LandBridge (NYSE:LB) Stock Price Down 4.3% - Here's What Happened

LandBridge Co LLC (NYSE:LB - Get Free Report)'s stock price was down 4.3% during trading on Friday . The company traded as low as $64.76 and last traded at $65.69. Approximately 164,055 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 394,160 shares. The stock had previously closed at $68.65.

Wall Street Analysts Forecast Growth

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

LandBridge Price Performance

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 stock has a 50 day moving average of $59.85.

LandBridge Cuts Dividend

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

Institutional Trading of LandBridge

Several large investors have recently added to or reduced their stakes in LB. HighTower Advisors LLC lifted its holdings in shares of LandBridge by 370.2% during the third quarter. HighTower Advisors LLC now owns 68,649 shares of the company's stock worth $2,688,000 after purchasing an additional 54,048 shares during the period. Centiva Capital LP lifted its stake in LandBridge by 4.7% during the 3rd quarter. Centiva Capital LP now owns 9,527 shares of the company's stock valued at $373,000 after acquiring an additional 427 shares during the period. Flow Traders U.S. LLC purchased a new stake in shares of LandBridge in the 3rd quarter valued at $600,000. Verition Fund Management LLC purchased a new position in shares of LandBridge during the third quarter worth $536,000. Finally, BNP Paribas Financial Markets acquired a new stake in LandBridge during the 3rd quarter worth about $168,000.

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.