Liberty Energy Inc. (NYSE:LBRT) CEO and Chairman of the Board, Christopher A. Wright, has sold a total of 40,000 shares of the company's Class A Common Stock, with the transactions netting a total of $818,000. The sales took place over two consecutive days, with prices ranging from $20.26 to $20.64 per share.
On the first day of the transactions, Wright sold 20,000 shares at a weighted average price of $20.26. The sale was part of a pre-planned trading strategy, as the shares were sold pursuant to a Rule 10b5-1 trading plan adopted on December 13, 2023. The exact prices per share ranged from $20.03 to $20.52. Following this transaction, Wright still held 2,758,813 shares of Liberty Energy.
The following day, Wright continued to divest another 20,000 shares, this time at a higher weighted average price of $20.64 per share. The selling prices for these shares varied between $20.08 and $20.945. After completing this sale, Wright's ownership in Liberty Energy decreased to 2,738,813 shares.
The transactions were directly owned by Wright and were executed as part of a planned trading schedule that allows company insiders to sell shares over a predetermined period of time. This approach is designed to avoid concerns about insider trading, as the plan was established well in advance of the actual transactions.
Investors and followers of Liberty Energy Inc. can access detailed information about the exact number of shares sold at each price point upon request. The sales by the CEO are often closely watched by the market as they may signal an insider's perspective on the company's current valuation and future prospects.
In other recent news, Liberty Oilfield Services (NYSE:LBRT) has been the subject of numerous analyst evaluations and adjustments. JPMorgan maintained a neutral rating for the company, citing softer activity trends in Q2 2024, and adjusted their Q2 2024 EBITDA estimate to $265 million. The firm also predicted EBITDA for Q3 and Q4 2024 to be $268 million and $253 million, respectively.
Citi reiterated its Buy rating with a price target of $32.00, despite slightly reducing its Q3 revenue estimate to $1.226 billion and EBITDA estimate to $286 million. The firm expressed enthusiasm about Liberty Oilfield Services' potential expansion into non-oil and gas opportunities.
Additionally, Citi upgraded Liberty Oilfield Services from Neutral to Buy and raised its price target to $32.00, noting an improving business outlook and potential growth from the company's ventures into mobile power and gas logistics. TD Cowen lifted its price target for Liberty Oilfield Services to $21.00 while maintaining a Hold rating, acknowledging potential seasonal improvement in free cash flow.
Finally, 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. ATB Capital Markets maintained an Outperform rating and raised its price target to $26, based on a strong free cash flow outlook and potential upside from increased rig and completion activity. These are recent developments that reflect the attention Liberty Oilfield Services has been receiving from various analysts.
InvestingPro Insights
As Liberty Energy Inc. (NYSE:LBRT) CEO Christopher A. Wright's recent stock transactions draw attention, it's essential to look at the company's current financial health and performance metrics. InvestingPro data reveals that Liberty Energy has a market capitalization of approximately $3.38 billion, with a price-to-earnings (P/E) ratio of 7.39, indicating a potentially undervalued stock compared to the industry average.
The company's adjusted P/E ratio for the last twelve months as of Q1 2024 stands at 7.42, closely aligning with the current P/E ratio, while the price to book ratio is at 1.85, suggesting a reasonable valuation of the company's assets. Moreover, Liberty Energy has demonstrated a solid return on assets of 16.24% over the same period, reflecting efficient use of its assets to generate earnings.
InvestingPro Tips highlight that Liberty Energy has been profitable over the last twelve months, and analysts predict the company will remain profitable this year. Additionally, the company's cash flows can sufficiently cover interest payments, and its liquid assets exceed short-term obligations, indicating a strong liquidity position. Liberty Energy operates with a moderate level of debt, which is often considered a healthy balance for sustaining growth and weathering economic fluctuations.
For those interested in a deeper analysis, there are additional InvestingPro Tips available that could provide further insights into Liberty Energy's financial stability and growth prospects. To explore these tips and make more informed investment decisions, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.