Liberty Energy (NYSE:LBRT) Given New $29.00 Price Target at Piper Sandler

Key Points

• Piper Sandler lowered Liberty Energy’s price target to $29 from $30 while maintaining an “overweight” rating, implying 74.46% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $27.12; eight analysts rate the stock Buy and six rate it Hold.
• Liberty Energy beat quarterly earnings expectations, reporting $0.09 in EPS versus $0.08 expected and $1.19 billion in revenue, up 14% year over year.

Liberty Energy (NYSE:LBRT - Get Free Report) had its target price dropped by stock analysts at Piper Sandler from $30.00 to $29.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's price target points to a potential upside of 74.46% from the company's previous close.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Liberty Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. The Goldman Sachs Group set a $23.00 target price on Liberty Energy in a report on Friday, August 7th. Morgan Stanley lowered their target price on Liberty Energy from $30.00 to $28.00 and set an "overweight" rating for the company in a report on Wednesday. Weiss Ratings raised Liberty Energy from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, October 8th. Finally, Scotiabank began coverage on Liberty Energy in a research note on Tuesday, September 29th. They issued a "sector perform" rating and a $19.00 price target on the stock. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Liberty Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $27.12.

Liberty Energy Stock Performance

Shares of LBRT opened at $16.62 on Monday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.75 and a current ratio of 1.99. Liberty Energy has a twelve month low of $11.52 and a twelve month high of $34.48. The firm's 50 day moving average price is $19.58 and its two-hundred day moving average price is $24.61. The firm has a market cap of $2.71 billion, a P/E ratio of 22.46, a PEG ratio of 2.80 and a beta of 0.71.

Liberty Energy (NYSE:LBRT - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. Liberty Energy had a net margin of 2.92% and a return on equity of 1.14%. The company had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.09 billion. During the same quarter in the prior year, the company earned $0.12 earnings per share. The business's quarterly revenue was up 14.0% compared to the same quarter last year. On average, analysts forecast that Liberty Energy will post 0.30 EPS for the current fiscal year.

Insider Buying and Selling at Liberty Energy

In other Liberty Energy news, Director Arjun Murti bought 14,053 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The stock was acquired at an average price of $17.79 per share, with a total value of $250,002.87. Following the completion of the transaction, the director owned 41,621 shares in the company, valued at approximately $740,437.59. This trade represents a 50.98% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Stock sold 6,666 shares of Liberty Energy stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $19.84, for a total transaction of $132,253.44. Following the completion of the sale, the chief financial officer owned 760,379 shares in the company, valued at $15,085,919.36. The trade was a 0.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 16,665 shares of company stock valued at $319,301 in the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Liberty Energy

A number of hedge funds and other institutional investors have recently modified their holdings of LBRT. Root Financial Partners LLC boosted its position in Liberty Energy by 79.6% during the first quarter. Root Financial Partners LLC now owns 914 shares of the company's stock valued at $26,000 after purchasing an additional 405 shares during the last quarter. Valued Wealth Advisors LLC bought a new position in Liberty Energy in the first quarter valued at approximately $26,000. Summit Securities Group LLC bought a new position in Liberty Energy in the first quarter valued at approximately $28,000. GHP Investment Advisors Inc. acquired a new position in shares of Liberty Energy during the 1st quarter worth approximately $39,000. Finally, Fortitude Family Office LLC increased its position in shares of Liberty Energy by 1,397.1% during the 3rd quarter. Fortitude Family Office LLC now owns 3,129 shares of the company's stock worth $57,000 after purchasing an additional 2,920 shares during the last quarter. Institutional investors and hedge funds own 98.22% of the company's stock.

Liberty Energy Company Profile

Liberty Energy Inc is an oilfield services company that provides hydraulic fracturing and related completion services to exploration and production companies. Its operations support the development of unconventional oil and natural gas wells, primarily in North America.

The company's services and technologies include pressure pumping, well stimulation, wireline services, proppant and logistics solutions, and digital tools designed to improve completion performance and operational efficiency.

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