Verition Fund Management LLC Invests $536,000 in LandBridge Co LLC (NYSE:LB)

Verition Fund Management LLC bought a new position in shares of LandBridge Co LLC (NYSE:LB - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 13,690 shares of the company's stock, valued at approximately $536,000.

Other hedge funds have also modified their holdings of the company. Marshall Wace LLP acquired a new position in shares of LandBridge during the 2nd quarter worth approximately $1,158,000. Ghisallo Capital Management LLC acquired a new position in LandBridge during the second quarter worth $1,158,000. Point72 DIFC Ltd purchased a new stake in LandBridge in the 2nd quarter valued at $497,000. M&R Capital Management Inc. acquired a new stake in shares of LandBridge in the 3rd quarter worth $39,000. Finally, Requisite Capital Management LLC purchased a new position in shares of LandBridge during the 3rd quarter worth $293,000.

LandBridge Stock Down 4.3 %

NYSE:LB traded down $2.68 during trading hours on Thursday, reaching $60.03. 347,449 shares of the stock were exchanged, compared to its average volume of 400,724. LandBridge Co LLC has a twelve month low of $18.75 and a twelve month high of $80.82. The stock has a 50-day simple moving average of $61.40. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.60.

LandBridge Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors 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 yield of 0.67%. The ex-dividend date is Thursday, December 5th.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Citigroup upped their price objective on shares of LandBridge from $31.00 to $34.00 and gave the company a "neutral" rating in a report on Thursday, September 12th. Barclays increased their price target on shares of LandBridge from $29.00 to $38.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 15th. Royal Bank of Canada reaffirmed an "underperform" rating and set a $25.00 price target on shares of LandBridge in a research report on Tuesday. The Goldman Sachs Group upped their price objective on LandBridge from $38.00 to $43.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. Finally, Piper Sandler raised their target price on LandBridge from $39.00 to $79.00 and gave the stock a "neutral" rating in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $40.00.

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.