Lord Abbett & CO. LLC Has $4.29 Million Position in Liberty Energy Inc. (NYSE:LBRT)

Key Points

• Lord Abbett & CO. LLC significantly reduced its holdings in Liberty Energy Inc. by 72.1%, leaving it with approximately $4.29 million worth of shares after selling 698,452 shares.
• Despite the reduction by Lord Abbett, other institutional investors like Russell Investments Group Ltd. and Public Sector Pension Investment Board increased their stakes by 37.7% and 26.1%, respectively, highlighting ongoing interest in Liberty Energy.
• Liberty Energy's most recent earnings report showed a decrease in revenue of 10.1% year-over-year, and the company anticipates earnings per share of 0.58 for the current fiscal year.

Lord Abbett & CO. LLC reduced its holdings in Liberty Energy Inc. (NYSE:LBRT - Free Report) by 72.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 270,834 shares of the company's stock after selling 698,452 shares during the period. Lord Abbett & CO. LLC owned approximately 0.17% of Liberty Energy worth $4,287,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Russell Investments Group Ltd. lifted its holdings in Liberty Energy by 37.7% in the first quarter. Russell Investments Group Ltd. now owns 231,722 shares of the company's stock valued at $3,668,000 after buying an additional 63,461 shares during the period. Public Sector Pension Investment Board lifted its holdings in Liberty Energy by 26.1% in the first quarter. Public Sector Pension Investment Board now owns 513,534 shares of the company's stock valued at $8,129,000 after buying an additional 106,352 shares during the period. Nuveen LLC acquired a new position in Liberty Energy in the first quarter valued at approximately $7,743,000. Cooper Financial Group lifted its holdings in Liberty Energy by 10.9% in the first quarter. Cooper Financial Group now owns 11,641 shares of the company's stock valued at $184,000 after buying an additional 1,145 shares during the period. Finally, Benjamin Edwards Inc. lifted its holdings in Liberty Energy by 11.8% in the first quarter. Benjamin Edwards Inc. now owns 47,462 shares of the company's stock valued at $751,000 after buying an additional 4,991 shares during the period. 98.22% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on LBRT shares. Cowen restated a "hold" rating on shares of Liberty Energy in a report on Monday, April 21st. Barclays lowered their target price on shares of Liberty Energy from $16.00 to $14.00 and set an "overweight" rating for the company in a research note on Tuesday, July 29th. Citigroup lowered their target price on shares of Liberty Energy from $16.00 to $13.50 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd. Wells Fargo & Company upped their target price on shares of Liberty Energy from $11.00 to $12.00 and gave the company an "equal weight" rating in a research note on Thursday, June 5th. Finally, TD Cowen upped their target price on shares of Liberty Energy from $10.00 to $13.00 and gave the company a "hold" rating in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, three have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $15.05.

Liberty Energy Stock Down 2.4%

Shares of LBRT stock opened at $10.97 on Friday. The firm has a fifty day moving average of $12.13 and a 200-day moving average of $13.34. 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 Inc. has a 12-month low of $9.50 and a 12-month high of $23.58. The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of 8.44 and a beta of 0.67.

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

Liberty Energy Announces Dividend

The firm 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. The ex-dividend date is Thursday, September 4th. This represents a $0.32 annualized dividend and a yield of 2.9%. Liberty Energy's dividend payout ratio is presently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.