Stock Alert: Liberty Oilfield Services Soars 35%

(RTTNews) - Shares of Liberty Oilfield Services Inc. (LBRT) are surging more than 35% Tuesday morning on the news of Schlumberger (SLB) selling its onshore hydraulic fracturing business in the United States and Canada to Liberty for a 37% stake in the new combined company.

Liberty Chairman and Chief Executive Officer Chris Wright stated, "This transaction will be a transformative step forward in our journey as a company. Our expanded technology portfolio and breadth of operations will enable Liberty to further raise our already high bar for safe, innovative, efficient, and ESG-conscious frac operations."

The transaction is expected to close in the fourth quarter of 2020.

LBRT is currently trading at $8.84. It has traded in the range of $2.17- $12.42 in the past 52 weeks.