LandBridge (NYSE:LB) Sets New 12-Month High – Here’s What Happened

LandBridge Co LLC (NYSE:LB)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $63.41 and last traded at $61.62, with a volume of 25791 shares changing hands. The stock had previously closed at $60.56.

Analysts Set New Price Targets

Several research firms have recently issued reports on LB. The Goldman Sachs Group lifted their price objective on shares of LandBridge from $38.00 to $43.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Barclays boosted their price target 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. Raymond James began coverage on shares of LandBridge in a research report on Tuesday, July 23rd. They issued an “outperform” rating and a $34.00 price target on the stock. Citigroup boosted their price target on shares of LandBridge from $31.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Finally, Pickering Energy Partners began coverage on shares of LandBridge in a research report on Tuesday, July 23rd. They issued an “outperform” rating on the stock. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, LandBridge presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.57.

LandBridge Trading Up 1.5 %

The stock has a 50 day simple moving average of $44.60.

Institutional Trading of LandBridge

Large investors have recently made changes to their positions in the stock. International Assets Investment Management LLC purchased a new stake in shares of LandBridge during the third quarter valued at $1,836,000. Seven Grand Managers LLC boosted its stake in shares of LandBridge by 14.3% during the third quarter. Seven Grand Managers LLC now owns 100,000 shares of the company’s stock valued at $3,912,000 after purchasing an additional 12,500 shares during the period. Ghisallo Capital Management LLC purchased a new stake in LandBridge in the second quarter worth about $1,158,000. Raymond James & Associates lifted its stake in LandBridge by 9.2% in the third quarter. Raymond James & Associates now owns 229,350 shares of the company’s stock worth $8,972,000 after acquiring an additional 19,350 shares during the period. Finally, Mad River Investors purchased a new stake in LandBridge in the third quarter worth about $9,097,000.

LandBridge Company Profile

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.