Liberty Energy Inc. (NYSE:LBRT), a $3.4 billion market cap energy services company, saw its Chairman and CEO Christopher A. Wright recently sell 40,000 shares of the company's Class A common stock, according to the latest SEC filings. The transactions, executed on January 2 and January 3, were part of a pre-established Rule 10b5-1 trading plan. Each sale involved 20,000 shares at a weighted average price of $20.80 per share, totaling approximately $832,000. Following these sales, Wright retains ownership of 2,498,813 shares in the company, worth approximately $52.2 million at current prices. The sales were made at prices ranging from $20.39 to $21.245 per share, coming as the stock shows strong momentum with an 11.8% gain over the past week. InvestingPro analysis indicates the stock is currently in overbought territory, with additional technical insights available to subscribers.
In other recent news, Liberty Oilfield Services (NYSE:LBRT) reported strong Q3 2024 earnings, with revenues reaching $1.1 billion and an adjusted EBITDA of $248 million. The company also increased its quarterly cash dividend by 14% to $0.08 per share and spent $39 million on share repurchases. Amid these developments, Liberty Oilfield Services underwent several adjustments by financial firms. Goldman Sachs (NYSE:GS) maintained a Neutral view, highlighting the company's significant share buyback program. Meanwhile, Stifel maintained a Buy rating but lowered its price target to $25, citing Q4 guidance and pricing challenges. RBC Capital Markets also reduced its price target to $23, following lower than expected EBITDA. Additionally, Citi downgraded the company from Buy to Neutral, lowering its target price to $19 due to revised Q4 EBITDA estimates. In terms of leadership changes, Christopher A. Wright, founder and CEO of Liberty Oilfield Services, was nominated for the position of U.S. Secretary of Energy, leading to significant executive reshuffling within the company.
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