LandBridge (NYSE:LB) Stock Price Down 5% - Here's What Happened

Shares of LandBridge Co LLC (NYSE:LB - Get Free Report) dropped 5% during trading on Thursday . The stock traded as low as $59.06 and last traded at $62.12. Approximately 236,751 shares changed hands during trading, a decline of 51% from the average daily volume of 478,984 shares. The stock had previously closed at $65.40.

Analysts Set New Price Targets

LB has been the topic of several research analyst reports. Raymond James raised 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. The Goldman Sachs Group restated a "buy" rating and set a $71.00 target price on shares of LandBridge in a report on Friday, January 3rd. Piper Sandler decreased their price target on shares of LandBridge from $79.00 to $70.00 and set a "neutral" rating for the company in a research note on Friday. Royal Bank of Canada reaffirmed an "underperform" rating and set a $25.00 price target on shares of LandBridge in a research note on Tuesday, December 10th. Finally, Barclays raised their price target on shares of LandBridge from $38.00 to $79.00 and gave the stock an "equal weight" rating in a research note on Friday, January 17th. One 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. According to data from MarketBeat, LandBridge presently has an average rating of "Moderate Buy" and a consensus target price of $52.33.

LandBridge Stock Up 9.9 %

The company has a debt-to-equity ratio of 0.60, a current ratio of 0.73 and a quick ratio of 0.73. The firm's 50 day moving average is $69.31 and its two-hundred day moving average is $58.69. The firm has a market capitalization of $4.95 billion and a P/E ratio of 18.99.

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LandBridge Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be paid a $0.10 dividend. The ex-dividend date is Thursday, March 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.59%. LandBridge's dividend payout ratio is presently 11.24%.

Hedge Funds Weigh In On LandBridge

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Axxcess Wealth Management LLC bought a new position in LandBridge during the third quarter worth $218,000. OneDigital Investment Advisors LLC bought a new position in LandBridge during the third quarter worth $383,000. EagleClaw Capital Managment LLC bought a new position in LandBridge during the third quarter worth $920,000. Moors & Cabot Inc. bought a new position in LandBridge during the third quarter worth $4,302,000. Finally, Horizon Kinetics Asset Management LLC boosted its position in LandBridge by 10.3% during the third quarter. Horizon Kinetics Asset Management LLC now owns 5,190,867 shares of the company's stock worth $203,067,000 after purchasing an additional 484,968 shares during the period.

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.