On July 24, Liberty Oilfield Services Inc. declined 8.05% in regular trading, trading at $18.13/share with turnover of $84.12 million, extending the prior session's sharp 21.28% selloff.
On the news front, RBC Capital Markets cut its price target on the stock to $29 from $34 while maintaining a Sector Perform rating. The downgrade adds to ongoing selling pressure following the company's Q2 report, which showed adjusted EPS of $0.09 — beating the $0.07 consensus estimate but representing a 25% year-over-year decline from $0.12. Revenue of $1.189 billion also surpassed the $1.090 billion estimate, yet failed to offset margin compression concerns.
Notably, the stock diverged sharply from sector peers, with SLB rising 9.59%, Baker Hughes up 3.03%, and Halliburton gaining 1.35%. The company's announcement of a joint venture with PowerBridge to develop a two-gigawatt data center campus in West Texas has not alleviated near-term concerns over its core oilfield services profitability amid cost headwinds and conservative capital spending.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments