Vestcor Inc Has $993,000 Stock Holdings in Liberty Energy Inc. (NYSE:LBRT)

Key Points

• Vestcor Inc increased its stake in Liberty Energy Inc. by 393.8% in the first quarter, now owning 62,698 shares valued at approximately $993,000.
• Liberty Energy reported a quarterly earnings miss with $0.12 earnings per share, falling short of the consensus estimate of $0.14, and saw a 10.1% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.08 per share, with a payment date set for September 18th, leading to an annualized dividend yield of 2.8%.

Vestcor Inc grew its holdings in Liberty Energy Inc. (NYSE:LBRT - Free Report) by 393.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 62,698 shares of the company's stock after acquiring an additional 50,000 shares during the quarter. Vestcor Inc's holdings in Liberty Energy were worth $993,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in LBRT. CIBC Private Wealth Group LLC lifted its position in Liberty Energy by 257.8% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,197 shares of the company's stock worth $47,000 after acquiring an additional 1,583 shares during the period. Pekin Hardy Strauss Inc. acquired a new stake in shares of Liberty Energy in the 1st quarter valued at approximately $161,000. Sowell Financial Services LLC acquired a new stake in shares of Liberty Energy in the 1st quarter valued at approximately $162,000. Personal CFO Solutions LLC acquired a new stake in shares of Liberty Energy in the 1st quarter valued at approximately $191,000. Finally, First Citizens Bank & Trust Co. acquired a new stake in shares of Liberty Energy in the 1st quarter valued at approximately $197,000. Hedge funds and other institutional investors own 98.22% of the company's stock.

Liberty Energy Stock Performance

Shares of NYSE:LBRT traded up $0.07 during trading on Monday, hitting $11.68. 2,929,023 shares of the company traded hands, compared to its average volume of 4,791,891. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 8.99 and a beta of 0.67. The business's fifty day moving average is $12.27 and its 200-day moving average is $13.94. Liberty Energy Inc. has a one year low of $9.50 and a one year high of $23.58. The company has a quick ratio of 0.91, a current ratio of 1.16 and a debt-to-equity ratio of 0.18.

Liberty Energy (NYSE:LBRT - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.02). The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Liberty Energy had a return on equity of 6.01% and a net margin of 5.29%. The business's revenue for the quarter was down 10.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.64 EPS. As a group, equities analysts predict that Liberty Energy Inc. will post 0.58 earnings per share for the current fiscal year.

Liberty Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Thursday, September 4th. Liberty Energy's payout ratio is presently 24.62%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on LBRT shares. Barclays reduced their price target on Liberty Energy from $16.00 to $14.00 and set an "overweight" rating for the company in a report on Tuesday, July 29th. Stifel Nicolaus reduced their price objective on Liberty Energy from $20.00 to $19.00 and set a "buy" rating for the company in a report on Monday, July 28th. Wells Fargo & Company lifted their price objective on Liberty Energy from $11.00 to $12.00 and gave the stock an "equal weight" rating in a report on Thursday, June 5th. Wall Street Zen cut Liberty Energy from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Finally, Morgan Stanley reduced their price objective on Liberty Energy from $25.00 to $20.00 and set an "overweight" rating for the company in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, three have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $15.15.

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.