Shares fall after power joint venture announcement
Shares of oilfield services provider Liberty Energy (LBRT.N) were down about 18% at $20.78.
The company announced a joint venture with PowerBridge to support planned gigawatt-scale data center campuses, including an initial deployment of over 300 MW targeted for late 2027.
Brokerage Capital Markets cited concerns over the absence of firm end-customer commitments for the power JV.
The brokerage also pointed to Liberty's rising capex estimates for the 3GW buildout and uncertainty in the frac (hydraulic fracturing) business outlook.
It said there is liquidity risk as financing depends on contracts and execution risk around the power opportunity.
Liberty posted second-quarter adjusted EPS of 9 cents, compared with analysts' estimate of 4 cents, according to data compiled by LSEG.
Including the session's move, shares were up 12% year to date.
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