Liberty Energy Inc. (NYSE:LBRT) CFO Michael Stock has sold a total of 4,374 shares of the company's Class A common stock, according to a recent SEC filing. The shares were sold at an average price of $21.0134, amounting to a transaction value of over $91,912.
The sales occurred on July 11, 2024, and were executed under a pre-arranged trading plan that Stock had adopted on December 4, 2023. The plan was set to begin in March 2024, allowing the CFO to sell shares at predetermined times. The specific prices at which the shares were sold ranged from $21.01 to $21.02.
Following the transaction, Stock still owns a substantial 785,207 shares of Liberty Energy Inc. The company, categorized under the oil and gas field services sector, is headquartered in Denver, Colorado.
Investors and interested parties can request detailed information about the exact number of shares sold at each price point within the range from Liberty Energy Inc. or from Michael Stock directly. This sale is part of a series of planned transactions under the Rule 10b5-1 trading plan, which is intended to allow company insiders to sell their stock in a pre-determined manner to avoid any accusations of insider trading.
The transaction was signed off by Kamal Gala, attorney-in-fact for Michael Stock, affirming the accuracy and compliance of the filing.
In other recent news, Liberty Oilfield Services (NYSE:LBRT) has been the subject of various analyst evaluations and adjustments. The company acknowledged softer activity trends in Q2 of 2024, leading JPMorgan (NYSE:JPM) to maintain a Neutral rating and adjust their Q2 EBITDA estimate for the company to $265 million, below the consensus estimate of $273 million. Despite softer activity, Liberty Oilfield Services reported resilient pricing for natural gas burning equipment.
Citi reiterated a Buy rating for the company, maintaining a $32.00 price target, after discussions about market trends. The firm slightly reduced its third-quarter revenue estimate to $1.226 billion and EBITDA to $286 million. This adjustment was balanced against the expected seasonal recovery and a lower contribution margin from incremental sand sales.
Liberty Oilfield Services also received an upgrade from Citi to a Buy rating, with an increased price target of $32.00, following strong performance in the oilfield services sector. TD Cowen raised its price target for the company to $21.00 while maintaining a Hold rating, acknowledging potential seasonal improvement in free cash flow.
RBC Capital Markets reiterated an Outperform rating and increased its stock price target to $27, recognizing the company's consistent operational performance and positive industry trends. These recent developments suggest that Liberty Oilfield Services is receiving positive attention from various analysts.
InvestingPro Insights
Liberty Energy Inc.'s recent executive stock sale comes amidst a backdrop of financial metrics that may interest investors monitoring the company's performance. With a market capitalization of $3.5 billion and a P/E ratio standing at 7.44, the company appears to be valued by the market at a price relatively close to its earnings over the last twelve months as of Q1 2024.
The company's ability to manage its debt is also noteworthy. Liberty Energy operates with a moderate level of debt, which is a positive sign for investors concerned about the company's financial resilience. Additionally, Liberty Energy's liquid assets surpass its short-term obligations, indicating a solid liquidity position that can reassure investors of the company's ability to meet its immediate financial commitments.
Investors may also take comfort in the fact that the company's cash flows can sufficiently cover interest payments, suggesting that Liberty Energy is in a healthy position to service its debt without straining its resources. Moreover, analysts predict that the company will be profitable this year, a projection that is supported by the company's profitability over the last twelve months.
For investors seeking more in-depth analysis and additional insights on Liberty Energy Inc., there are more InvestingPro Tips available, which can be accessed through the dedicated page for Liberty Energy at https://www.investing.com/pro/LBRT. To gain access to these valuable insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. There are five additional InvestingPro Tips listed on InvestingPro that could further guide investment decisions regarding Liberty Energy Inc.
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