Glenmede Trust Co. NA Decreases Stake in Liberty Energy Inc. $LBRT

Key Points

• Glenmede Trust cut its Liberty Energy stake by 49.4% in the first quarter, selling 448,058 shares and retaining 458,762 shares valued at approximately $13.2 million. Institutional investors collectively own 98.22% of LBRT.
• Liberty Energy reported quarterly revenue of $1.19 billion and earnings of $0.09 per share, both exceeding analyst expectations; revenue increased 14% year over year. The company also declared a quarterly dividend of $0.09 per share, yielding about 1.9% annually.
• LBRT shares opened at $18.65, well below their 52-week high of $34.48, while analysts maintain a “Moderate Buy” consensus with an average price target of $31.09. An insider director purchased roughly $250,000 of shares, although insiders sold 54,012 shares worth $1.67 million over the prior quarter.

Glenmede Trust Co. NA lowered its position in shares of Liberty Energy Inc. (NYSE:LBRT - Free Report) by 49.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 458,762 shares of the company's stock after selling 448,058 shares during the quarter. Glenmede Trust Co. NA owned 0.28% of Liberty Energy worth $13,212,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LBRT. Vanguard Group Inc. increased its position in shares of Liberty Energy by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 18,096,443 shares of the company's stock valued at $334,060,000 after acquiring an additional 97,998 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Liberty Energy by 4.9% in the first quarter. Dimensional Fund Advisors LP now owns 9,233,668 shares of the company's stock worth $265,931,000 after purchasing an additional 431,269 shares during the last quarter. Franklin Resources Inc. grew its stake in Liberty Energy by 78.5% in the 3rd quarter. Franklin Resources Inc. now owns 8,575,840 shares of the company's stock valued at $105,826,000 after purchasing an additional 3,771,724 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Liberty Energy by 901.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,431,125 shares of the company's stock valued at $127,616,000 after purchasing an additional 3,988,535 shares during the period. Finally, Millennium Management LLC grew its stake in Liberty Energy by 184.7% in the 4th quarter. Millennium Management LLC now owns 3,287,466 shares of the company's stock valued at $60,687,000 after purchasing an additional 2,132,685 shares during the period. Hedge funds and other institutional investors own 98.22% of the company's stock.

Liberty Energy Stock Performance

NYSE:LBRT opened at $18.65 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.99 and a quick ratio of 1.75. The business has a fifty day simple moving average of $25.69 and a two-hundred day simple moving average of $27.15. Liberty Energy Inc. has a 1 year low of $9.90 and a 1 year high of $34.48. The company has a market capitalization of $3.04 billion, a P/E ratio of 25.20, a P/E/G ratio of 3.57 and a beta of 0.54.

Liberty Energy (NYSE:LBRT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. The firm had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.09 billion. Liberty Energy had a return on equity of 1.14% and a net margin of 2.92%.The business's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 EPS. On average, analysts expect that Liberty Energy Inc. will post 0.25 earnings per share for the current year.

Liberty Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, September 4th. Liberty Energy's payout ratio is currently 48.65%.

Insider Transactions at Liberty Energy

In related news, Chairman William F. Kimble sold 7,350 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $33.92, for a total value of $249,312.00. Following the completion of the transaction, the chairman directly owned 89,805 shares in the company, valued at approximately $3,046,185.60. The trade was a 7.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arjun N. Murti acquired 14,053 shares of Liberty Energy stock in a transaction dated Tuesday, July 28th. The shares were bought at an average cost of $17.79 per share, for a total transaction of $250,002.87. Following the completion of the purchase, the director directly owned 41,621 shares of the company's stock, valued at approximately $740,437.59. The trade was a 50.98% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 54,012 shares of company stock worth $1,673,803 over the last quarter. Corporate insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on LBRT shares. UBS Group reiterated a "buy" rating on shares of Liberty Energy in a research note on Friday, June 26th. Piper Sandler reduced their price target on shares of Liberty Energy from $38.00 to $34.00 and set an "overweight" rating for the company in a research report on Friday, July 24th. Barclays raised their price objective on shares of Liberty Energy from $29.00 to $32.00 and gave the stock an "equal weight" rating in a report on Friday, May 8th. Royal Bank Of Canada lowered their price objective on shares of Liberty Energy from $34.00 to $29.00 and set a "sector perform" rating on the stock in a research report on Friday, July 24th. Finally, Morgan Stanley set a $32.00 target price on shares of Liberty Energy in a research note on Friday, July 24th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $31.09.

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. 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.

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