Allspring Global Investments Holdings LLC Sells 60,889 Shares of Liberty Energy Inc. $LBRT

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in Liberty Energy Inc. by 3.0%, selling 60,889 shares, and now holds approximately 1.23% of the company valued at $23.8 million.
• Liberty Energy reported disappointing quarterly results, missing earnings expectations with an EPS of ($0.06) compared to the consensus estimate of ($0.01) and a year-over-year revenue decline of 16.8%.
• The company has announced an increase in its quarterly dividend, raising it from $0.08 to $0.09 per share, resulting in an annualized dividend yield of 3.0% for shareholders of record.

Allspring Global Investments Holdings LLC trimmed its position in Liberty Energy Inc. (NYSE:LBRT - Free Report) by 3.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,993,726 shares of the company's stock after selling 60,889 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.23% of Liberty Energy worth $23,785,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of LBRT. GAMMA Investing LLC raised its holdings in shares of Liberty Energy by 1,279.1% in the 1st quarter. GAMMA Investing LLC now owns 17,983 shares of the company's stock valued at $285,000 after purchasing an additional 16,679 shares during the period. Yousif Capital Management LLC raised its holdings in shares of Liberty Energy by 1.5% in the 1st quarter. Yousif Capital Management LLC now owns 62,536 shares of the company's stock valued at $990,000 after purchasing an additional 914 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Liberty Energy in the 1st quarter valued at about $761,000. Sowell Financial Services LLC bought a new stake in shares of Liberty Energy in the 1st quarter valued at about $162,000. Finally, CWA Asset Management Group LLC raised its holdings in shares of Liberty Energy by 38.3% in the 1st quarter. CWA Asset Management Group LLC now owns 32,196 shares of the company's stock valued at $510,000 after purchasing an additional 8,909 shares during the period. 98.22% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on LBRT shares. Piper Sandler dropped their target price on shares of Liberty Energy from $14.00 to $13.00 and set a "neutral" rating on the stock in a report on Thursday, August 14th. Wall Street Zen raised shares of Liberty Energy from a "sell" rating to a "hold" rating in a report on Saturday, October 11th. Barclays reaffirmed an "equal weight" rating and issued a $12.00 target price (down from $14.00) on shares of Liberty Energy in a report on Monday. Stifel Nicolaus decreased their price target on shares of Liberty Energy from $20.00 to $19.00 and set a "buy" rating on the stock in a research note on Monday, July 28th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Liberty Energy in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, Liberty Energy currently has a consensus rating of "Hold" and an average target price of $14.85.

Liberty Energy Stock Down 3.0%

Shares of LBRT opened at $11.97 on Friday. Liberty Energy Inc. has a 52 week low of $9.50 and a 52 week high of $23.58. The firm has a market cap of $1.94 billion, a P/E ratio of 9.21 and a beta of 0.74. The firm's 50-day simple moving average is $11.53 and its 200 day simple moving average is $11.89. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.91 and a current ratio of 1.16.

Liberty Energy (NYSE:LBRT - Get Free Report) last announced its earnings results on Thursday, October 16th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.05). Liberty Energy had a return on equity of 6.01% and a net margin of 5.29%.The business had revenue of $947.40 million for the quarter, compared to analyst estimates of $967.05 million. During the same quarter in the previous year, the company earned $0.45 EPS. The business's revenue for the quarter was down 16.8% on a year-over-year basis. On average, analysts forecast that Liberty Energy Inc. will post 0.58 earnings per share for the current year.

Liberty Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Thursday, December 4th. This is a boost from Liberty Energy's previous quarterly dividend of $0.08. Liberty Energy's dividend payout ratio (DPR) is currently 24.62%.

Liberty Energy 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.

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