Cactus Announces $150 Million Stock Repurchase Program
07 Junho 2023 - 9:00PM
Business Wire
Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today
announced that the board of directors of the Company has authorized
the Company to repurchase shares of its Class A common stock, par
value $0.01 per share (“Common Shares”), for an aggregate purchase
price of up to $150 million in open market transactions or block
trades, in privately negotiated transactions, through the use of
trading plans or any other method permitted under U.S. securities
laws, rules and regulations. The Company intends to utilize Rule
10b-18 and one or more Rule 10b5-1 trading plans in connection with
the repurchases.
Scott Bender, President and CEO of Cactus, commented, “I am very
pleased to announce the approval of our inaugural repurchase
authorization. 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.
We intend to continue to invest in attractive organic growth
opportunities, pay down debt, evaluate attractive M&A
opportunities and maintain a sustainable dividend while executing
repurchases under this authorization.”
The repurchase program does not obligate the Company to purchase
any particular amount of shares, and the repurchase program may be
suspended or discontinued at any time at the Company’s discretion.
Repurchases will be made on a discretionary basis at times and in
amounts as determined by management. Repurchases will be based on a
variety of factors, such as economic and market conditions,
available cash, applicable legal requirements and other
factors.
Forward-Looking Statements
Certain statements contained herein constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including forward-looking statements regarding
the stock repurchase program. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which
are outside of Cactus’ control, that could cause actual results to
differ materially from the results discussed in the forward-looking
statements.
Forward-looking statements can be identified by the use of
forward-looking terminology including “may,” “believe,” “expect,”
“intend,” “anticipate,” “plan,” “should,” “estimate,” “continue,”
“potential,” “will,” “hope” or other similar words and include the
Company’s expectation of future performance. These statements
discuss future expectations, contain projections of results of
operations or of financial condition, or state other
“forward-looking” information. You are cautioned not to place undue
reliance on any forward-looking statements, which can be affected
by assumptions used or by risks or uncertainties. Consequently, no
forward-looking statements can be guaranteed. When considering
these forward-looking statements, you should keep in mind the risk
factors and other factors noted in the Company’s Annual Report on
Form 10-K, any Quarterly Reports on Form 10-Q and the other
documents that the Company files with the Securities and Exchange
Commission. The risk factors and other factors noted therein could
cause actual results to differ materially from those contained in
any forward-looking statement. Cactus disclaims any duty to update
and does not intend to update any forward-looking statements, all
of which are expressly qualified by the statements in this section,
to reflect events or circumstances after the date of this press
release.
About Cactus, Inc.
Cactus designs, manufactures, sells or rents a range of highly
engineered pressure control and spoolable pipe technologies. Its
products are sold and rented principally for onshore unconventional
oil and gas wells and are utilized during the drilling, completion
and production phases of its customers’ wells. In addition, it
provides field services for its products and rental items to assist
with the installation, maintenance and handling of the equipment.
Cactus operates service centers throughout North America and
Australia, while also providing equipment and services in select
international markets.
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version on businesswire.com: https://www.businesswire.com/news/home/20230607005883/en/
Alan Boyd, 713-904-4669 Director of Corporate Development and
Investor Relations IR@CactusWHD.com
Cactus (NYSE:WHD)
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