Liberty Energy Inc. (NYSE:LBRT) has reported that its Chairman of the Board and CEO, Christopher A. Wright, sold a total of 40,000 shares of the company's Class A Common Stock. The transactions, which occurred on May 2 and May 3, 2024, resulted in proceeds exceeding $860,000 for Wright.
According to the filings, the stock was sold at weighted average prices that varied each day. On May 2, the shares were sold at an average price of $21.39, with individual transactions ranging from $21.27 to $21.525. The following day, shares were sold at an average of $21.64, with prices between $21.41 and $21.815. The sales were carried out under a pre-arranged Rule 10b5-1 trading plan, which Wright had adopted on December 13, 2023.
After these transactions, Wright still retains a significant stake in the company, with 2,818,814 shares of Liberty Energy's Class A Common Stock in his possession. This indicates a continued vested interest in the firm's success and performance.
Investors often look to insider buying and selling as a signal of a company's prospects. It's worth noting, however, that trading plans like the one Wright used are typically set up to allow insiders to sell shares over a predetermined period of time, which can reduce the potential impact of market-moving information on trading decisions.
Liberty Energy Inc., based in Denver, Colorado, operates within the oil and gas field services industry. The company, previously known as Liberty Oilfield Services (NYSE:LBRT) Inc., has a business focus that includes energy and transportation sectors.
InvestingPro Insights
Liberty Energy Inc. (NYSE:LBRT) has been under the investor's microscope following the recent sale of shares by CEO Christopher A. Wright. To provide a broader financial context, InvestingPro data and tips offer additional insights into the company's performance and stock behavior.
InvestingPro data reveals that Liberty Energy has a market capitalization of $3.61 billion, with a P/E ratio standing at 7.68, reflecting its earnings relative to its share price. The company's revenue for the last twelve months as of Q1 2024 stands at $4.56 billion, despite a slight revenue decline of 1.29% during the same period.
From an operational standpoint, Liberty Energy boasts a robust gross profit margin of 28.85% and an operating income margin of 14.12%, indicating efficient management of its business activities. The company's ability to generate earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 3.56%, testifying to its operational profitability.
An InvestingPro Tip notes that Liberty Energy's stock price has experienced high return over the last year, with a notable 84.04% one-year price total return. This aligns with the company trading near its 52-week high, at 92.84% of the peak value. Additionally, analysts predict the company will be profitable this year, which is consistent with the company being profitable over the last twelve months.
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