Royal Bank Of Canada Issues Pessimistic Forecast for Liberty Energy (NYSE:LBRT) Stock Price

Liberty Energy (NYSE:LBRT) had its price objective dropped by equities researchers at Royal Bank Of Canada from $34.00 to $29.00 in a report released on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price target indicates a potential upside of 57.31% from the company’s previous close.

A number of other brokerages also recently commented on LBRT. Weiss Ratings reissued a “hold (c)” rating on shares of Liberty Energy in a report on Friday, May 1st. Piper Sandler set a $34.00 target price on Liberty Energy in a research report on Friday. Zacks Research cut Liberty Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Stifel Nicolaus decreased their price target on shares of Liberty Energy from $37.00 to $36.00 and set a “buy” rating for the company in a research report on Friday. Finally, Morgan Stanley set a $35.00 price target on shares of Liberty Energy in a research note on Wednesday, July 15th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.36.

Liberty Energy Stock Down 6.0%

Shares of LBRT traded down $1.19 during mid-day trading on Friday, reaching $18.43. 2,601,845 shares of the stock traded hands, compared to its average volume of 4,192,623. The stock has a fifty day simple moving average of $27.51 and a 200 day simple moving average of $27.22. Liberty Energy has a 12-month low of $9.90 and a 12-month high of $34.48. The company has a quick ratio of 1.97, a current ratio of 2.21 and a debt-to-equity ratio of 0.75. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 24.85, a P/E/G ratio of 2.05 and a beta of 0.54.

Liberty Energy (NYSE:LBRT) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.09 billion. Liberty Energy had a net margin of 2.92% and a return on equity of 1.13%. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 EPS. Sell-side analysts expect that Liberty Energy will post 0.28 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Chairman William F. Kimble sold 7,350 shares of Liberty Energy stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $33.92, for a total value of $249,312.00. Following the completion of the transaction, the chairman owned 89,805 shares in the company, valued at approximately $3,046,185.60. This trade represents a 7.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Stock sold 19,998 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $33.48, for a total value of $669,533.04. Following the completion of the sale, the chief financial officer owned 800,375 shares of the company’s stock, valued at $26,796,555. This trade represents a 2.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 54,012 shares of company stock worth $1,673,803. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Liberty Energy

Institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Liberty Energy by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 94,205 shares of the company’s stock valued at $1,491,000 after buying an additional 4,095 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Liberty Energy by 1,992.2% during the first quarter. NewEdge Advisors LLC now owns 12,030 shares of the company’s stock valued at $190,000 after purchasing an additional 11,455 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Liberty Energy by 0.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 868,978 shares of the company’s stock worth $13,756,000 after purchasing an additional 4,955 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Liberty Energy by 22.0% in the 1st quarter. Intech Investment Management LLC now owns 81,446 shares of the company’s stock worth $1,289,000 after purchasing an additional 14,663 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Liberty Energy in the 2nd quarter worth approximately $119,000. 98.22% of the stock is owned by institutional investors and hedge funds.

About Liberty Energy

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. As of as of December 31, 2023, the company owned and operated a fleet of approximately 40 active hydraulic fracturing; and two sand mines in the Permian Basin.