Liberty Energy (LBRT) Shares Were Impacted by Investors’ Concerns
Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Small Cap Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, small-cap stocks performed well with varying results from the indexes. The Russell 2000 Growth Index was up 6.07% while the Russell 2000 Value Index was 0.67% down in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Carillon Eagle Small Cap Growth Fund 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 June 23, 2023, Liberty Energy Inc. (NYSE:LBRT) stock closed at $12.48 per share. One-month return of Liberty Energy Inc. (NYSE:LBRT) was -0.40%, and its shares lost 4.66% of their value over the last 52 weeks. Liberty Energy Inc. (NYSE:LBRT) has a market capitalization of $2.185 billion.
Carillon Eagle Small Cap Growth Fund made the following comment about Liberty Energy Inc. (NYSE:LBRT) in its first quarter 2023 investor letter:
"Liberty Energy Inc. (NYSE:LBRT) provides hydraulic services and related technologies to onshore oil and natural gas exploration and production companies in North America. Investor have been concerned about the impact that recent softness in natural gas and crude oil prices would have on overall production activity in the United States. Onshore shale basins weighed on the company’s stock in the latter stages of the quarter. However, we believe the recent commitment by the Organization of the Petroleum Exporting Countries (OPEC) to reduce production to balance global supply and demand should result in healthy levels of North American shale activity and provide support to Liberty’s shares."
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Liberty Energy Inc. (NYSE:LBRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Liberty Energy Inc. (NYSE:LBRT) at the end of first quarter 2023 which was 27 in the previous quarter.
We discussed Liberty Energy Inc. (NYSE:LBRT) in another article and shared Liberty Park Capital's views on the company. 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.
