LandBridge (NYSE:LB) Shares Down 7.6% – What’s Next?

LandBridge Co LLC (NYSE:LB) shares were down 7.6% during trading on Monday . The company traded as low as $68.67 and last traded at $69.76. Approximately 349,693 shares traded hands during mid-day trading, a decline of 1% from the average daily volume of 352,824 shares. The stock had previously closed at $75.50.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Johnson Rice initiated coverage on shares of LandBridge in a research report on Wednesday, July 24th. They issued a “buy” rating and a $35.00 target price on the stock. Janney Montgomery Scott began coverage on shares of LandBridge in a report on Thursday, July 25th. They issued a “buy” rating and a $36.00 price objective on the stock. Raymond James started coverage on shares of LandBridge in a report on Tuesday, July 23rd. They set an “outperform” rating and a $34.00 target price for the company. Citigroup upped their price target on LandBridge from $31.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Finally, Pickering Energy Partners assumed coverage on LandBridge in a report on Tuesday, July 23rd. They issued an “outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $36.57.

LandBridge Trading Up 0.8 %

The company has a fifty day moving average price of $47.79.

LandBridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Thursday, December 5th.

Institutional Investors Weigh In On LandBridge

A number of institutional investors and hedge funds have recently bought and sold shares of the company. nVerses Capital LLC acquired a new position in LandBridge during the 3rd quarter valued at approximately $31,000. M&R Capital Management Inc. purchased a new position in LandBridge during the third quarter valued at approximately $39,000. BNP Paribas Financial Markets acquired a new position in shares of LandBridge in the 3rd quarter valued at $168,000. Axxcess Wealth Management LLC acquired a new position in LandBridge in the 3rd quarter worth about $218,000. Finally, Requisite Capital Management LLC acquired a new stake in LandBridge in the 3rd quarter valued at $293,000.

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.