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Why This Oilfield Services Company Is Well Positioned for 2024

If you read my year end review and outlook for oil that was published a few weeks ago, before I went on my somewhat extended holiday break, you will know that I started this year bullish for oil, but with a few provisos. Mainly, they are to do with economic conditions in the US and to a lesser extent China. Higher for longer interest rates should inflation remain elevated (as Thursday’s US CPI suggested it might) could affect the demand side of the pricing equation, but as long as crude stays above $65 simple economic theory dictates that, at some point supply will increase too. That could be absorbed if demand stays strong, but there is always the chance that increased supply will hit just as there is a wobble in the economy, pushing prices significantly lower.

So, I have been looking at stocks that might benefit from increased production but won’t necessarily get hit hard should oil drop later in the year. That search led me to Liberty Energy Inc. (LBRT), and the more I looked, the better the play seemed. My analysis is usually top down, starting with a big picture look, then looking for value and financial stability, and then finally looking at a chart to see if there is a logical support close by and the potential for an upside significantly larger than the downside created by setting a stop off that level. LBRT fits on all fronts.

They are a Colorado-based company that provides fracking services in North America, which some may think is a risk…





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