Cactus Shares Jump 10% on Initial Buyback Program >WHD

By Colin Kellaher

Cactus shares rose sharply Thursday after the maker of wellhead and pressure-control equipment unveiled plans to buy back up to $150 million in stock.

Shares of the Houston company were recently changing hands at $41.10, up 10%.

Cactus, which sports a market capitalization of roughly $3 billion, said it plans to continue to invest in organic growth opportunities, pay down debt, evaluate merger-and-acquisition opportunities and maintain a sustainable dividend while buying back shares under its first repurchase authorization.

Write to Colin Kellaher at [email protected]

The Heartland Value Plus fund identifies under-the-radar companies, focusing on quality and dividends.

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