It has been about a month since the last earnings report for Liberty Oilfield Services (LBRT). Shares have lost about 26.8% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Liberty Oilfield Services due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Liberty Oilfield Q3 Loss Wider Than ExpectedLiberty Oilfield Services reported third-quarter 2021 loss per share of 22 cents, wider than the Zacks Consensus Estimate of a loss of 12 cents. The underperformance reflects the impact of ongoing logistics challenges, rising costs and acquisition integration expenses on account of the onshore hydraulic fracturing business in the United States and Canada that the company purchased from Schlumberger in January.However, the bottom line compared favorably with the year-ago quarter’s loss of 41 cents due to strong execution, higher activity and increased service pricing.Total revenues came in at $653.7 million, above the Zacks Consensus Estimate of $615 million and surged from the year-ago level of $147.5 million.Meanwhile, the third-quarter adjusted EBITDA was $32 million against the prior-year quarter figure of $1.4 million.In its earnings release, the company also announced the acquisition of environment-friendly proppant delivery solutions provider PropX for $90 million that include $13.5 million in cash and $76.5 million worth Liberty common stock. The addition of PropX is expected to improve logistics efficiency and add innovation to Liberty’s portfolio.Balance Sheet & Capital ExpenditureAs of Sep 30, Liberty had approximately $34.7 million in cash and cash equivalents. The pressure pumper’s long-term debt of $121.1 million represented a debt-to-capitalization of 9.2%. Further, the company’s liquidity — cash balance, plus revolving credit facility — amounted to $268 million.In the reported quarter, the company spent $56.2 million on its capital program.GuidanceLiberty management sees strong commodity prices driving frac service usage — especially by private upstream operators — into the next year. In particular, the company’s environmental-friendly and sophisticated offerings provide it with a comparative advantage. At the same time, Liberty is not immune to macro issues like higher transportation costs, driver scarcity and labor shortages. How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month. The consensus estimate has shifted -56.57% due to these changes.VGM ScoresCurrently, Liberty Oilfield Services has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Liberty Oilfield Services has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Liberty Oilfield Services Inc. (LBRT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research