Piper Sandler Cuts LandBridge (NYSE:LB) Price Target to $70.00

LandBridge (NYSE:LB - Get Free Report) had its price target lowered by equities researchers at Piper Sandler from $79.00 to $70.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Piper Sandler's target price would indicate a potential upside of 3.55% from the company's current price.

LB has been the topic of a number of other research reports. Royal Bank of Canada reaffirmed an "underperform" rating and issued a $25.00 price objective on shares of LandBridge in a report on Tuesday, December 10th. Barclays increased their price objective on shares of LandBridge from $38.00 to $79.00 and gave the stock an "equal weight" rating in a report on Friday, January 17th. Raymond James increased their price objective on shares of LandBridge from $80.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday, January 28th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and issued a $71.00 price objective on shares of LandBridge in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $52.33.

LandBridge Stock Performance

Shares of NYSE:LB traded up $6.09 on Friday, reaching $67.60. 837,913 shares of the company's stock were exchanged, compared to its average volume of 486,836. The firm has a market capitalization of $4.95 billion and a price-to-earnings ratio of 18.99. LandBridge has a fifty-two week low of $18.75 and a fifty-two week high of $84.70. The business's 50-day moving average is $69.31 and its two-hundred day moving average is $58.69. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.60.

Remove Ads

Hedge Funds Weigh In On LandBridge

Institutional investors and hedge funds have recently bought and sold shares of the stock. Horizon Kinetics Asset Management LLC boosted its position in shares of LandBridge by 4.0% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 5,399,275 shares of the company's stock valued at $348,793,000 after purchasing an additional 208,408 shares in the last quarter. First Manhattan CO. LLC. boosted its position in shares of LandBridge by 23.5% during the 4th 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 boosted its position in shares of 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 purchasing an additional 686,070 shares in the last quarter. Hood River Capital Management LLC bought a new position in shares of LandBridge during the 4th quarter valued at about $41,431,000. Finally, Vanguard Group Inc. bought a new position in shares of LandBridge during the 4th quarter valued at about $38,480,000.

About LandBridge

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.