Liberty Energy Inc. (NYSE:LBRT) CEO and Chairman of the Board, Christopher A. Wright, has sold a portion of his holdings in the company. According to recent filings, Wright sold shares worth more than $926,000. The transactions occurred on June 3rd and 4th and were executed under a prearranged trading plan.
Wright sold a total of 20,000 shares on June 4th for an average price of $22.76, with sales prices ranging from $22.55 to $22.965. On June 3rd, he sold 19,217 shares at an average price of $23.53 and 783 shares at an average price of $24.37, with the individual transactions occurring at prices between $23.21 to $24.19 and $24.21 to $24.48, respectively.
Following these transactions, Wright's remaining direct ownership in Liberty Energy stands at 2,778,813 shares. The sales were made in accordance with Rule 10b5-1, which allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information.
Liberty Energy Inc., based in Denver, Colorado, operates within 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 market watchers often pay close attention to insider trades, as they can provide insights into the executives' confidence in the company's prospects. However, it's important to note that such transactions do not always indicate a change in company outlook, especially when they take place under a prearranged trading plan.
The company's shares are publicly traded on the New York Stock Exchange under the ticker symbol LBRT. Liberty Energy has yet to comment on the transactions.
In other recent news, Liberty Oilfield Services (NYSE:LBRT) has been the subject of several analyst upgrades and target price increments. Citi upgraded Liberty Oilfield Services from Neutral to Buy, raising the stock target by $8 to $32. Citi's upgrade was based on the company's strong performance in the oilfield services sector and its investments in electric fracturing technology, which is expected to fuel growth in the coming years.
TD Cowen also revised its outlook on Liberty Oilfield Services, raising the stock target to $21, while maintaining a Hold rating. The firm noted better than expected first-quarter earnings and second-quarter guidance from Liberty Oilfield Services, despite a marginally disappointing free cash flow. Management's comments on potential improvements in free cash flow were also highlighted.
RBC Capital Markets increased its stock price target for Liberty Oilfield Services to $27, recognizing the company's consistent operational performance and positive industry trends. The firm noted strategic growth opportunities and robust free cash flow fundamentals as key factors supporting their outlook.
ATB Capital Markets raised its price target for Liberty Oilfield Services to $26, maintaining an Outperform rating. The firm cited strong free cash flow outlook and expected EBITDA growth as key factors for the revision. Similarly, Wells Fargo (NYSE:WFC) raised its stock price target to $26, maintaining an Overweight rating, citing a strong free cash flow outlook and the company's investments in higher margin businesses.
These are the latest developments in the performance and prospects of Liberty Oilfield Services, as analyzed by several leading financial firms.
InvestingPro Insights
Liberty Energy Inc. (NYSE:LBRT) has been the subject of investor focus following the recent insider selling by CEO Christopher A. Wright. Amidst this activity, it's beneficial to consider the financial health and market performance of the company through key metrics and analyses provided by InvestingPro.
One of the standout InvestingPro Data points for Liberty Energy Inc. is its P/E Ratio, which stands at an attractive 8.15, suggesting a potentially undervalued stock compared to industry peers. Adjusted for the last twelve months as of Q1 2024, the P/E Ratio hovers close at 8.11, reinforcing the company's consistent valuation. Additionally, the company has demonstrated a solid return on assets of 16.24% over the same period, indicating efficient management in generating profits from its assets.
Looking at the company's performance, Liberty Energy has experienced a remarkable 78.66% one-year price total return, as of the latest data, showcasing strong investor confidence and market momentum. This is further supported by the InvestingPro Tips, which highlight that analysts predict the company will be profitable this year and note its high return over the last year.
To gain deeper insights into Liberty Energy's financial outlook and additional InvestingPro Tips, investors can explore the comprehensive analysis available at Investing.com/pro/LBRT. With 6 additional tips listed, including the company's ability to cover interest payments with its cash flows and its moderate level of debt, InvestingPro offers a robust tool for investors seeking to make informed decisions. For those interested, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further value in your investment research.
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