Michael Stock, the Chief Financial Officer of Liberty Energy Inc. (NYSE:LBRT), reported selling 5,000 shares of the company on November 25, 2024. The shares were sold at a price of $19.51 each, amounting to a total of $97,550. Following this transaction, Stock retains ownership of 715,207 shares in the company. The sales were conducted under a Rule 10b5-1 trading plan, which Stock adopted in December 2023.
In other recent news, Liberty Energy saw significant leadership changes, with Christopher A. Wright resigning from his roles as Founder, Chairman of the Board, Director, and CEO due to his nomination as U.S. Secretary of Energy. William Kimble and Ron Gusek were appointed as non-executive Chairman of the Board and CEO, respectively. In terms of financial adjustments, Stifel maintained a Buy rating on Liberty Energy but lowered its price target to $25, while RBC Capital Markets reduced its price target to $23 and maintained an Outperform rating. Citi further downgraded the company from Buy to Neutral, lowering its target price to $19.
These recent developments come on the heels of Liberty Energy reporting strong third quarter results for 2024, with revenues reaching $1.1 billion and an adjusted EBITDA of $248 million. Despite market pressures, the company increased its quarterly cash dividend by 14% to $0.08 per share and spent $39 million on share repurchases. Looking ahead, Liberty Energy executives project Q4 capital expenditures to be around $200 million and forecast 2025 capital expenditures at approximately $650 million, indicating a commitment to efficiency improvements and strategic investments.
InvestingPro Insights
As Michael Stock, CFO of Liberty Energy Inc. (NYSE:LBRT), reduces his stake in the company, investors may find value in examining additional financial metrics and expert insights. According to InvestingPro data, Liberty Energy boasts a market capitalization of $3.01 billion and trades at a P/E ratio of 8.65, suggesting a potentially attractive valuation relative to its earnings.
The company's financial health appears robust, with InvestingPro Tips highlighting that Liberty Energy operates with a moderate level of debt and has been profitable over the last twelve months. This financial stability is further underscored by the company's dividend policy, with Liberty Energy having raised its dividend for three consecutive years, currently yielding 1.71%.
Despite the recent insider sale, Liberty Energy has demonstrated strong performance, with a significant return over the last week and a robust 7.9% price total return in the same period. The company's long-term track record is also noteworthy, with InvestingPro Tips pointing to a strong return over the last five years.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Liberty Energy, providing a deeper understanding of the company's financial position and market outlook.
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