LandBridge (NYSE:LB) Hits New 52-Week High After Analyst Upgrade

LandBridge Co LLC (NYSE:LB)’s stock price reached a new 52-week high during mid-day trading on Monday after Piper Sandler raised their price target on the stock from $39.00 to $79.00. Piper Sandler currently has a neutral rating on the stock. LandBridge traded as high as $79.57 and last traded at $79.57, with a volume of 2243 shares trading hands. The stock had previously closed at $77.46.

A number of other research analysts have also issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of LandBridge from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Barclays upped their price target on shares of LandBridge from $29.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Wells Fargo & Company raised their price objective 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. Finally, Citigroup increased their target price on shares of LandBridge from $31.00 to $34.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Three 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, the company presently has an average rating of “Moderate Buy” and an average price target of $41.88.

Institutional Investors Weigh In On LandBridge

Several hedge funds have recently made changes to their positions in LB. nVerses Capital LLC acquired a new position in shares of LandBridge in the 3rd quarter valued at about $31,000. M&R Capital Management Inc. purchased a new position in shares of LandBridge in the 3rd quarter valued at $39,000. BNP Paribas Financial Markets purchased a new stake in LandBridge during the 3rd quarter worth $168,000. Axxcess Wealth Management LLC acquired a new stake in LandBridge in the 3rd quarter valued at $218,000. Finally, Requisite Capital Management LLC purchased a new position in LandBridge in the third quarter valued at about $293,000.

LandBridge Stock Performance

The firm has a 50 day moving average price of $53.09. 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 business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.54%. The ex-dividend date is Thursday, December 5th.

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.