Schlumberger Cuts Stake in Liberty Oilfield Services (LBRT) Despite Positive Q3 Results

Investing

Published: November 22, 2022 10:54 pm

Fintel reports that Schlumberger Limited has filed a 13D/A form with the SEC disclosing ownership of 9,001,961 shares of Liberty Oilfield Services Inc (LBRT). This represents 4.9% of the company.

In their previous filing dated October 26, 2022 they reported 10,701,961 shares and 5.90% of the company, a decrease in shares of 15.88% and a decrease in total ownership of 1.00% (calculated as current – previous percent ownership).

Liberty Oilfield Services Inc. is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with its customers. Liberty is headquartered in Denver, Colorado.

In their most recent financial update, they reported the following highlights:

Revenue of $1.2 billion, increased 26% sequentially and 82% year-over-year
Net income was $147 million, or $0.78 fully diluted earnings per share
Adjusted EBITDA of $277 million, increased 41% sequentially
Achieved record operational performance while deploying additional fleets in support of long-term customer development plans
Repurchased 2.5% of outstanding shares at an average price of $14.89 per share, or $70 million in total
Expanded return of capital program by reinstating quarterly cash dividend of $0.05 per share
Announced investment in Natron Energy, enabling the introduction of sodium-ion batteries as an energy storage solution for digiFrac fleets

What are other large shareholders doing?

T. Rowe Price Investment Management, Inc. holds 10,676,450 shares representing 5.86% ownership of the company.

Van Eck Associates Corp holds 7,765,417 shares representing 4.26% ownership of the company. In it’s prior filing, the firm reported owning 9,382,385 shares, representing a decrease of 20.82%. The firm decreased its portfolio allocation in LBRT by 15.17% over the last quarter.

Deutsche Bank Ag\ holds 3,891,054 shares representing 2.14% ownership of the company. In it’s prior filing, the firm reported owning 353,562 shares, representing an increase of 90.91%. The firm increased its portfolio allocation in LBRT by 42.02% over the last quarter.

Bank of New York Mellon Corp holds 3,324,007 shares representing 1.82% ownership of the company. In it’s prior filing, the firm reported owning 2,915,561 shares, representing an increase of 12.29%. The firm decreased its portfolio allocation in LBRT by 46.15% over the last quarter.

JFG Wealth Management, LLC holds 3,248,068 shares representing 1.78% ownership of the company. In it’s prior filing, the firm reported owning 3,373,068 shares, representing a decrease of 3.85%. The firm decreased its portfolio allocation in LBRT by 12.25% over the last quarter.

What is the overall Fund Sentiment?

There are 525 funds or institutions reporting positions in Liberty Oilfield Services Inc. This is an increase of 39 owner(s) or 8.02%.

Average portfolio weight of all funds dedicated to Liberty Oilfield Services Inc is 0.2536%, a decrease of 12.3260%. Total shares owned by institutions decreased in the last three months by 0.97% to 175,100,343 shares.

Fintel’s Fund Sentiment Score is a quantitative model that ranks companies from zero to 100 based on Fund Sentiment. Fund Sentiment is important because it tells you if funds are buying or selling – and in particular how the company ranks compared to other companies in the investing universe.

This article originally appeared on Fintel.

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