LandBridge (NYSE:LB) Shares Up 7.5% – Here’s Why

Shares of LandBridge Co LLC (NYSE:LB) traded up 7.5% during mid-day trading on Tuesday . The company traded as high as $60.83 and last traded at $60.42. 168,537 shares were traded during mid-day trading, a decline of 51% from the average session volume of 345,222 shares. The stock had previously closed at $56.19.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. The Goldman Sachs Group increased their target price on LandBridge from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Janney Montgomery Scott started coverage on shares of LandBridge in a research report on Thursday, July 25th. They issued a “buy” rating and a $36.00 price target on the stock. Johnson Rice began coverage on shares of LandBridge in a report on Wednesday, July 24th. They set a “buy” rating and a $35.00 price objective for the company. Raymond James started coverage on shares of LandBridge in a research note on Tuesday, July 23rd. They issued an “outperform” rating and a $34.00 target price for the company. Finally, Citigroup lifted their price target on shares of LandBridge from $31.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Two equities 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.57.

LandBridge Price Performance

The stock’s 50 day moving average is $45.08.

LandBridge Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be given a $0.10 dividend. The ex-dividend date is Thursday, December 5th.

Institutional Investors Weigh In On LandBridge

A number of hedge funds and other institutional investors have recently modified their holdings of LB. Schwartz Investment Counsel Inc. increased its holdings in LandBridge by 617.7% in the 3rd quarter. Schwartz Investment Counsel Inc. now owns 422,168 shares of the company’s stock valued at $16,515,000 after buying an additional 363,345 shares during the period. Mad River Investors bought a new position in LandBridge in the third quarter valued at approximately $9,097,000. Raymond James & Associates raised 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 purchasing an additional 19,350 shares in the last quarter. Seven Grand Managers LLC raised its position in LandBridge by 14.3% during the third quarter. Seven Grand Managers LLC now owns 100,000 shares of the company’s stock valued at $3,912,000 after purchasing an additional 12,500 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in LandBridge during the second quarter worth $1,158,000.

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.