LandBridge (NYSE:LB) Reaches New 12-Month High - Should You Buy?

Shares of LandBridge Co LLC (NYSE:LB - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $56.92 and last traded at $56.87, with a volume of 73143 shares. The stock had previously closed at $53.96.

Analysts Set New Price Targets

LB has been the topic of a number of recent analyst reports. Johnson Rice began coverage on LandBridge in a report on Wednesday, July 24th. They issued a "buy" rating and a $35.00 price objective on the stock. Citigroup raised their price target on LandBridge from $31.00 to $34.00 and gave the stock a "neutral" rating in a research report on Thursday, September 12th. Wells Fargo & Company increased their target price on shares of LandBridge from $34.00 to $36.00 and gave the stock an "overweight" rating in a report on Friday, August 9th. Janney Montgomery Scott initiated coverage on shares of LandBridge in a research note on Thursday, July 25th. They issued a "buy" rating and a $36.00 price target for the company. Finally, Barclays increased their price objective on LandBridge from $29.00 to $38.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, LandBridge presently has an average rating of "Moderate Buy" and a consensus price target of $36.57.

LandBridge Trading Down 3.2 %

The business has a fifty day moving average price of $41.79.

Institutional Investors Weigh In On LandBridge

Several hedge funds have recently modified their holdings of LB. Seven Grand Managers LLC increased its stake in LandBridge by 14.3% during the 3rd quarter. Seven Grand Managers LLC now owns 100,000 shares of the company's stock worth $3,912,000 after buying an additional 12,500 shares during the period. Ghisallo Capital Management LLC purchased a new stake in shares of LandBridge during the second quarter worth about $1,158,000. Mad River Investors acquired a new position in shares of LandBridge in the third quarter worth about $9,097,000. Point72 DIFC Ltd purchased a new position in LandBridge in the second quarter valued at about $497,000. Finally, M&R Capital Management Inc. acquired a new stake in LandBridge during the 3rd quarter valued at approximately $39,000.

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.