Lord Abbett & CO. LLC Has $4.29 Million Holdings in Liberty Energy Inc. $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 lowered its stake in Liberty Energy Inc. (NYSE:LBRT - Free Report) by 72.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 270,834 shares of the company's stock after selling 698,452 shares during the quarter. Lord Abbett & CO. LLC owned about 0.17% of Liberty Energy worth $4,287,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its position in shares of Liberty Energy by 45.3% in the first quarter. PNC Financial Services Group Inc. now owns 4,465 shares of the company's stock worth $71,000 after purchasing an additional 1,392 shares in the last quarter. Pekin Hardy Strauss Inc. bought a new stake in shares of Liberty Energy in the first quarter worth $161,000. Sowell Financial Services LLC bought a new stake in shares of Liberty Energy in the first quarter worth $162,000. Cerity Partners LLC bought a new stake in shares of Liberty Energy in the fourth quarter worth $214,000. Finally, Syon Capital LLC bought a new stake in shares of Liberty Energy in the fourth quarter worth $230,000. Institutional investors own 98.22% of the company's stock.

Liberty Energy Stock Performance

Shares of NYSE:LBRT traded up $0.6950 on Friday, hitting $11.3150. The company had a trading volume of 1,052,124 shares, compared to its average volume of 3,408,148. Liberty Energy Inc. has a 1-year low of $9.50 and a 1-year high of $23.58. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 8.71 and a beta of 0.67. The stock has a 50 day moving average price of $11.96 and a 200 day moving average price of $13.16. The company has a current ratio of 1.16, a quick ratio of 0.91 and a debt-to-equity ratio of 0.18.

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

Liberty Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be paid a $0.08 dividend. The ex-dividend date is Thursday, September 4th. This represents a $0.32 annualized dividend and a dividend yield of 2.8%. Liberty Energy's dividend payout ratio is 24.62%.

Analyst Ratings Changes

A number of brokerages have recently commented on LBRT. Barclays cut their price objective on shares of Liberty Energy from $16.00 to $14.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 29th. Piper Sandler cut their price objective on shares of Liberty Energy from $14.00 to $13.00 and set a "neutral" rating on the stock in a research report on Thursday, August 14th. JPMorgan Chase & Co. cut their price objective on shares of Liberty Energy from $16.00 to $13.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Wells Fargo & Company boosted their price objective on shares of Liberty Energy from $11.00 to $12.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 5th. Finally, Wall Street Zen downgraded shares of Liberty Energy from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Three research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, Liberty Energy has a consensus rating of "Moderate Buy" and a consensus price target of $15.05.

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.