Cactus Stock Price, News & Analysis

Cactus, Inc. (NYSE: WHD) has successfully completed its acquisition of FlexSteel Holdings, Inc. This strategic move aims to enhance Cactus's position as a leading manufacturer of spoolable pipe technologies. In conjunction with the acquisition, Cactus amended its credit facility to include a $125 million term loan and $225 million in revolving commitments, with $30 million already drawn. CEO Scott Bender expressed optimism about expanding their product offerings and capabilities. Cactus designs and manufactures engineered pressure control and spoolable pipe technologies, primarily for unconventional oil and gas wells across North America and Australia.

Cactus, Inc. (NYSE: WHD) reported strong financial results for Q4 and full year 2022. Revenue reached $187.8 million, with a net income of $40.7 million. The adjusted net income was $43.5 million, translating to an adjusted EPS of $0.57. Cactus maintained a robust net income margin of 21.7% and an adjusted EBITDA of $66.4 million with a margin of 35.4%. The company closed a stock offering for $165.6 million to support the pending acquisition of FlexSteel. A quarterly cash dividend of $0.11 per Class A share was also declared.

Cactus, Inc. (NYSE: WHD) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act regarding its acquisition of FlexSteel Technologies Holdings, Inc. The waiting period ended at 11:59 p.m. EST on February 6, 2023, with no intervention from the Federal Trade Commission or the U.S. Department of Justice. This step was necessary for the transaction to proceed, which is now subject to customary closing conditions expected to finalize in Q1 2023. Cactus specializes in wellhead and pressure control equipment, serving the oil and gas industry in the U.S. and Australia.

Cactus, Inc. (NYSE: WHD) will release its fourth quarter and full year 2022 earnings on February 22, 2023, after market close. A conference call to discuss financial results is scheduled for February 23, 2023, at 9:00 a.m. Central Time. The call will be available via webcast on the company's website. Cactus specializes in designing, manufacturing, and renting wellhead and pressure control equipment primarily for onshore unconventional oil and gas wells, offering services for installation and maintenance. The company operates service centers in the U.S. and Australia and serves international markets.

Cactus, Inc. (NYSE: WHD) has announced a quarterly cash dividend of $0.11 per share of Class A common stock, payable on March 16, 2023. The record date for shareholders is February 27, 2023. Additionally, a distribution of up to $0.11 per CW Unit has been approved for holders of Cactus Wellhead, LLC units. Future dividends are subject to board approval.

Cactus designs and manufactures equipment for the oil and gas industry, primarily for onshore unconventional wells, and provides related field services across the U.S., Australia, and select international markets.

On January 13, 2023, Cactus, Inc. (NYSE: WHD) successfully closed a $150 million follow-on public offering, co-managed by Pickering Energy Partners (PEP). This capital raise is part of PEP's ongoing efforts to support energy sector finance, having deployed over $16 billion across various energy sub-sectors. PEP is recognized for providing extensive services including investment banking, capital markets, and consulting, aiming for long-term value for clients in the energy landscape.

Cactus, Inc. (NYSE: WHD) has announced the pricing of an underwritten offering of 2,803,739 shares of its Class A common stock, totaling approximately $150 million. An additional 420,561 shares may be purchased by underwriters at the public offering price. The offering is set to close on January 13, 2023 and will finance part of Cactus's acquisition of FlexSteel Technologies Holdings, Inc. and its affiliates. J.P. Morgan, BofA, and others are managing the offering under an automatic shelf registration statement.

Cactus, Inc. (NYSE: WHD) announced an underwritten offering of $125 million of Class A common stock. An option for underwriters to purchase up to $18.75 million of additional shares is included. The net proceeds will finance part of the acquisition of FlexSteel Technologies Holdings, Inc.. The offering is made under an automatic shelf registration statement with the SEC and is managed by J.P. Morgan as the sole book-running manager.

Cactus, Inc. (WHD) has announced the acquisition of FlexSteel Technologies Holdings, Inc. for approximately $621 million, expected to be accretive to the company's financial metrics in the first year. This strategic move enhances Cactus' position in the E&P industry by integrating highly engineered spoolable pipe technologies, which promise cost efficiencies and growth potential in emerging markets. FlexSteel reported revenues of about $265 million for the last nine months, and the transaction will be financed through cash and bridge financing.