Bank of New York Mellon Corp Acquires 365,506 Shares of Liberty Energy Inc. $LBRT

Bank of New York Mellon Corp boosted its stake in Liberty Energy Inc. (NYSE:LBRT) by 20.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,161,558 shares of the company’s stock after purchasing an additional 365,506 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.33% of Liberty Energy worth $24,815,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of LBRT. Teacher Retirement System of Texas purchased a new stake in Liberty Energy in the 1st quarter worth approximately $360,000. Envestnet Asset Management Inc. increased its holdings in shares of Liberty Energy by 16.4% in the first quarter. Envestnet Asset Management Inc. now owns 742,938 shares of the company’s stock worth $11,761,000 after purchasing an additional 104,943 shares during the period. New York State Common Retirement Fund raised its position in shares of Liberty Energy by 57.6% in the first quarter. New York State Common Retirement Fund now owns 370,258 shares of the company’s stock worth $5,861,000 after buying an additional 135,354 shares in the last quarter. South Dakota Investment Council boosted its stake in Liberty Energy by 225.2% during the first quarter. South Dakota Investment Council now owns 169,692 shares of the company’s stock valued at $2,686,000 after buying an additional 117,505 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its position in Liberty Energy by 5.1% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 177,856 shares of the company’s stock worth $2,815,000 after buying an additional 8,699 shares in the last quarter. Hedge funds and other institutional investors own 98.22% of the company’s stock.

Liberty Energy Stock Up 4.1%

Shares of LBRT opened at $15.91 on Friday. Liberty Energy Inc. has a 1 year low of $9.50 and a 1 year high of $23.58. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.32 and a quick ratio of 1.05. The stock has a 50 day simple moving average of $13.98 and a two-hundred day simple moving average of $12.61. The firm has a market cap of $2.58 billion, a P/E ratio of 14.21 and a beta of 0.72.

Liberty Energy (NYSE:LBRT) last posted its quarterly earnings results on Thursday, October 16th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.05). Liberty Energy had a return on equity of 1.69% and a net margin of 4.76%.The business had revenue of $947.40 million for the quarter, compared to analysts’ expectations of $967.05 million. During the same period last year, the business posted $0.45 earnings per share. The company’s revenue was down 16.8% compared to the same quarter last year. On average, analysts forecast that Liberty Energy Inc. will post 0.58 earnings per share for the current fiscal year.

Liberty Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th will be given a dividend of $0.09 per share. The ex-dividend date is Thursday, December 4th. This is a positive change from Liberty Energy’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 2.3%. Liberty Energy’s dividend payout ratio (DPR) is currently 32.14%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on LBRT shares. Stifel Nicolaus lowered their price target on Liberty Energy from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, July 28th. Cowen reaffirmed a “hold” rating on shares of Liberty Energy in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Liberty Energy in a research report on Thursday. Citigroup raised shares of Liberty Energy from a “neutral” rating to a “buy” rating and increased their price target for the stock from $12.00 to $21.00 in a report on Tuesday, October 21st. Finally, Piper Sandler set a $16.00 price objective on shares of Liberty Energy and gave the company a “neutral” rating in a research report on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, Liberty Energy currently has an average rating of “Moderate Buy” and an average price target of $16.30.

Liberty Energy Company Profile

Liberty Energy Inc provides hydraulic services and related technologies to onshore oil and natural gas exploration, and production companies in North America. The company offers hydraulic fracturing services, including complementary services, such as wireline services, proppant delivery solutions, field gas processing and treating, compressed natural gas (CNG) delivery, data analytics, related goods comprising sand mine operations, and technologies; and well site fueling and logistics.