LandBridge (NYSE:LB) Sets New 1-Year High Following Analyst Upgrade

LandBridge Co LLC (NYSE:LB)’s stock price reached a new 52-week high during mid-day trading on Monday after Piper Sandler raised their price target on the stock from $39.00 to $79.00. Piper Sandler currently has a neutral rating on the stock. LandBridge traded as high as $79.57 and last traded at $79.57, with a volume of 2243 shares trading hands. The stock had previously closed at $77.46.

Several other brokerages have also commented on LB. Barclays increased their price objective on shares of LandBridge from $29.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Citigroup raised their price objective on shares of LandBridge from $31.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. The Goldman Sachs Group upped their price target on LandBridge from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Finally, Wells Fargo & Company lifted their price objective on shares of LandBridge from $34.00 to $36.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $41.88.

Institutional Trading of LandBridge

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC lifted its position in shares of LandBridge by 40.5% in the third quarter. FMR LLC now owns 2,378,121 shares of the company’s stock worth $93,032,000 after buying an additional 686,070 shares in the last quarter. Horizon Kinetics Asset Management LLC raised its holdings in shares of LandBridge by 10.3% in the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 5,190,867 shares of the company’s stock valued at $203,067,000 after purchasing an additional 484,968 shares in the last quarter. Schwartz Investment Counsel Inc. boosted its position in LandBridge by 617.7% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 422,168 shares of the company’s stock valued at $16,515,000 after acquiring an additional 363,345 shares in the last quarter. Mad River Investors purchased a new position in shares of LandBridge in the third quarter worth $9,097,000. Finally, Moors & Cabot Inc. acquired a new position in LandBridge in the 3rd quarter worth approximately $4,302,000.

LandBridge Trading Down 1.8 %

The business’s 50-day simple moving average is $53.09. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.73 and a current ratio of 0.73.

LandBridge Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Thursday, December 5th.

About LandBridge

LandBridge Company LLC owns and manages land and resources to support and enhance oil and natural gas development in the United States. It owns surface acres in and around the Delaware Basin in Texas and New Mexico. The company holds a portfolio of oil and gas royalties. It also sells brackish water and other surface composite materials.