LandBridge (NYSE:LB) Stock Price Down 7% – Time to Sell?

LandBridge Co LLC (NYSE:LB) was down 7% on Tuesday . The stock traded as low as $61.66 and last traded at $62.01. Approximately 132,327 shares traded hands during trading, a decline of 63% from the average daily volume of 355,111 shares. The stock had previously closed at $66.70.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Janney Montgomery Scott initiated coverage on LandBridge in a report on Thursday, July 25th. They issued a “buy” rating and a $36.00 price objective for the company. Wells Fargo & Company boosted their price objective on LandBridge from $34.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Johnson Rice assumed coverage on LandBridge in a research report on Wednesday, July 24th. They issued a “buy” rating and a $35.00 target price for the company. Raymond James started coverage on LandBridge in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $34.00 target price on the stock. Finally, Barclays increased their target price on LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, LandBridge has an average rating of “Moderate Buy” and an average price target of $36.57.

LandBridge Stock Down 7.8 %

The stock has a 50 day simple moving average of $49.82. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.60.

LandBridge Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be given a $0.10 dividend. The ex-dividend date is Thursday, December 5th. This represents a $0.40 annualized dividend and a yield of 0.65%.

Institutional Investors Weigh In On LandBridge

Several hedge funds have recently modified their holdings of the business. Horizon Kinetics Asset Management LLC lifted its position in shares of LandBridge by 10.3% in the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 5,190,867 shares of the company’s stock worth $203,067,000 after purchasing an additional 484,968 shares during the period. FMR LLC lifted its position in LandBridge by 40.5% during the third quarter. FMR LLC now owns 2,378,121 shares of the company’s stock valued at $93,032,000 after acquiring an additional 686,070 shares during the last quarter. Schwartz Investment Counsel Inc. lifted its position in LandBridge by 617.7% during the third quarter. Schwartz Investment Counsel Inc. now owns 422,168 shares of the company’s stock valued at $16,515,000 after acquiring an additional 363,345 shares during the last quarter. Mad River Investors purchased a new stake in LandBridge during the third quarter valued at approximately $9,097,000. Finally, Raymond James & Associates lifted its position in LandBridge by 9.2% during the third quarter. Raymond James & Associates now owns 229,350 shares of the company’s stock valued at $8,972,000 after acquiring an additional 19,350 shares during the last quarter.

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.