Liberty Energy Inc. (NYSE:LBRT - Free Report) - Investment analysts at Seaport Res Ptn lowered their Q1 2024 earnings per share estimates for shares of Liberty Energy in a research report issued to clients and investors on Tuesday, March 19th. Seaport Res Ptn analyst T. Curran now expects that the company will post earnings of $0.55 per share for the quarter, down from their prior forecast of $0.72. The consensus estimate for Liberty Energy's current full-year earnings is $2.78 per share. Seaport Res Ptn also issued estimates for Liberty Energy's Q2 2024 earnings at $0.62 EPS, Q3 2024 earnings at $0.73 EPS, Q4 2024 earnings at $0.65 EPS and FY2024 earnings at $2.55 EPS.
Liberty Energy (NYSE:LBRT - Get Free Report) last issued its earnings results on Wednesday, January 24th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.57 by ($0.03). The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.08 billion. Liberty Energy had a return on equity of 32.28% and a net margin of 11.72%. The business's revenue was down 12.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.82 earnings per share.
LBRT has been the topic of a number of other research reports. Citigroup lowered their price target on Liberty Energy from $22.00 to $20.00 and set a "neutral" rating on the stock in a report on Thursday, December 14th. Morgan Stanley lifted their price objective on Liberty Energy from $23.00 to $24.00 and gave the company an "equal weight" rating in a research report on Monday, January 29th. Piper Sandler lifted their price objective on Liberty Energy from $27.00 to $28.00 and gave the company an "overweight" rating in a research report on Friday, January 26th. Finally, Wells Fargo & Company reduced their price objective on Liberty Energy from $25.00 to $24.00 and set an "overweight" rating for the company in a research report on Thursday, December 21st. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $23.75.
Read Our Latest Report on LBRT
Liberty Energy Price Performance
Shares of NYSE LBRT traded down $0.38 during mid-day trading on Friday, reaching $20.49. The company had a trading volume of 1,664,985 shares, compared to its average volume of 3,046,010. The company has a current ratio of 1.49, a quick ratio of 1.17 and a debt-to-equity ratio of 0.15. The stock has a market cap of $3.41 billion, a PE ratio of 6.48, a P/E/G ratio of 0.95 and a beta of 1.86. The company has a 50-day moving average price of $20.06 and a two-hundred day moving average price of $19.17. Liberty Energy has a 1-year low of $11.18 and a 1-year high of $22.16.
Liberty Energy Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were given a $0.07 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.37%. Liberty Energy's dividend payout ratio is currently 8.86%.
Insider Buying and Selling
In related news, insider R Sean Elliott sold 20,000 shares of the business's stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $20.50, for a total transaction of $410,000.00. Following the completion of the transaction, the insider now owns 218,530 shares of the company's stock, valued at approximately $4,479,865. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Ryan T. Gosney sold 6,000 shares of the business's stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $20.50, for a total transaction of $123,000.00. Following the transaction, the chief accounting officer now directly owns 140,706 shares in the company, valued at $2,884,473. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Sean Elliott sold 20,000 shares of the business's stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $20.50, for a total value of $410,000.00. Following the transaction, the insider now owns 218,530 shares in the company, valued at $4,479,865. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,459 shares of company stock valued at $1,206,891. Insiders own 3.60% of the company's stock.
Hedge Funds Weigh In On Liberty Energy
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. grew its stake in shares of Liberty Energy by 24.7% in the 1st quarter. Advisor Group Holdings Inc. now owns 13,300 shares of the company's stock valued at $194,000 after purchasing an additional 2,637 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Liberty Energy by 129.4% in the 1st quarter. Bank of New York Mellon Corp now owns 2,089,808 shares of the company's stock valued at $30,971,000 after purchasing an additional 1,178,716 shares during the period. HighTower Advisors LLC grew its stake in shares of Liberty Energy by 17.4% in the 1st quarter. HighTower Advisors LLC now owns 17,607 shares of the company's stock valued at $261,000 after purchasing an additional 2,607 shares during the period. Citigroup Inc. grew its stake in shares of Liberty Energy by 775.0% in the 1st quarter. Citigroup Inc. now owns 219,897 shares of the company's stock valued at $3,259,000 after purchasing an additional 194,767 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in shares of Liberty Energy by 106.8% in the 1st quarter. MetLife Investment Management LLC now owns 49,221 shares of the company's stock worth $729,000 after acquiring an additional 25,424 shares in the last quarter. 91.34% of the stock is currently owned by institutional investors.
About Liberty Energy
(
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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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