LandBridge (NYSE:LB) Trading Up 6% – Here’s What Happened

LandBridge Co LLC (NYSE:LB) shares rose 6% during mid-day trading on Wednesday . The stock traded as high as $75.57 and last traded at $76.66. Approximately 86,034 shares were traded during trading, a decline of 86% from the average daily volume of 631,792 shares. The stock had previously closed at $72.35.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Piper Sandler cut their target price on shares of LandBridge from $79.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday, March 7th. Wells Fargo & Company set a $82.00 price objective on LandBridge and gave the stock an “overweight” rating in a research note on Friday, March 7th. Royal Bank of Canada reissued an “underperform” rating and issued a $25.00 price objective on shares of LandBridge in a research note on Tuesday, December 10th. Raymond James upped their target price on shares of LandBridge from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $71.00 price target on shares of LandBridge in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, LandBridge presently has an average rating of “Moderate Buy” and an average price target of $57.44.

LandBridge Stock Performance

The firm has a market cap of $5.55 billion and a PE ratio of 21.32. 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 firm’s 50 day moving average price is $69.62 and its two-hundred day moving average price is $60.55.

LandBridge Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, March 6th. This represents a $0.40 annualized dividend and a yield of 0.53%. LandBridge’s dividend payout ratio (DPR) is 11.24%.

Hedge Funds Weigh In On LandBridge

Several large investors have recently modified their holdings of the business. FMR LLC lifted its stake in LandBridge by 40.5% during the 3rd quarter. FMR LLC now owns 2,378,121 shares of the company’s stock worth $93,032,000 after acquiring an additional 686,070 shares in the last quarter. Hood River Capital Management LLC acquired a new position in shares of LandBridge in the fourth quarter valued at approximately $41,431,000. Vanguard Group Inc. purchased a new stake in LandBridge during the 4th quarter worth approximately $38,480,000. First Manhattan CO. LLC. increased its holdings in LandBridge by 23.5% during the 4th quarter. First Manhattan CO. LLC. now owns 2,713,506 shares of the company’s stock worth $175,292,000 after purchasing an additional 516,380 shares during the period. Finally, Horizon Kinetics Asset Management LLC raised its holdings in LandBridge by 10.3% in the third quarter. Horizon Kinetics Asset Management LLC now owns 5,190,867 shares of the company’s stock valued at $203,067,000 after acquiring an additional 484,968 shares in the last quarter.

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.