Christopher A. Wright, Chairman and CEO of Liberty Energy Inc. (NYSE:LBRT), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Wright sold a total of 32,000 shares of Liberty Energy's Class A Common Stock over two consecutive days. The company, currently valued at $3.01 billion, maintains a strong financial health score according to InvestingPro analysis, with a P/E ratio of 8.71 and impressive net income of $356.5 million over the last twelve months. The transactions occurred on December 4 and December 5, 2024, with shares sold at an average price range of $18.23 to $18.55 per share. The total value of these sales amounted to approximately $588,480.
These sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which Wright adopted in June 2024. Following these transactions, Wright retains ownership of 2,546,813 shares of Liberty Energy.
In other recent news, Liberty Energy has undergone significant leadership changes following the nomination of Christopher A. Wright, the company's Founder, Chairman, and CEO, for U.S. Secretary of Energy. The company's Board has appointed William Kimble as the non-executive Chairman and Ron Gusek as the new CEO. On the financial front, Liberty Energy reported strong third-quarter results for 2024, with revenues of $1.1 billion and an adjusted EBITDA of $248 million. Despite market pressures, the company increased its quarterly cash dividend by 14% and spent $39 million on share repurchases. Analysts from Stifel, RBC Capital Markets, and Citi have made several adjustments to their ratings and price targets for the company, citing factors such as disappointing fourth-quarter guidance and pricing challenges. However, Liberty Energy executives anticipate increased completions activity and healthy free cash flow generation in 2025, with projected capital expenditures of around $200 million for Q4 and approximately $650 million for 2025. These are recent developments in Liberty Energy's operations and financial performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.