Fall in Energy Prices Influenced Liberty Energy (LBRT) in Q1
Liberty Park Capital Management, LLC, a financial management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund rose 7.45%, net of fees, in the first quarter compared to the Russell 2000 Index’s 2.74% return. The long position of the fund gained 6.02% while the short position fell 1.25% in the quarter. The long position contributed 6.16% and the short position contributed 1.08% on a weight-adjusted basis. Liberty Park Select Opportunities, LP’s value returned 0.57%, net of fees in the first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Liberty Park Capital highlighted stocks like Liberty Energy Inc. (NYSE:LBRT) in the first quarter 2023 investor letter. Headquartered in Denver, Colorado, Liberty Energy Inc. (NYSE:LBRT) is a hydraulic fracturing service provider to oil and natural gas companies. On May 02, 2023, Liberty Energy Inc. (NYSE:LBRT) stock closed at $12.06 per share. One-month return of Liberty Energy Inc. (NYSE:LBRT) was -11.00%, and its shares lost 29.97% of their value over the last 52 weeks. Liberty Energy Inc. (NYSE:LBRT) has a market capitalization of $2.112 billion.
Liberty Park Capital made the following comment about Liberty Energy Inc. (NYSE:LBRT) in its Q1 2023 investor letter:
"We are pleased that Liberty Park Fund, LP has gotten off to a strong start in 2023. January was a particularly strong month for both of our funds, and LPF was able to use the market’s strength to install several new short positions; those positions greatly helped the portfolio in February and March as the market receded.
Liberty Energy Inc. (NYSE:LBRT) reported better-than-expected 4Q:22 results but the share price was impacted by falling oil and gas prices towards the end of 1Q:23. The company continues to report faster growth and higher margins than its oilfield services peers and continues to return capital to shareholders. During the quarter, the company increased the size of its share repurchase program and reinstated its dividend."
Liberty Energy Inc. (NYSE:LBRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Liberty Energy Inc. (NYSE:LBRT) at the end of the fourth quarter which was 23 in the previous quarter.
We discussed Liberty Energy Inc. (NYSE:LBRT) in another article and shared the list of important energy stocks making moves after earnings. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
