Stephen Tadlock, Executive Vice President and CEO of Spoolable Tech at Cactus, Inc. (NYSE:WHD), recently sold 33,500 shares of the company's Class A common stock. The shares were sold at a price of $61.35 each, totaling approximately $2.05 million. Following this transaction, Tadlock retains ownership of 36,357 shares in the company. This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, Cactus Inc . reported steady growth in its Q3 2024 earnings call, with a modest revenue increase and a strategic focus on international expansion and new product development. Despite industry challenges, the company maintained a robust cash balance and approved a quarterly dividend of $0.13 per share. However, a slight revenue decline is projected for Q4 in both major segments, namely Pressure Control and Spoolable Technologies.
The company reported Q3 2024 revenue of $293 million, a sequential increase of 1%, with an adjusted EBITDA of $100 million. The Pressure Control segment saw a minor dip in revenue by 1.1%, while the Spoolable Technologies segment enjoyed a 4.3% increase. However, corporate expenses rose due to professional fees from a halted growth initiative.
Cactus Inc. is focusing on international growth, with expected significant revenue increase from spoolable technologies. The company is also launching new products, including a wellhead system and a frac valve design. However, both major segments are expected to see a mid-single digit revenue decline in Q4. These are some of the recent developments in the company's operations.
InvestingPro Insights
Following Stephen Tadlock's recent sale of Cactus, Inc. (NYSE:WHD) shares, investors might be interested in additional context provided by InvestingPro data and tips. As of the latest available data, Cactus boasts a market capitalization of $4.86 billion, with a price-to-earnings ratio of 21.52, suggesting a moderate valuation relative to earnings.
An InvestingPro Tip highlights that Cactus has raised its dividend for six consecutive years, demonstrating a commitment to shareholder returns. This is particularly noteworthy given the company's dividend yield of 0.85% and a recent dividend growth of 8.33%. For income-focused investors, this trend of consistent dividend increases could be an attractive feature.
Another relevant InvestingPro Tip indicates that Cactus is trading near its 52-week high, with the current price at 94.46% of its peak. This aligns with the company's strong performance, as evidenced by its 36.13% year-to-date price total return and 31.7% one-year price total return.
It's worth noting that InvestingPro offers 11 additional tips for Cactus, providing a more comprehensive analysis for investors seeking deeper insights into the company's financial health and market position.
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