Liberty Energy CEO Christopher Wright is selling $832,000 worth of shares to Investing.com
Liberty Energy Inc. (NYSE:LBRT), a $3.4 billion market cap energy services company, recently saw the sale of 40,000 shares of the company’s Class A common stock, according to its most recent SEC filings. The transactions, executed on January 2 and 3, were part of a predetermined trading plan under Rule 10b5-1. Each sale included 20,000 shares at a weighted average price of $20.80 per share, aggregating approximately $832,000. Following this sale, Wright retains ownership of 2,498,813 shares in the company, worth approximately $52.2 million at current prices. The sale was made at prices ranging from $20.39 to $21.245 per share, as the stock shows strong momentum with a gain of 11.8% over the past week. InvestingPro analysis shows that the stock is currently in overbought territory, with additional technical insights available to subscribers.
In other recent news, Liberty Oilfield Services (NYSE: ) reported strong earnings for the third quarter of 2024, with revenues reaching $1.1 billion and adjusted EBITDA of $248 million. The company also increased its quarterly cash dividend by 14% to $0.08 per share and spent $39 million on share repurchases. In the midst of these developments, Liberty Oilfield Services underwent several adjustments by financial companies. Goldman Sachs maintained a neutral stance, noting the company’s significant share buyback program. Meanwhile, Stifel maintained a Buy rating but lowered its price target to $25, citing fourth-quarter guidance and pricing challenges. RBC Capital Markets also cut its price target to $23, following lower-than-expected EBITDA. Additionally, Citi downgraded the company from Buy to Neutral, lowering its price target to $19 due to revised fourth quarter EBITDA estimates. In terms of leadership changes, Christopher A. Wright, founder and CEO of Liberty Oilfield Services, has been nominated to be the US Secretary of Energy, leading to significant executive reshuffles within the company.
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