TD Cowen Cuts Liberty Energy (NYSE:LBRT) Price Target to $16.00

Liberty Energy (NYSE:LBRT) had its price objective reduced by equities researchers at TD Cowen from $18.00 to $16.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. TD Cowen’s price objective indicates a potential downside of 25.02% from the stock’s previous close.

LBRT has been the topic of a number of other research reports. Evercore ISI raised Liberty Energy to a “strong-buy” rating in a report on Thursday, October 17th. Royal Bank of Canada dropped their price objective on Liberty Energy from $26.00 to $23.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Seaport Res Ptn raised Liberty Energy from a “hold” rating to a “strong-buy” rating in a report on Sunday, January 5th. Stifel Nicolaus lowered their price target on shares of Liberty Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Barclays lowered 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. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $22.20.

Liberty Energy Price Performance

Shares of NYSE LBRT opened at $21.34 on Wednesday. The stock has a fifty day moving average price of $18.56 and a 200 day moving average price of $19.66. Liberty Energy has a 1-year low of $16.57 and a 1-year high of $24.75. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 0.97. The company has a market cap of $3.49 billion, a PE ratio of 10.16 and a beta of 1.66.

Liberty Energy (NYSE:LBRT) last released its earnings results on Wednesday, October 16th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.10). Liberty Energy had a return on equity of 18.50% and a net margin of 8.02%. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the business posted $0.85 EPS. The firm’s revenue was down 6.4% on a year-over-year basis. Sell-side analysts forecast that Liberty Energy will post 1.72 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Michael Stock sold 5,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $17.21, for a total value of $86,050.00. Following the completion of the transaction, the chief financial officer now owns 725,207 shares of the company’s stock, valued at approximately $12,480,812.47. The trade was a 0.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher A. Wright sold 2,936 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $19.16, for a total transaction of $56,253.76. Following the sale, the chief executive officer now directly owns 2,543,877 shares in the company, valued at $48,740,683.32. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 77,973 shares of company stock worth $1,471,335. Insiders own 3.60% of the company’s stock.

Institutional Trading of Liberty Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC boosted its position in shares of Liberty Energy by 17.1% in the third quarter. FMR LLC now owns 18,115,282 shares of the company’s stock worth $345,821,000 after acquiring an additional 2,640,119 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Liberty Energy by 61.2% during the third quarter. JPMorgan Chase & Co. now owns 3,146,179 shares of the company’s stock worth $60,061,000 after purchasing an additional 1,193,918 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Liberty Energy by 15.9% in the 3rd quarter. Pacer Advisors Inc. now owns 7,012,382 shares of the company’s stock valued at $133,866,000 after purchasing an additional 963,068 shares during the last quarter. Canoe Financial LP grew its stake in shares of Liberty Energy by 20.4% during the 3rd quarter. Canoe Financial LP now owns 4,124,695 shares of the company’s stock valued at $79,408,000 after buying an additional 699,500 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of Liberty Energy by 17.6% during the 2nd quarter. American Century Companies Inc. now owns 3,961,415 shares of the company’s stock worth $82,754,000 after buying an additional 594,051 shares during the last quarter. 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.