Liberty Energy posted first-quarter earnings that were relatively in line with management’s expectations. Management indicated that full-year operating results will lean toward flattish across the board, with increased activity in the latter half of the year. At first glance, we expect to maintain our $18 fair value estimate and our no-moat rating.
Increased market share resulting from the OneStim acquisition will enable Liberty to develop relationships with new clients, leading to higher revenue growth over time.
A lack of international exposure limits Liberty’s growth potential to E&P firms’ capital spending in North American markets, which are inherently volatile
|
Metric
|
LBRT
|
BKR
|
HAL
|
|---|---|---|---|
Price/Earnings (Normalized) | 8.45 | 18.67 | 12.14 |
Price/Book Value | 2.00 | 2.12 | 3.54 |
Price/Sales | 0.87 | 1.26 | 1.51 |
Price/Cash Flow | 3.70 | 11.92 | — |
|
Metric
|
LBRT
|
BKR
|
HAL
|
|---|---|---|---|
Quick Ratio | 1.02 | 0.73 | 1.30 |
Current Ratio | 1.48 | 1.25 | 2.12 |
Interest Coverage | 22.69 | 14.14 | 5.98 |
|
Metric
|
LBRT
|
BKR
|
HAL
|
|---|---|---|---|
Return on Assets (Normalized) | 16.61% | 4.54% | 11.77% |
Return on Equity (Normalized) | 28.21% | 10.83% | 32.42% |
Return on Invested Capital (Normalized) | 23.77% | 8.24% | 18.20% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
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