LandBridge (NYSE:LB) Hits New 1-Year High After Analyst Upgrade

LandBridge Co LLC (NYSE:LB) reached a new 52-week high during trading on Monday after Piper Sandler raised their price target on the stock from $39.00 to $79.00. Piper Sandler currently has a neutral rating on the stock. LandBridge traded as high as $79.57 and last traded at $79.57, with a volume of 2243 shares. The stock had previously closed at $77.46.

LB has been the subject of a number of other reports. Barclays increased their price target on LandBridge from $29.00 to $38.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. The Goldman Sachs Group increased their target price on shares of LandBridge from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Wells Fargo & Company boosted their price target on shares of LandBridge from $34.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Finally, Citigroup increased their price objective 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. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, LandBridge has a consensus rating of “Moderate Buy” and a consensus price target of $41.88.

Hedge Funds Weigh In On LandBridge

A number of institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC lifted its stake in LandBridge by 40.5% during the third quarter. FMR LLC now owns 2,378,121 shares of the company’s stock worth $93,032,000 after purchasing an additional 686,070 shares during the last quarter. Horizon Kinetics Asset Management LLC raised its holdings in LandBridge by 10.3% during the third 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 in the last quarter. Schwartz Investment Counsel Inc. lifted its position in shares of LandBridge by 617.7% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 422,168 shares of the company’s stock worth $16,515,000 after buying an additional 363,345 shares during the last quarter. Mad River Investors acquired a new position in shares of LandBridge in the 3rd quarter valued at $9,097,000. Finally, Moors & Cabot Inc. purchased a new position in shares of LandBridge in the 3rd quarter valued at $4,302,000.

LandBridge Stock Performance

The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.60. The stock has a 50 day simple moving average of $53.09.

LandBridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Thursday, December 5th.

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.