25.

Cactus (NYSE:WHD) last released its earnings results on Wednesday, February 25th. The company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.07. Cactus had a return on equity of 15.18% and a net margin of 15.39%.The company had revenue of $261.20 million during the quarter, compared to the consensus estimate of $250.60 million. During the same quarter in the previous year, the company posted $0.71 earnings per share. The firm’s quarterly revenue was down 4.0% on a year-over-year basis. On average, sell-side analysts anticipate that Cactus will post 3.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cactus

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WHD. Wellington Management Group LLP increased its holdings in Cactus by 52.8% during the third quarter. Wellington Management Group LLP now owns 3,304,595 shares of the company’s stock worth $130,432,000 after buying an additional 1,141,249 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in Cactus in the 2nd quarter valued at about $30,648,000. Capital International Investors grew its holdings in Cactus by 27.0% during the fourth quarter. Capital International Investors now owns 2,343,731 shares of the company’s stock worth $107,062,000 after purchasing an additional 498,210 shares during the period. Capital Research Global Investors acquired a new position in Cactus during the third quarter worth approximately $19,563,000. Finally, Franklin Resources Inc. raised its stake in Cactus by 559.4% in the fourth quarter. Franklin Resources Inc. now owns 544,998 shares of the company’s stock valued at $24,896,000 after buying an additional 462,345 shares during the period. 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. Its products are sold and rented primarily for onshore unconventional oil and gas wells for drilling, completion, and production phases of the wells.