Sharp Increase in Oil Prices Pushed Liberty Energy (LBRT) in Q3

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Small Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In Q3 2023, small-cap stocks posted negative returns after a mostly positive first-half performance. Russell 2000 Growth Index declined 7.32%, significantly underperforming the Russell 2000 Value Index (down 2.97%). In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Small Cap Growth Fund highlighted stocks like Liberty Energy Inc. (NYSE:LBRT) in the third quarter 2023 investor letter. Headquartered in Denver, Colorado, Liberty Energy Inc. (NYSE:LBRT) is a hydraulic fracturing service provider to oil and natural gas companies. On October 26, 2023, Liberty Energy Inc. (NYSE:LBRT) stock closed at $19.63 per share. One-month return of Liberty Energy Inc. (NYSE:LBRT) was 5.99%, and its shares gained 22.76% of their value over the last 52 weeks. Liberty Energy Inc. (NYSE:LBRT) has a market capitalization of $3.31 billion.

Carillon Eagle Small Cap Growth Fund made the following comment about Liberty Energy Inc. (NYSE:LBRT) in its Q3 2023 investor letter:

“Liberty Energy Inc. (NYSE:LBRT) provides innovative hydraulic services and related technologies to onshore oil and natural gas exploration and production companies in North America. The stock was an impressive performer in the quarter, as the recent sharp increase in oil prices should translate to healthy levels of North American shale activity in the remainder of the year and into 2024.”

A drilling rig manned by engineers and oil field workers preparing to explore a new petroleum reservoir.

Liberty Energy Inc. (NYSE:LBRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Liberty Energy Inc. (NYSE:LBRT) at the end of second quarter which was 30 in the previous quarter.

We discussed Liberty Energy Inc. (NYSE:LBRT) in another article and shared the list of best oil stocks under $20. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.