Liberty Energy (NYSE:LBRT) Shares Down 6.5% – Here’s What Happened

Liberty Energy Inc. (NYSE:LBRT) shares traded down 6.5% on Monday . The company traded as low as $12.14 and last traded at $12.13. 1,602,911 shares were traded during trading, a decline of 43% from the average session volume of 2,818,006 shares. The stock had previously closed at $12.98.

Analysts Set New Price Targets

Several analysts recently weighed in on LBRT shares. Citigroup reduced their price objective on shares of Liberty Energy from $16.00 to $13.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd. Stifel Nicolaus reduced their price objective on shares of Liberty Energy from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Barclays lowered their target price on shares of Liberty Energy from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Cowen reaffirmed a “hold” rating on shares of Liberty Energy in a research report on Monday, April 21st. Finally, JPMorgan Chase & Co. decreased their price target on Liberty Energy from $16.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, May 28th. Eight research analysts have rated the stock with a hold rating, four have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.23.

Liberty Energy Trading Down 7.6%

The firm has a market cap of $1.94 billion, a PE ratio of 7.94 and a beta of 0.68. The firm has a fifty day simple moving average of $12.16 and a two-hundred day simple moving average of $15.62. The company has a current ratio of 1.20, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21.

Liberty Energy (NYSE:LBRT) last released its quarterly earnings results on Wednesday, April 16th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. Liberty Energy had a net margin of 6.03% and a return on equity of 10.30%. The business had revenue of $977.46 million for the quarter, compared to analysts’ expectations of $960.64 million. During the same quarter in the previous year, the business posted $0.48 earnings per share. Equities analysts forecast that Liberty Energy Inc. will post 0.58 EPS for the current year.

Liberty Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.32 annualized dividend and a yield of 2.67%. Liberty Energy’s payout ratio is 21.19%.

Institutional Investors Weigh In On Liberty Energy

Hedge funds have recently made changes to their positions in the company. CIBC Private Wealth Group LLC grew its holdings in Liberty Energy by 257.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,197 shares of the company’s stock worth $47,000 after purchasing an additional 1,583 shares during the period. Blue Trust Inc. grew its stake in shares of Liberty Energy by 604.9% in the 4th quarter. Blue Trust Inc. now owns 2,460 shares of the company’s stock worth $47,000 after buying an additional 2,111 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in Liberty Energy during the 1st quarter valued at approximately $50,000. Smartleaf Asset Management LLC raised its stake in Liberty Energy by 176.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,423 shares of the company’s stock valued at $67,000 after buying an additional 2,184 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in 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 acquiring an additional 1,392 shares in the last quarter. 98.22% of the stock is currently owned by institutional investors.

About Liberty Energy

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.