LandBridge (NYSE:LB) Sets New 1-Year High – Here’s Why

LandBridge Co LLC (NYSE:LB)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $58.24 and last traded at $58.06, with a volume of 154252 shares. The stock had previously closed at $55.20.

Analyst Upgrades and Downgrades

LB has been the topic of a number of research analyst reports. Citigroup increased their price objective on shares of LandBridge from $31.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Pickering Energy Partners initiated coverage on LandBridge in a research report on Tuesday, July 23rd. They set an “outperform” rating for the company. The Goldman Sachs Group raised their target price on LandBridge from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Janney Montgomery Scott initiated 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. Finally, Wells Fargo & Company upped their target price on shares of LandBridge from $34.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, LandBridge presently has an average rating of “Moderate Buy” and an average price target of $36.57.

LandBridge Price Performance

The company has a 50-day simple moving average of $43.77.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in LB. nVerses Capital LLC purchased a new position in shares of LandBridge during the 3rd quarter valued at approximately $31,000. M&R Capital Management Inc. purchased a new stake in shares of LandBridge during the 3rd quarter worth about $39,000. Requisite Capital Management LLC acquired a new stake in shares of LandBridge during the 3rd quarter valued at about $293,000. Point72 DIFC Ltd purchased a new position in shares of LandBridge in the 2nd quarter valued at about $497,000. Finally, Marshall Wace LLP purchased a new position in LandBridge during the second quarter worth 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.