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, realizing over $800,000 from the transactions. According to the filing, the shares were sold across two days, with 20,000 shares sold each day.
On October 2, 2024, Wright sold 20,000 shares at an average price of $19.77. The transactions on this day were conducted in multiple trades at prices ranging from $19.535 to $20.10. The subsequent day, October 3, Wright again sold 20,000 shares, this time at a higher average price of $20.34, with individual transactions priced between $19.96 and $20.545. The sales were executed in accordance with a Rule 10b5-1 trading plan, which Wright had adopted on June 13, 2024.
Following these transactions, Wright still holds a significant amount of 2,618,813 shares in the company. The reported sales amount to a total of approximately $802,200, based on the weighted average prices provided.
Liberty Energy Inc., based in Denver, Colorado, operates in the oil and gas field services industry and is known for providing hydraulic fracturing services to onshore oil and natural gas exploration and production companies in North America.
Investors and followers of Liberty Energy Inc. can request detailed information about the exact number of shares sold at each price point within the disclosed range from the company, as noted in the filing footnotes.
In other recent news, Liberty Oilfield Services (NYSE:LBRT) reported robust second quarter results in 2024, with earnings per share matching analyst expectations at $0.61 and revenue of $1.16 billion. Despite a slight shortfall, the company achieved an 8% sequential increase in revenue and a 12% sequential increase in adjusted EBITDA, totaling $273 million. JPMorgan (NYSE:JPM) and TD Cowen both adjusted their outlooks for Liberty Oilfield, reducing their price targets due to industry changes and market conditions. However, Stifel and RBC Capital Markets maintained positive ratings, with Stifel raising its price target to $27 based on the company's strong performance. The company's focus on capital-efficient, low-emissions natural gas-fueled technologies led to the highest diesel displacement in its history, with dual fuel gas substitution levels increasing by over 25% in the past year. These are some of the recent developments affecting Liberty Oilfield Services.
InvestingPro Insights
Liberty Energy Inc. (NYSE:LBRT) has demonstrated strong financial performance despite the recent insider selling by its CEO. According to InvestingPro data, the company boasts a market capitalization of $3.4 billion and an attractive P/E ratio of 8, suggesting it may be undervalued relative to its earnings potential.
InvestingPro Tips highlight that Liberty Energy has been profitable over the last twelve months and analysts predict continued profitability this year. This aligns with the company's solid financials, including a revenue of $4.52 billion in the last twelve months as of Q2 2024, and an EBITDA of $1.06 billion for the same period.
The company's financial health is further underscored by its ability to manage debt effectively. An InvestingPro Tip notes that Liberty Energy operates with a moderate level of debt, and its cash flows can sufficiently cover interest payments. This financial stability may provide reassurance to investors concerned about the CEO's recent stock sales.
Moreover, Liberty Energy has shown impressive stock performance, with a significant return over the last week and a strong return over the past five years, as indicated by InvestingPro Tips. The stock's one-year price total return stands at an impressive 25.02%, outperforming many of its industry peers.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights beyond those mentioned here. In fact, there are 7 more InvestingPro Tips available for Liberty Energy, providing a deeper understanding of the company's financial position and market outlook.
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