Fmr LLC Raises Holdings in LandBridge Co LLC (NYSE:LB)

FMR LLC lifted its stake in shares of LandBridge Co LLC (NYSE:LB - Free Report) by 40.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,378,121 shares of the company's stock after purchasing an additional 686,070 shares during the period. FMR LLC owned 3.25% of LandBridge worth $93,032,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. nVerses Capital LLC purchased a new position in LandBridge during the third quarter worth about $31,000. M&R Capital Management Inc. purchased a new stake in shares of LandBridge in the 3rd quarter valued at approximately $39,000. Axxcess Wealth Management LLC acquired a new stake in shares of LandBridge during the 3rd quarter worth approximately $218,000. Requisite Capital Management LLC purchased a new stake in shares of LandBridge during the 3rd quarter valued at approximately $293,000. Finally, OneDigital Investment Advisors LLC acquired a new position in LandBridge in the third quarter valued at approximately $383,000.

LandBridge Stock Performance

LB stock traded down $4.58 during trading on Friday, hitting $64.07. The company had a trading volume of 676,672 shares, compared to its average volume of 399,191. LandBridge Co LLC has a 1-year low of $18.75 and a 1-year high of $80.82. The company has a 50-day simple moving average of $59.37. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.60.

LandBridge Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend is Thursday, December 5th.

Wall Street Analyst Weigh In

LB has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their target price on shares of LandBridge from $34.00 to $36.00 and gave the company an "overweight" rating in a research report on Friday, August 9th. Piper Sandler upped their price objective on shares of LandBridge from $39.00 to $79.00 and gave the stock a "neutral" rating in a report on Monday, November 25th. Barclays lifted their target price on shares of LandBridge from $29.00 to $38.00 and gave the company an "equal weight" rating in a report on Tuesday, October 15th. Citigroup upped their price target on LandBridge from $31.00 to $34.00 and gave the stock a "neutral" rating in a research note on Thursday, September 12th. Finally, The Goldman Sachs Group raised their price objective on shares of LandBridge from $38.00 to $43.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $41.88.

LandBridge 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.