LandBridge (NYSE:LB) Price Target Raised to $88.00

LandBridge (NYSE:LB) had its price target raised by The Goldman Sachs Group from $73.00 to $88.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on LB. Raymond James boosted their price objective on shares of LandBridge from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Wells Fargo & Company set a $82.00 target price on shares of LandBridge and gave the company an “overweight” rating in a research note on Friday, March 7th. Royal Bank of Canada restated an “underperform” rating and set a $25.00 price objective on shares of LandBridge in a report on Tuesday, December 10th. Barclays raised their price target on LandBridge from $79.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, March 21st. Finally, Piper Sandler reduced their price objective on LandBridge from $79.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.44.

LandBridge Stock Down 8.8 %

NYSE LB opened at $69.57 on Wednesday. The stock has a market capitalization of $5.09 billion and a P/E ratio of 19.54. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.73 and a current ratio of 0.73. LandBridge has a 52 week low of $18.75 and a 52 week high of $84.70. The stock has a fifty day moving average of $70.41 and a 200-day moving average of $62.56.

LandBridge Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Thursday, March 6th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date was Thursday, March 6th. LandBridge’s dividend payout ratio is presently 11.24%.

Institutional Trading of LandBridge

Several large investors have recently modified their holdings of LB. FMR LLC raised its stake in LandBridge by 40.5% during the 3rd quarter. FMR LLC now owns 2,378,121 shares of the company’s stock worth $93,032,000 after buying an additional 686,070 shares during the period. Hood River Capital Management LLC bought a new position in shares of LandBridge in the fourth quarter valued at approximately $41,431,000. Vanguard Group Inc. bought a new stake in shares of LandBridge during the 4th quarter worth $38,480,000. First Manhattan CO. LLC. boosted its holdings in shares of LandBridge by 23.5% in the 4th quarter. First Manhattan CO. LLC. now owns 2,713,506 shares of the company’s stock worth $175,292,000 after buying an additional 516,380 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of LandBridge in the 4th quarter worth about $20,928,000.

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.