Royal Bank of Canada Lowers Liberty Energy (NYSE:LBRT) Price Target to $23.00

Liberty Energy (NYSE:LBRT) had its price objective cut by analysts at Royal Bank of Canada from $26.00 to $23.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 29.94% from the company’s current price.

LBRT has been the subject of several other research reports. Bank of America cut their price target on Liberty Energy from $24.00 to $22.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Stifel Nicolaus cut their price objective on Liberty Energy from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Citigroup cut shares of Liberty Energy from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $25.00 to $19.00 in a research note on Friday. Piper Sandler lowered their price target on shares of Liberty Energy from $28.00 to $25.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, Barclays reduced their price objective on shares of Liberty Energy from $26.00 to $24.00 and set an “overweight” rating for the company in a research note on Wednesday. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.70.

Liberty Energy Price Performance

Shares of NYSE LBRT opened at $17.70 on Friday. The company has a 50 day moving average of $20.03 and a 200 day moving average of $21.31. The company has a quick ratio of 1.07, a current ratio of 1.35 and a debt-to-equity ratio of 0.17. Liberty Energy has a twelve month low of $16.69 and a twelve month high of $24.75. The firm has a market cap of $2.95 billion, a P/E ratio of 6.46, a PEG ratio of 1.20 and a beta of 1.68.

Liberty Energy (NYSE:LBRT) last released its quarterly earnings data on Wednesday, October 16th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.10). The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.14 billion. Liberty Energy had a return on equity of 22.85% and a net margin of 9.53%. Liberty Energy’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.85 earnings per share. As a group, research analysts expect that Liberty Energy will post 2.14 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Michael Stock sold 15,000 shares of the stock in a transaction on 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 sale, the chief financial officer now owns 750,207 shares in the company, valued at approximately $15,011,642.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Liberty Energy news, CFO Michael Stock sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $20.01, for a total transaction of $300,150.00. Following the sale, 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 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher A. Wright sold 20,000 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $19.91, for a total transaction of $398,200.00. Following the completion of the transaction, the chief executive officer now directly owns 2,678,813 shares of the company’s stock, valued at approximately $53,335,166.83. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,000 shares of company stock worth $1,945,650 in the last 90 days. 3.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Liberty Energy

Several hedge funds have recently added to or reduced their stakes in LBRT. Foundry Partners LLC lifted its position in shares of Liberty Energy by 15.6% during the 1st quarter. Foundry Partners LLC now owns 209,056 shares of the company’s stock valued at $4,332,000 after buying an additional 28,153 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Liberty Energy by 114.2% in the first quarter. Russell Investments Group Ltd. now owns 174,265 shares of the company’s stock valued at $3,611,000 after purchasing an additional 92,923 shares during the period. Hennessy Advisors Inc. increased its stake in shares of Liberty Energy by 14.1% during the first quarter. Hennessy Advisors Inc. now owns 1,338,400 shares of the company’s stock worth $27,732,000 after purchasing an additional 165,400 shares in the last quarter. LSV Asset Management raised its position in shares of Liberty Energy by 60.2% during the 1st quarter. LSV Asset Management now owns 1,437,041 shares of the company’s stock worth $29,775,000 after purchasing an additional 539,861 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new position in Liberty Energy in the 1st quarter valued at about $690,000. 98.22% of the stock is owned by hedge funds and other 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.