Cactus Expects US Land Rig Count To Remain Stable In Q4 From Today's Levels
Portfolio Pulse from Benzinga Newsdesk
Cactus expects the US land rig count to remain stable in Q4. Despite a subdued outlook for US land drilling, Cactus continues to generate strong returns and free cash flow. The company incurred non-routine expenses in Q3 due to a growth opportunity that is no longer being pursued.
October 30, 2024 | 9:50 pm
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Cactus (WHD) expects stable US land rig count in Q4. Despite a subdued drilling outlook, the company continues to generate strong returns and free cash flow. Non-routine expenses in Q3 were due to a growth opportunity that is no longer pursued.
The news indicates that Cactus expects stability in the US land rig count, which suggests no immediate negative impact on operations. The company's strong returns and free cash flow are positive indicators. However, the abandonment of a growth opportunity and non-routine expenses could offset some positive sentiment, leading to a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100