Cactus climbs on share buyback, Q2 outlook

Cactus

08/06/2023 16:44

** Shares of oilfield equipment maker Cactus Inc  WHD.N 
climb 9.8% to $41.23; shares on track of their best day since
March 2022
    ** WHD authorizes $150 mln share repurchase program
    ** Expects Q2 pressure control revenue to be flat to
slightly up versus Q1 due to better-than-expected customer
activity relative to rig declines
    ** Cactus previously guided Q2 pressure control revenue to
be down in the low-single-digits percentage wise versus the $195
mln reported in Q1
    ** WHD expects Q2 2023 U.S. onshore rig count will be about
650 as rig drops are expected to continue through mid-year
    ** WHD has fallen 18% so far this year

 (Reporting by Arunima Kumar)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))