LandBridge (NYSE:LB) Hits New 52-Week High Following Analyst Upgrade

LandBridge Co LLC (NYSE:LB)’s share 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. The stock had previously closed at $77.46.

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

Institutional Investors Weigh In On LandBridge

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Centiva Capital LP grew its position in LandBridge by 4.7% during the third quarter. Centiva Capital LP now owns 9,527 shares of the company’s stock worth $373,000 after buying an additional 427 shares during the period. nVerses Capital LLC purchased a new position in LandBridge in the 3rd quarter valued at approximately $31,000. M&R Capital Management Inc. purchased a new stake in LandBridge during the third quarter worth $39,000. BNP Paribas Financial Markets acquired a new stake in LandBridge in the third quarter valued at $168,000. Finally, Axxcess Wealth Management LLC purchased a new position in shares of LandBridge in the third quarter valued at $218,000.

LandBridge Stock Down 1.8 %

The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.73 and a current ratio of 0.73. The company has a 50-day moving average price of $53.09.

LandBridge Cuts Dividend

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

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.