Note below from RBC Capital
Liberty Energy Inc. (NYSE: LBRT) Close Jan 27 at $15.39
Published January 26 2023 20:18:35 EST
4Q22 – Making hay while the sun shines
Rating: Outperform
Price Target: 26.00
Our view: Liberty’s 4Q22 results modestly exceeded its prior guidance and Street
consensus on both revenue and margins. The company’s FY23 guidance of 40–
50% y/y EBITDA growth is also above Street expectations on a run-rate basis. Given
modest expected improvement from 4Q22, we believe the next source of potential
upside for the stock is modest multiple accretion from extension of the North
America cycle duration and the company’s free cash flow durability. We maintain
our Outperform rating and $26.00 price target.
Top Pick in the Oilfield Services sector is LBRT
Top Pick in the Oilfield Services sector is LBRT
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group