Lord Abbett & CO. LLC Has $24.89 Million Position in Liberty Energy Inc. (NYSE:LBRT)

Lord Abbett & CO. LLC trimmed its holdings in Liberty Energy Inc. (NYSE:LBRT) by 1.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,303,768 shares of the company’s stock after selling 25,040 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Liberty Energy were worth $24,889,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. EdgeRock Capital LLC bought a new stake in shares of Liberty Energy in the 2nd quarter valued at approximately $32,000. Covestor Ltd raised its stake in shares of Liberty Energy by 96.8% in the third quarter. Covestor Ltd now owns 1,704 shares of the company’s stock worth $33,000 after acquiring an additional 838 shares during the last quarter. Quarry LP lifted its stake in shares of Liberty Energy by 237.5% during the third quarter. Quarry LP now owns 1,991 shares of the company’s stock valued at $38,000 after acquiring an additional 1,401 shares during the period. nVerses Capital LLC lifted its stake in shares of Liberty Energy by 45.0% in the 2nd quarter. nVerses Capital LLC now owns 2,900 shares of the company’s stock valued at $61,000 after purchasing an additional 900 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Liberty Energy by 82.1% during the 3rd quarter. GAMMA Investing LLC now owns 3,174 shares of the company’s stock worth $61,000 after buying an additional 1,431 shares during the period. 98.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Michael Stock sold 15,000 shares of Liberty Energy stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $19.23, for a total value of $288,450.00. Following the completion of the sale, the chief financial officer now directly owns 730,207 shares in the company, valued at $14,041,880.61. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Christopher A. Wright sold 2,037 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $18.15, for a total transaction of $36,971.55. Following the transaction, the chief executive officer now owns 2,578,813 shares in the company, valued at approximately $46,805,455.95. This trade represents a 0.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 92,973 shares of company stock worth $1,746,285 in the last 90 days. Insiders own 3.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wells Fargo & Company lowered their target price on Liberty Energy from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Royal Bank of Canada lowered their price target on shares of Liberty Energy from $26.00 to $23.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Stifel Nicolaus dropped their price target on Liberty Energy from $26.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Barclays reduced their price target on shares of Liberty Energy from $26.00 to $24.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Finally, Evercore ISI upgraded shares of Liberty Energy to a “strong-buy” rating in a report on Thursday, October 17th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Liberty Energy Trading Down 1.0 %

LBRT stock opened at $18.97 on Monday. Liberty Energy Inc. has a one year low of $16.57 and a one year high of $24.75. The company has a market capitalization of $3.10 billion, a PE ratio of 9.03 and a beta of 1.71. The company’s 50 day moving average price is $18.30 and its two-hundred day moving average price is $19.98. 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 released its quarterly earnings results 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 return on equity of 18.50% and a net margin of 8.02%. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the company earned $0.85 earnings per share. Liberty Energy’s quarterly revenue was down 6.4% on a year-over-year basis. As a group, analysts predict that Liberty Energy Inc. will post 1.72 earnings per share for the current fiscal year.

Liberty Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a $0.08 dividend. This is a boost from Liberty Energy’s previous quarterly dividend of $0.07. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend is Friday, December 6th. Liberty Energy’s payout ratio is currently 15.24%.

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.