Covestor Ltd Acquires 838 Shares of Liberty Energy Inc. (NYSE:LBRT)

Covestor Ltd grew its holdings in Liberty Energy Inc. (NYSE:LBRT) by 96.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,704 shares of the company’s stock after buying an additional 838 shares during the quarter. Covestor Ltd’s holdings in Liberty Energy were worth $33,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Russell Investments Group Ltd. grew its stake in Liberty Energy by 114.2% during the first quarter. Russell Investments Group Ltd. now owns 174,265 shares of the company’s stock valued at $3,611,000 after acquiring an additional 92,923 shares in the last quarter. Edgestream Partners L.P. purchased a new position in Liberty Energy during the first quarter valued at approximately $690,000. BOKF NA purchased a new position in Liberty Energy during the first quarter valued at approximately $1,490,000. The Manufacturers Life Insurance Company grew its stake in Liberty Energy by 34.2% during the second quarter. The Manufacturers Life Insurance Company now owns 1,498,921 shares of the company’s stock valued at $31,312,000 after acquiring an additional 381,841 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in Liberty Energy by 571.6% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 35,248 shares of the company’s stock worth $718,000 after buying an additional 30,000 shares in the last quarter. Hedge funds and other institutional investors own 98.22% of the company’s stock.

Insider Activity at Liberty Energy

In related news, CEO Christopher A. Wright sold 20,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $19.91, for a total value of $398,200.00. Following the completion of the transaction, the chief executive officer now directly owns 2,678,813 shares in the company, valued at $53,335,166.83. This trade represents a 0.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael Stock sold 15,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $20.01, for a total transaction of $300,150.00. Following the completion of the transaction, the chief financial officer now owns 750,207 shares of the company’s stock, valued at approximately $15,011,642.07. The trade was a 1.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 99,037 shares of company stock worth $1,911,802 in the last three months. 3.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on LBRT shares. TD Cowen cut their price target on shares of Liberty Energy from $21.00 to $20.00 and set a “hold” rating for the company in a research note on Friday, July 19th. Atb Cap Markets cut shares of Liberty Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 17th. Royal Bank of Canada cut their price target on shares of Liberty Energy from $26.00 to $23.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Evercore ISI raised shares of Liberty Energy to a “strong-buy” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company cut their price target on shares of Liberty Energy from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Liberty Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.89.

Liberty Energy Price Performance

Shares of Liberty Energy stock opened at $16.91 on Friday. Liberty Energy Inc. has a 52-week low of $16.57 and a 52-week high of $24.75. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of 8.05 and a beta of 1.70. The company has a fifty day moving average of $18.93 and a 200-day moving average of $20.64. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.97 and a current ratio of 1.23.

Liberty Energy (NYSE:LBRT) last announced its quarterly earnings data on Wednesday, October 16th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.10). Liberty Energy had a net margin of 8.02% and a return on equity of 18.50%. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the company posted $0.85 EPS. Liberty Energy’s revenue for the quarter was down 6.4% on a year-over-year basis. Equities research analysts expect that Liberty Energy Inc. will post 1.75 EPS for the current year.

Liberty Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a dividend of $0.08 per share. This is a positive change from Liberty Energy’s previous quarterly dividend of $0.07. This represents a $0.32 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend is Friday, December 6th. Liberty Energy’s dividend payout ratio is currently 13.33%.

Liberty Energy Company 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.