HOUSTON - Cactus, Inc. (NYSE: NYSE:WHD), a provider of engineered pressure control and pipe technologies for the oil and gas industry, announced the appointment of Jay Nutt as Executive Vice President, Chief Financial Officer, and Treasurer, effective June 3, 2024.
Jay Nutt brings a wealth of experience from his previous roles in the financial sector of the energy industry. His tenure includes significant positions at ChampionX Corporation and its predecessor Apergy (NASDAQ:CHX) Corporation, as well as TechnipFMC plc and FMC Technologies (NYSE:FTI). Nutt has a history of financial leadership, having served as Senior Vice President and Controller, Vice President, Controller, and Treasurer, among other roles, demonstrating his capability in managing financial operations across various business units.
Scott Bender, CEO and Chairman of the Board at Cactus, expressed enthusiasm for Nutt's appointment, citing his proven track record and experience in guiding companies through periods of growth and change. Bender also took the opportunity to thank Al Keifer for his service as Interim CFO and wished him well on his return to retirement.
Cactus, known for its specialized products and services used in the drilling, completion, and production phases of onshore unconventional oil and gas wells, operates service centers across North America and Australia, with a presence in select international markets.
InvestingPro Insights
As Cactus, Inc. (NYSE: WHD) welcomes Jay Nutt into its executive team, the company's financial health and strategic market position remain pivotal for investors. With a market cap of approximately $4.05 billion and a revenue growth of 48.23% over the last twelve months as of Q1 2024, Cactus demonstrates a robust financial trajectory.
InvestingPro Tips highlight that Cactus holds more cash than debt on its balance sheet, a reassuring sign of financial stability. Moreover, the company has a track record of raising its dividend for 5 consecutive years, reflecting a commitment to shareholder returns. These aspects are particularly noteworthy as Nutt takes the financial helm, potentially signaling continued fiscal prudence and investor-friendly policies.
With a PEG Ratio of 0.99 as of the last twelve months leading up to Q1 2024, Cactus's stock is trading at a level that suggests a balance between its price and expected earnings growth, which may be an attractive point for investors considering the company's future prospects.
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