Canoe Financial LP Acquires 699,500 Shares of Liberty Energy Inc. (NYSE:LBRT)

Canoe Financial LP increased its position in shares of Liberty Energy Inc. (NYSE:LBRT - Free Report) by 20.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,124,695 shares of the company's stock after purchasing an additional 699,500 shares during the quarter. Liberty Energy makes up approximately 1.9% of Canoe Financial LP's holdings, making the stock its 21st biggest holding. Canoe Financial LP owned approximately 2.48% of Liberty Energy worth $79,408,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in shares of Liberty Energy by 17.6% during the second quarter. American Century Companies Inc. now owns 3,961,415 shares of the company's stock worth $82,754,000 after purchasing an additional 594,051 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Liberty Energy by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,634,256 shares of the company's stock worth $55,030,000 after acquiring an additional 67,362 shares during the last quarter. Hennessy Advisors Inc. grew its holdings in Liberty Energy by 48.0% during the 2nd quarter. Hennessy Advisors Inc. now owns 1,981,100 shares of the company's stock worth $41,385,000 after acquiring an additional 642,700 shares during the last quarter. LSV Asset Management increased its position in Liberty Energy by 19.5% in the 2nd quarter. LSV Asset Management now owns 1,717,591 shares of the company's stock valued at $35,880,000 after acquiring an additional 280,550 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Liberty Energy by 34.2% in the second quarter. The Manufacturers Life Insurance Company now owns 1,498,921 shares of the company's stock worth $31,312,000 after acquiring an additional 381,841 shares during the last quarter. 98.22% of the stock is owned by institutional investors.

Liberty Energy Trading Down 2.1 %

NYSE:LBRT traded down $0.37 during trading hours on Monday, hitting $17.54. The stock had a trading volume of 2,228,977 shares, compared to its average volume of 2,516,660. The business's 50 day moving average is $19.73 and its 200-day moving average is $21.13. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 8.35, a P/E/G ratio of 1.21 and a beta of 1.68. Liberty Energy Inc. has a one year low of $16.69 and a one year high of $24.75. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.97 and a current ratio of 1.23.

Liberty Energy (NYSE:LBRT - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The company reported $0.45 EPS for the quarter, missing analysts' consensus estimates of $0.55 by ($0.10). Liberty Energy had a net margin of 8.02% and a return on equity of 18.50%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the company earned $0.85 EPS. Liberty Energy's quarterly revenue was down 6.4% on a year-over-year basis. Sell-side analysts anticipate that Liberty Energy Inc. will post 1.83 EPS for the current fiscal year.

Liberty Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.82%. This is a boost from Liberty Energy's previous quarterly dividend of $0.07. The ex-dividend date is Friday, December 6th. Liberty Energy's dividend payout ratio is presently 13.33%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on LBRT shares. Barclays lowered their price target on shares of Liberty Energy from $26.00 to $24.00 and set an "overweight" rating for the company in a report on Wednesday, October 16th. Evercore ISI upgraded Liberty Energy to a "strong-buy" rating in a report on Thursday, October 17th. Wells Fargo & Company dropped their price objective on Liberty Energy from $25.00 to $24.00 and set an "overweight" rating for the company in a report on Friday, October 18th. Bank of America reduced their target price on shares of Liberty Energy from $24.00 to $22.00 and set a "neutral" rating on the stock in a research note on Monday, July 15th. Finally, Piper Sandler dropped their price target on shares of Liberty Energy from $28.00 to $25.00 and set an "overweight" rating for the company in a research note on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Liberty Energy currently has an average rating of "Moderate Buy" and a consensus price target of $22.89.

Insiders Place Their Bets

In other news, CFO Michael Stock sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $22.92, for a total value of $458,400.00. Following the completion of the transaction, the chief financial officer now owns 765,207 shares in the company, valued at $17,538,544.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have sold 95,000 shares of company stock worth $1,945,650. Company insiders own 3.60% of the company's stock.

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.