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Cactus reduces U.S. associate headcount by ~30%, implements salary reductions » 16:12
04/03/20
04/03
16:12
04/03/20
16:12
WHD

Cactus

$11.51 /

-1.04 (-8.29%)

Cactus announced that as…

Cactus announced that as part of the company's comprehensive response to the weakened macroeconomic environment, Cactus reduced its total U.S. associate headcount by approximately 30% effective April 1 in anticipation of the activity declines expected by early in Q2. Cactus also implemented large-scale salary reductions for its workforce beginning in March, inclusive of a 50% reduction to the CEO's base salary, and salary reductions ranging from 25%-50% for its other named executive officers. Board member remuneration has also been reduced by 25%. As a result of the cost rationalization efforts, Cactus will record approximately $1M in non-routine charges primarily related to severance benefits as of March 31. These salary and headcount reductions are estimated to result in approximately $35M of annualized cost savings, $5M of which are associated with selling, general and administrative expenses. In light of the recent macroeconomic events, Cactus has also withdrawn its full year net capital expenditure guidance for 2020. Net capital expenditures are now expected to be in the range of $20M-$30M in 2020, representing a reduction of more than 50% from 2019's level. A majority of this spend will be allocated to the first half of the year. The company's cash balance rose to approximately $230M as of March 31, and its $75M revolver remains fully available.

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Over a week ago
Upgrade
Cactus upgraded to Outperform from Peer Perform at Wolfe Research » 10:01
03/19/20
03/19
10:01
03/19/20
10:01
WHD

Cactus

$8.48 /

+0.07 (+0.83%)

Wolfe Research analyst…

Wolfe Research analyst Blake Gendron upgraded Cactus to Outperform from Peer Perform.

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Downgrade
Citi downgrades nine oilfield services names 'until dust settles' in oil market » 13:06
03/09/20
03/09
13:06
03/09/20
13:06
HAL

Halliburton

$8.23 /

-4.835 (-37.02%)

, SLB

Schlumberger

$16.90 /

-6.95 (-29.14%)

, NOV

National Oilwell

$11.81 /

-3.87 (-24.68%)

, WHD

Cactus

$15.47 /

-7.29 (-32.03%)

, LBRT

Liberty Oilfield Services

$3.73 /

-0.93 (-19.96%)

, NEX

NexTier Oilfield

$2.08 /

-1.35 (-39.36%)

, NINE

Nine Energy Service

$1.52 /

-0.65 (-29.95%)

, SOI

Solaris Oilfield

$7.98 /

-1.75 (-17.99%)

, WTTR

Select Energy Services

$4.40 /

-0.98 (-18.22%)

, BKR

Baker Hughes

$12.44 /

-3.65 (-22.68%)

, GTLS

Chart Industries

$38.02 /

-12.36 (-24.53%)

As previously reported,…

As previously reported, Citi analyst Scott Gruber downgraded Halliburton (HAL), Schlumberger (SLB), National Oilwell (NOV), Cactus (WHD), Liberty Oilfield Services (LBRT), NexTier Oilfield (NEX), Nine Energy Service (NINE), Solaris Oilfield (SOI) and Select Energy Services (WTTR), all to Neutral, as he steps to the sidelines on many oilfield services stock "until the dust settles" with U.S. shale "under siege" and growth now in question abroad as well. He keeps a Buy rating on top pick Baker Hughes (BKR), citing its balance sheet strength, "robust" equipment backlog and more limited U.S. shale exposure. He also keeps a Buy rating on Chart Industries (GTLS), stating that half of its exposure is outside of energy and that the company has a large infrastructure related backlog within energy.

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Downgrade
Cactus downgraded to Neutral from Buy at Citi » 12:32
03/09/20
03/09
12:32
03/09/20
12:32
WHD

Cactus

$15.23 /

-7.53 (-33.08%)

Citi analyst Scott Gruber…

Citi analyst Scott Gruber downgraded Cactus to Neutral from Buy.

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On The Fly
Oil-linked stocks see mass of downgrades on potential 'Energy Armageddon' » 11:23
03/09/20
03/09
11:23
03/09/20
11:23
HAL

Halliburton

$8.50 /

-4.56 (-34.92%)

, SLB

Schlumberger

$17.38 /

-6.47 (-27.13%)

, HP

Helmerich & Payne

$21.96 /

-5.69 (-20.58%)

, HLX

Helix Energy

$3.40 /

-1.75 (-33.98%)

, CLB

Core Laboratories

$16.29 /

-7.54 (-31.64%)

, FET

Forum Energy

$0.37 /

-0.177 (-32.17%)

, WHD

Cactus

$15.07 /

-7.69 (-33.79%)

, AMNA

Alerian Midstream Energy Index

$0.00 /

+ (+0.00%)

, APA

Apache

$12.14 /

-8.555 (-41.34%)

, CHK

Chesapeake

$0.16 /

-0.0578 (-26.59%)

, DVN

Devon Energy

$9.13 /

-4.23 (-31.66%)

, OVV

Ovintiv

$4.09 /

-3.86 (-48.55%)

, EOG

EOG Resources

$39.09 /

-16.2 (-29.30%)

, MRO

Marathon Oil

$4.01 /

-2.815 (-41.25%)

, OXY

Occidental Petroleum

$17.60 /

-7.67 (-30.35%)

, CDEV

Centennial Resource Development

$0.62 /

-0.8912 (-59.02%)

, CPE

Callon Petroleum

$0.44 /

-0.8512 (-65.98%)

, ESTE

Earthstone Energy

$2.03 /

-1.4 (-40.82%)

, FANG

Diamondback Energy

$25.34 /

-23.23 (-47.83%)

, MTDR

Matador

$2.27 /

-4.27 (-65.29%)

, PE

Parsley Energy

$6.39 /

-4.07 (-38.91%)

, PXD

Pioneer Natural

$68.59 /

-36.54 (-34.76%)

, REI

Ring Energy

$0.83 /

-0.2349 (-22.06%)

, ROSE

Rosehill Resources

$0.60 /

-0.2546 (-29.68%)

, WPX

WPX Energy

$3.88 /

-2.61 (-40.22%)

, XEC

Cimarex Energy

$14.45 /

-9.99 (-40.88%)

, CLR

Continental Resources

$8.90 /

-5.95 (-40.07%)

, ERF

Enerplus

$2.65 /

-0.85 (-24.29%)

, NOG

Northern Oil and Gas

$1.01 /

-0.285 (-22.09%)

, WLL

Whiting Petroleum

$0.84 /

-0.4887 (-36.88%)

, MGY

Magnolia Oil & Gas

$4.12 /

-2.14 (-34.19%)

, WTI

W&T Offshore

$1.67 /

-0.325 (-16.29%)

, SM

SM Energy

$1.25 /

-2.575 (-67.41%)

, PDCE

PDC Energy

$8.45 /

-5.64 (-40.03%)

, NBL

Noble Energy

$8.79 /

-4.52 (-33.96%)

, BCEI

Bonanza Creek

$11.70 /

-3.83 (-24.66%)

, AXAS

Abraxas Petroleum

$0.13 /

-0.0205 (-13.67%)

, VET

Vermilion Energy

$5.34 /

-2.395 (-30.96%)

, AM

Antero Midstream

$3.81 /

-0.375 (-8.97%)

, ENLC

EnLink Midstream

$2.18 /

-0.955 (-30.51%)

, ET

Energy Transfer LP

$8.25 /

-1.97 (-19.28%)

, OKE

Oneok

$39.00 /

-22.21 (-36.28%)

, PAA

Plains All American

$8.68 /

-3.32 (-27.67%)

, PAGP

Plains GP Holdings

$8.93 /

-3.26 (-26.74%)

, TELL

Tellurian

$0.90 /

-0.3 (-25.00%)

, TRGP

Targa Resources

$15.99 /

-11.82 (-42.50%)

, BRY

Berry Petroleum

$4.23 /

-1.04 (-19.73%)

, GPOR

Gulfport Energy

$0.58 /

+0.0795 (+15.90%)

, QEP

QEP Resources

$0.63 /

-0.8081 (-56.31%)

Oil exploration and…

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On The Fly
Oil-linked stock downgrades dominate top calls on Wall Street » 10:20
03/09/20
03/09
10:20
03/09/20
10:20
HAL

Halliburton

$7.99 /

-5.07 (-38.82%)

, SLB

Schlumberger

$14.56 /

-9.29 (-38.95%)

, HP

Helmerich & Payne

$19.15 /

-8.5 (-30.74%)

, HLX

Helix Energy

$3.27 /

-1.88 (-36.50%)

, CLB

Core Laboratories

$17.47 /

-6.36 (-26.69%)

, FET

Forum Energy

$0.55 /

+ (+0.00%)

, WHD

Cactus

$17.00 /

-5.76 (-25.31%)

, XEC

Cimarex Energy

$14.00 /

-10.44 (-42.72%)

, WTI

W&T Offshore

$1.43 /

-0.565 (-28.32%)

, SM

SM Energy

$1.52 /

-2.3 (-60.21%)

, ROSE

Rosehill Resources

$0.70 /

-0.1577 (-18.39%)

, PDCE

PDC Energy

$7.26 /

-6.83 (-48.47%)

, NBL

Noble Energy

$8.23 /

-5.08 (-38.17%)

, MTDR

Matador

$2.97 /

-3.575 (-54.66%)

, EOG

EOG Resources

$35.09 /

-20.2 (-36.53%)

, BCEI

Bonanza Creek

$12.20 /

-3.33 (-21.44%)

, AXAS

Abraxas Petroleum

$0.13 /

-0.0238 (-15.87%)

, APA

Apache

$11.58 /

-9.115 (-44.04%)

, OVV

Ovintiv

$4.02 /

-3.93 (-49.43%)

, CPE

Callon Petroleum

$0.60 /

-0.69 (-53.49%)

, VET

Vermilion Energy

$4.39 /

-3.345 (-43.24%)

, TRP

TC Energy

$47.23 /

-6.79 (-12.57%)

, AM

Antero Midstream

$3.35 /

-0.83 (-19.86%)

, ENLC

EnLink Midstream

$2.10 /

-1.03 (-32.91%)

, ET

Energy Transfer LP

$7.50 /

-2.72 (-26.61%)

, OKE

Oneok

$39.14 /

-22.07 (-36.06%)

, PAA

Plains All American

$8.31 /

-3.69 (-30.75%)

, PAGP

Plains GP Holdings

$8.39 /

-3.8 (-31.17%)

, TELL

Tellurian

$0.87 /

-0.3324 (-27.70%)

, TRGP

Targa Resources

$19.92 /

-7.89 (-28.37%)

, BUD

AB InBev

$50.74 /

-3.21 (-5.95%)

, GRUB

GrubHub

$48.04 /

-3.82 (-7.37%)

Check out today's top…

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Downgrade
Cactus downgraded to Underperform from Neutral at BofA » 08:42
03/09/20
03/09
08:42
03/09/20
08:42
WHD

Cactus

$22.76 /

-3.04 (-11.78%)

BofA analyst Chase…

BofA analyst Chase Mulvehill downgraded Cactus to Underperform from Neutral. Over the longer-term he sees Cactus' U.S. shale franchise as one of the eventual winners, but in the near-term there is too much downside risk, the analyst tells investors.

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Over a month ago
Earnings
Cactus reports Q4 adj. EPS 38c, consensus 36c » 20:02
02/26/20
02/26
20:02
02/26/20
20:02
WHD

Cactus

$25.45 /

-0.8 (-3.05%)

Reports Q4 revenue…

Reports Q4 revenue $140.2M, consensus $141.69M. Reports Q4 adj. EBITDA $48.4M vs. $58.8M last year. CEO Scott Bender says: "2019 was a record year for Cactus. Despite a larger than anticipated decline in the overall U.S. onshore rig count during the fourth quarter, our results were generally consistent with our expectations. The overall margin profile of the business remained strong, notwithstanding the typical seasonal slowdown in Field Service due in part to lower completions activity driven by E&P budget exhaustion. The quarter highlighted the Company's ability to generate significant free cash flow, with cash growing by over $35 million during the period, net of nearly $7 million in dividend payments and associated distributions. Looking to the first quarter of 2020, customers have again shown a willingness to quickly increase completion activity following the reset of budgets in January. We currently anticipate that revenue across all our business lines will increase relative to the fourth quarter of 2019. Additionally, the adoption of our new frac innovations has continued to progress during the first quarter. During our time as a public entity, Cactus has demonstrated its ability to perform well in the face of a challenging market environment. Going forward, we believe the capital-light nature of the business will further separate us from our peers, and we expect 2020 to highlight our ability to gain market share at attractive margins and generate substantial free cash flow."

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Over a quarter ago
Recommendations
Stephens releases Best Ideas list for 2020 » 13:04
01/02/20
01/02
13:04
01/02/20
13:04
AAN

Aaron's

$57.32 /

+0.22 (+0.39%)

, AGCO

Agco

$77.64 /

+0.315 (+0.41%)

, AME

Ametek

$99.90 /

+0.16 (+0.16%)

, AVLR

Avalara

$76.70 /

+3.485 (+4.76%)

, WHD

Cactus

$34.13 /

-0.21 (-0.61%)

, ELY

Callaway Golf

$21.36 /

+0.16 (+0.75%)

, KMX

CarMax

$88.33 /

+0.69 (+0.79%)

, TAST

Carrols Restaurant

$7.00 /

-0.08 (-1.13%)

, CI

Cigna

$202.31 /

-2.25 (-1.10%)

, CMP

Compass Minerals

$60.45 /

-0.555 (-0.91%)

, CXO

Concho Resources

$86.25 /

-1.32 (-1.51%)

, CSGP

CoStar Group

$614.56 /

+15.78 (+2.64%)

, HUBG

Hub Group

$52.11 /

+0.82 (+1.60%)

, INGR

Ingredion

$92.52 /

-0.47 (-0.51%)

, NXST

Nexstar

$114.73 /

-2.46 (-2.10%)

, PWR

Quanta Services

$40.63 /

-0.09 (-0.22%)

, RP

RealPage

$54.33 /

+0.57 (+1.06%)

, SNDR

Schneider National

$22.00 /

+0.2 (+0.92%)

, STAA

Staar Surgical

$34.62 /

-0.54 (-1.54%)

, STL

Sterling Bancorp

$21.06 /

-0.04 (-0.19%)

, TCF

TCF Financial

$46.74 /

-0.06 (-0.13%)

, VBTX

Veritex

$29.17 /

+0.06 (+0.21%)

, VG

Vonage

$7.41 /

+0.01 (+0.14%)

, VMC

Vulcan Materials

$142.82 /

-1.13 (-0.78%)

, ZNGA

Zynga

$6.17 /

+0.05 (+0.82%)

, NBHC

National Bank

$36.36 /

+1.15 (+3.27%)

, UMPQ

Umpqua Holdings

$18.03 /

+0.32 (+1.81%)

Before the open, Stephens…

Before the open, Stephens released its annual Best Ideas list, noting, "For 2020, we hope our Best Ideas list outperforms the Russell 2000 and as the case every year, our goal is to drive Alpha-each of our 30 industry teams identifies the one stock they expect to outpace the performance of their industry, the Russell 2000 and the markets in general." The stocks mentioned were Aaron's (AAN), AGCO Corporation (AGCO), AMETEK (AME), Avalara (AVLR), Cactus (WHD), Callaway Golf (ELY), CarMax (KMX), Carrols Restaurant Group (TAST), Cigna (CI), Compass Minerals (CMP), Concho Resources (CXO), CoStar Group (CSGP), Hub Group (HUBG), Ingredion (INGR), National Bank Holdings (NBHC), Nexstar Media Group (NXST), Quanta Services (PWR), RealPage (RP), Schneider National (SNDR), STAAR Surgical (STAA), Sterling Bancorp (STL), TCF Financial (TCF), Umpqua Holdings (UMPQ), Veritex Holdings (VBTX), Vonage Holdings (VG), Vulcan Materials (VMC), and Zynga (ZNGA).

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Initiation
Cactus initiated with a Peer Perform at Wolfe Research » 09:33
11/21/19
11/21
09:33
11/21/19
09:33
WHD

Cactus

$30.50 /

+0.04 (+0.13%)

Wolfe Research analyst…

Wolfe Research analyst Blake Gendron initiated coverage of Cactus with a Peer Perform rating and $33 price target. The analyst said margin stability in a "lower growth" US shale market, potentially uncertain E&P/frac consolidation trends, and fair valuation keep him on the sidelines.

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