Liberty Energy (NYSE:LBRT) Shares Down 4.2% Following Weak Earnings

Liberty Energy Inc. (NYSE:LBRT)’s share price was down 4.2% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $19.86 and last traded at $19.80. Approximately 271,600 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 2,719,748 shares. The stock had previously closed at $20.66.

The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.06). Liberty Energy had a net margin of 8.02% and a return on equity of 18.50%.

Liberty Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.66%. The ex-dividend date is Thursday, March 6th. Liberty Energy’s payout ratio is currently 15.24%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on LBRT shares. TD Cowen cut their target price on Liberty Energy from $18.00 to $16.00 and set a “hold” rating on the stock in a research note on Wednesday, January 8th. Barclays reduced their price target on shares of Liberty Energy from $26.00 to $24.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Citigroup boosted their price target on Liberty Energy from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Atb Cap Markets upgraded Liberty Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, Wells Fargo & Company lowered their price objective on Liberty Energy from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.20.

Insider Buying and Selling

In other Liberty Energy news, CEO Christopher A. Wright sold 12,000 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $17.44, for a total value of $209,280.00. Following the sale, the chief executive officer now owns 2,606,813 shares in the company, valued at $45,462,818.72. This trade represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michael Stock sold 5,000 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $23.00, for a total transaction of $115,000.00. Following the completion of the transaction, the chief financial officer now owns 675,207 shares in the company, valued at approximately $15,529,761. The trade was a 0.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 82,973 shares of company stock worth $1,586,335 over the last three months. 3.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Liberty Energy

Large investors have recently made changes to their positions in the business. FMR LLC raised its position in shares of Liberty Energy by 17.1% in the 3rd quarter. FMR LLC now owns 18,115,282 shares of the company’s stock valued at $345,821,000 after purchasing an additional 2,640,119 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Liberty Energy by 61.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,146,179 shares of the company’s stock valued at $60,061,000 after acquiring an additional 1,193,918 shares during the period. Pacer Advisors Inc. grew its stake in Liberty Energy by 15.9% during the 3rd quarter. Pacer Advisors Inc. now owns 7,012,382 shares of the company’s stock valued at $133,866,000 after purchasing an additional 963,068 shares during the last quarter. Canoe Financial LP lifted its position in Liberty Energy by 20.4% during the third quarter. Canoe Financial LP now owns 4,124,695 shares of the company’s stock valued at $79,408,000 after purchasing an additional 699,500 shares during the period. Finally, Bridgewater Associates LP boosted its stake in shares of Liberty Energy by 285.1% during the 3rd quarter. Bridgewater Associates LP now owns 700,814 shares of the company’s stock worth $13,379,000 after acquiring an additional 518,830 shares in the last quarter. 98.22% of the stock is owned by institutional investors and hedge funds.

Liberty Energy Stock Performance

The firm has a market capitalization of $3.15 billion, a PE ratio of 9.23 and a beta of 1.66. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.97 and a current ratio of 1.23. The firm’s 50 day moving average price is $19.83 and its 200-day moving average price is $19.80.

Liberty Energy Company Profile

Liberty Energy Inc provides hydraulic services and related technologies to onshore oil and natural gas exploration, and production companies in North America. The company offers hydraulic fracturing services, including complementary services, such as wireline services, proppant delivery solutions, field gas processing and treating, compressed natural gas (CNG) delivery, data analytics, related goods comprising sand mine operations, and technologies; and well site fueling and logistics.