Liberty Energy Inc Class A

LBRT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$16.00	Lhgm	Grndhfrh

Liberty Energy Earnings: Seasonal Pick-Up Drives Solid Performance

Katherine Olexa

Jul 21, 2024

Liberty Energy posted a weaker second quarter compared with last year, with revenue down 3% year over year and adjusted EBITDA contracting 250 basis points. Lower service prices due to reduced industrywide fleet utilization is the key culprit, and end-market demand will likely remain weaker versus 2023 levels through at least year-end. We maintain our no-moat rating and $18 fair value estimate, and we view shares as overvalued at the time of writing.

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