LandBridge (NYSE:LB) Stock Price Up 10.4% – Still a Buy?

LandBridge Co LLC (NYSE:LB)’s stock price shot up 10.4% during trading on Monday . The company traded as high as $54.22 and last traded at $54.13. 119,914 shares were traded during trading, a decline of 65% from the average session volume of 346,782 shares. The stock had previously closed at $49.02.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LB. Pickering Energy Partners began coverage on shares of LandBridge in a research note on Tuesday, July 23rd. They issued an “outperform” rating for the company. The Goldman Sachs Group lifted their target price on LandBridge from $38.00 to $43.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Johnson Rice initiated coverage on shares of LandBridge in a report on Wednesday, July 24th. They set a “buy” rating and a $35.00 target price for the company. Barclays initiated coverage on LandBridge in a research report on Tuesday, July 23rd. They set an “equal weight” rating and a $29.00 price target on the stock. Finally, Janney Montgomery Scott initiated coverage on shares of LandBridge in a report on Thursday, July 25th. They set a “buy” rating and a $36.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, LandBridge presently has an average rating of “Moderate Buy” and a consensus target price of $35.29.

LandBridge Stock Performance

The stock’s 50 day moving average price is $38.17.

Institutional Investors Weigh In On LandBridge

A number of hedge funds and other institutional investors have recently modified their holdings of the company. M&R Capital Management Inc. bought a new position in LandBridge during the third quarter worth about $39,000. Requisite Capital Management LLC acquired a new position in shares of LandBridge during the 3rd quarter worth approximately $293,000. Point72 DIFC Ltd bought a new position in shares of LandBridge during the second quarter worth approximately $497,000. Marshall Wace LLP acquired a new stake in shares of LandBridge in the second quarter valued at approximately $1,158,000. Finally, Ghisallo Capital Management LLC bought a new stake in shares of LandBridge in the second quarter valued at approximately $1,158,000.

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.