LandBridge (NYSE:LB) Trading 5.2% Higher – Here’s Why

LandBridge Co LLC (NYSE:LB) traded up 5.2% during mid-day trading on Friday . The stock traded as high as $71.84 and last traded at $70.93. 97,608 shares traded hands during trading, a decline of 74% from the average session volume of 374,739 shares. The stock had previously closed at $67.45.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Janney Montgomery Scott started coverage on shares of LandBridge in a research report on Thursday, July 25th. They set a “buy” rating and a $36.00 price target on the stock. Barclays raised their target price on shares of LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. The Goldman Sachs Group raised their target price on shares of LandBridge from $38.00 to $43.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Citigroup raised 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. Finally, Wells Fargo & Company raised their price target on shares of LandBridge from $34.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, LandBridge presently has an average rating of “Moderate Buy” and an average target price of $36.57.

LandBridge Stock Up 11.1 %

The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.60. The stock’s 50 day simple moving average is $52.30.

LandBridge Cuts Dividend

The firm 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 0.53%. The ex-dividend date is Thursday, December 5th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new position in LandBridge during the third quarter worth about $31,000. M&R Capital Management Inc. purchased a new position in LandBridge in the third quarter valued at about $39,000. BNP Paribas Financial Markets purchased a new position in LandBridge in the third quarter valued at about $168,000. Axxcess Wealth Management LLC purchased a new position in LandBridge in the third quarter valued at about $218,000. Finally, Requisite Capital Management LLC purchased a new position in LandBridge in the third quarter valued at about $293,000.

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.