LandBridge (NYSE:LB) Shares Up 6% - Here's Why

Shares of LandBridge Co LLC (NYSE:LB - Get Free Report) traded up 6% on Wednesday . The stock traded as high as $75.57 and last traded at $76.66. 86,034 shares changed hands during trading, a decline of 86% from the average session volume of 631,792 shares. The stock had previously closed at $72.35.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Piper Sandler dropped their price target on shares of LandBridge from $79.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday, March 7th. Raymond James increased their target price on shares of LandBridge from $80.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday, January 28th. Barclays boosted their price target on shares of LandBridge from $79.00 to $80.00 and gave the company an "equal weight" rating in a research report on Friday. Royal Bank of Canada reaffirmed an "underperform" rating and set a $25.00 price objective on shares of LandBridge in a report on Tuesday, December 10th. Finally, Wells Fargo & Company set a $82.00 target price on LandBridge and gave the stock an "overweight" rating in a research report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $57.56.

LandBridge Stock Down 2.6 %

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 price is $70.03 and its two-hundred day moving average price is $61.47. The firm has a market cap of $5.68 billion and a price-to-earnings ratio of 21.80.

Remove Ads

LandBridge Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.52%. LandBridge's payout ratio is 11.24%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Horizon Kinetics Asset Management LLC increased its position in LandBridge by 4.0% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 5,399,275 shares of the company's stock worth $348,793,000 after purchasing an additional 208,408 shares during the period. First Manhattan CO. LLC. lifted its holdings in shares of LandBridge by 23.5% in the fourth quarter. First Manhattan CO. LLC. now owns 2,713,506 shares of the company's stock valued at $175,292,000 after purchasing an additional 516,380 shares in the last quarter. FMR LLC grew its holdings in LandBridge by 40.5% during the 3rd quarter. FMR LLC now owns 2,378,121 shares of the company's stock valued at $93,032,000 after buying an additional 686,070 shares during the last quarter. Hood River Capital Management LLC purchased a new stake in LandBridge during the 4th quarter worth about $41,431,000. Finally, Vanguard Group Inc. purchased a new position in shares of LandBridge during the fourth quarter valued at approximately $38,480,000.

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.