The stock of Liberty Oilfield Services Inc. (NYSE:LBRT) is now priced at $8.75 and the shares are 2.3 points up or 35.66% higher compared to its previous closing price of $6.45. The stock had 3.874 million contracts set over the past session. LBRT shares’ daily volume is compared to its average trading volume at 0.59 million shares. However, it has a float of 64.55 million and although its performance was 33.59% over the week, it’s one to watch. Analysts have given the LBRT stock a yearly average price target of $7.16 per share. It means the stock’s downside potential is -18.17% with the LBRT share price recently placing at $7.31 to $9.19. However, some brokerage firms have priced the stock below the average, including one that has called $3.
The shorts are running away from the Liberty Oilfield Services Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the LBRT shares have declined. Short interest in the stock represents just 7.32% of its float, but the volume has dropped by 0.
In the last trading session, Liberty Oilfield Services Inc. (NYSE:LBRT) raised by $2.2 over the week and gained $2.44 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $12.42. The stock recorded its established 52-week high on 09/16/19.
Since 03/20/20, the stock has traded to a low of $2.17 at 303.23%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Liberty Oilfield Services Inc.’s two-week RSI is 70.95. This suggests that the stock is oversold at the moment and that LBRT shares’ price movement remains not stable. The stochastic readings are equally revealing at 45.82% meaning the LBRT share price is currently in neutral territory.
The technical chart shows that the LBRT stock will likely settle at between $9.52 and $10.3 per share. However, if the stock dips below $7.64, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.54.
Currently, the stock is trading in the green of MACD, with a reading of 0.49. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at BofA/Merrill raised their recommendation for LBRT from Neutral to Buy in May 28 review. JP Morgan analysts downgraded their recommendation of the stock from Overweight to Neutral while keeping its target price at $5 in a flash note released to investors on March 25. Wolfe Research seeing the stock struggling downgraded it from Outperform to Peer Perform on March 19.
The average rating for the LBRT equity is 2.41 and is currently gathering a bullish momentum. Of 16 analysts tracking Liberty Oilfield Services Inc. polled by Reuters, 8 rated LBRT as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (8) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Liberty Oilfield Services Inc. (NYSE:LBRT) will decrease by about -99.86%, which will see them reach $125 million. The company’s full-year revenues are, however, expected to diminish by about -56.14%, down from $1990 million to $873 million. LBRT’s expected adjusted earnings should drop almost -386.67% to end up at -$0.43 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -276.19% to record -$1.11/share.