Liberty Energy (LBRT) Authorizes Expanded Buyback Program

·2 min read

Liberty Energy LBRT recently disclosed that it had raised its existing share repurchase authorization by $250 million, bringing it to $500 million. Since the start of the repurchase program in July 2022, Liberty has spent nearly $125 million on buybacks and retired of 8,185,890 shares of Class A common stock, or 4.4% of all outstanding shares.

Through Jul 31, 2024, the company has roughly $375 million available for share repurchases, thanks to this program expansion.

The macro environment for oilfield service operators like Liberty Energy remains positive, thanks to robust commodity prices and improved fundamentals that should aid long-term growth. This positive backdrop, together with growing cash flows, allows the company to reward investors with the expanded buyback scheme.

LBRT board also declared a dividend of 5 cents per share. This dividend will be paid on Mar 20, 2023, to holders of record as of Mar 6, 2023.

Zacks Rank and Key Picks

Leading North American energy services provider, Liberty, provides onshore oil and natural gas exploration and production companies with one of the most cutting-edge sets of completion services and technologies.

Currently, Liberty Energy carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at stocks like Patterson-UTI Energy PTEN, and Halliburton (HAL) both sporting a Zacks Rank #1 (Strong Buy) and Calumet Specialty Products Partners (CLMT) holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Patterson-UTI Energy: PTEN beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.23%, on average.

Patterson-UTI is worth approximately $3.63 billion. Its shares have gained 68.3% in the past year.

Halliburton: HAL is valued at around $36.35 billion. In the past year, HP stock has increased by 33%.

TX-based Halliburton Company, headquartered in Houston, is one of the largest oilfield service providers in the world with a trailing four-quarter earnings surprise of roughly 31.8%, on average.

Calumet Specialty Products Partners: CLMT is worth approximately $1.32 billion. Its shares have gained 18% in the past year.

Calumet Specialty Products Partners, L.P. is a leading independent producer of high-quality, specialty hydrocarbon products in North America.

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