WHD - Cactus announces $150M stock buyback program

2023-06-08 01:50:38 ET

• Cactus ( WHD ) on Wednesday notifies that the board has authorized the company to repurchase shares of its Class A common stock, par value $0.01 per share for an aggregate purchase price of up to $150 million in open market transactions.
• Scott Bender, President and CEO of Cactus, commented, “This decision reflects our expectation of stronger cash generation from both the Cactus and FlexSteel businesses through industry cycles, which we believe is not considered in our current equity value. As noted in our updated investor presentation released today, we now expect Q2 2023 results in both segments to exceed prior guidance, despite our expectation that the U.S. onshore rig count will end the quarter at approximately 650 rigs."
• YTD, the stock lost 24.4% ; current share repurchase forms 5.4% of its total current market cap .

For further details see: