Cardinal Point Capital Management ULC Acquires Shares of 400,000 Liberty Energy Inc. (NYSE:LBRT)

Cardinal Point Capital Management ULC bought a new position in shares of Liberty Energy Inc. (NYSE:LBRT) during the third quarter, according to its most recent filing with the SEC. The fund bought 400,000 shares of the company’s stock, valued at approximately $7,636,000. Liberty Energy accounts for 1.3% of Cardinal Point Capital Management ULC’s investment portfolio, making the stock its 13th largest holding. Cardinal Point Capital Management ULC owned about 0.24% of Liberty Energy at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. C M Bidwell & Associates Ltd. purchased a new position in Liberty Energy in the fourth quarter valued at approximately $63,000. PNC Financial Services Group Inc. grew its stake in shares of Liberty Energy by 27.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,273 shares of the company’s stock worth $59,000 after acquiring an additional 709 shares during the period. Hennessy Advisors Inc. increased its holdings in Liberty Energy by 14.1% in the 1st quarter. Hennessy Advisors Inc. now owns 1,338,400 shares of the company’s stock worth $27,732,000 after acquiring an additional 165,400 shares during the last quarter. Diversified Trust Co raised its stake in Liberty Energy by 2.5% in the 1st quarter. Diversified Trust Co now owns 20,617 shares of the company’s stock valued at $427,000 after acquiring an additional 507 shares during the period. Finally, AlphaMark Advisors LLC bought a new stake in Liberty Energy in the 1st quarter valued at about $348,000. 98.22% of the stock is owned by hedge funds and other institutional investors.

Liberty Energy Trading Up 1.6 %

Shares of LBRT opened at $20.84 on Tuesday. Liberty Energy Inc. has a 1-year low of $16.69 and a 1-year high of $24.75. The company has a market capitalization of $3.47 billion, a P/E ratio of 7.61, a P/E/G ratio of 1.24 and a beta of 1.68. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.35 and a quick ratio of 1.07. The firm’s 50 day simple moving average is $20.35 and its 200 day simple moving average is $21.38.

Liberty Energy (NYSE:LBRT) last posted its quarterly earnings data on Wednesday, July 17th. The company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Liberty Energy had a net margin of 9.53% and a return on equity of 22.85%. The business’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the company posted $0.87 EPS. Sell-side analysts forecast that Liberty Energy Inc. will post 2.18 earnings per share for the current fiscal year.

Liberty Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend was Friday, September 6th. Liberty Energy’s payout ratio is currently 10.22%.

Insider Activity

In other Liberty Energy news, CEO Christopher A. Wright sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $19.91, for a total value of $398,200.00. Following the completion of the sale, the chief executive officer now owns 2,678,813 shares of the company’s stock, valued at $53,335,166.83. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Liberty Energy news, CEO Christopher A. Wright sold 20,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $19.91, for a total transaction of $398,200.00. Following the completion of the sale, the chief executive officer now directly owns 2,678,813 shares in the company, valued at $53,335,166.83. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Michael Stock sold 4,374 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $21.01, for a total value of $91,897.74. Following the transaction, the chief financial officer now directly owns 785,207 shares in the company, valued at $16,497,199.07. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 99,374 shares of company stock worth $2,037,548. 3.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on LBRT shares. Barclays dropped their price target on shares of Liberty Energy from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 23rd. Bank of America reduced their price target on Liberty Energy from $24.00 to $22.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Piper Sandler decreased their price objective on Liberty Energy from $28.00 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Citigroup cut their target price on Liberty Energy from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. Finally, TD Cowen decreased their price target on Liberty Energy from $21.00 to $20.00 and set a “hold” rating on the stock in a research report on Friday, July 19th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

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.