Citi lowered the firm’s price target on Liberty Energy to $14 from $15 and keeps a Neutral rating on the shares. Last week, the EIA published their monthly drilling productivity report, which showed U.S. completion activity down 6% in May from April and down 8% from the Q1 run rate, the analyst noted. Though frac activity and rates are starting to soften, Citi believes “a more pronounced correction is set to unfold,” forecasting that Permian completion activity is set to fall about 10%.
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