Fmr LLC Increases Position in LandBridge Co LLC (NYSE:LB)

Fmr LLC raised its position in shares of LandBridge Co LLC (NYSE:LB) by 40.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,378,121 shares of the company’s stock after purchasing an additional 686,070 shares during the period. Fmr LLC owned approximately 3.25% of LandBridge worth $93,032,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in LB. nVerses Capital LLC purchased a new stake in LandBridge during the third quarter valued at about $31,000. M&R Capital Management Inc. bought a new position in LandBridge during the 3rd quarter worth approximately $39,000. Axxcess Wealth Management LLC bought a new position in LandBridge during the 3rd quarter worth approximately $218,000. Requisite Capital Management LLC purchased a new position in LandBridge in the 3rd quarter worth approximately $293,000. Finally, OneDigital Investment Advisors LLC bought a new stake in LandBridge in the third quarter valued at approximately $383,000.

LandBridge Price Performance

NYSE LB opened at $68.65 on Friday. LandBridge Co LLC has a 1-year low of $18.75 and a 1-year high of $80.82. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.60. The company’s fifty day moving average price is $59.37.

LandBridge Cuts Dividend

The firm also recently declared 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 0.58%.

Wall Street Analysts Forecast Growth

LB has been the topic of a number of analyst reports. The Goldman Sachs Group boosted their price objective on shares of LandBridge from $38.00 to $43.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Barclays upped their target price on LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Citigroup raised their price objective on shares of LandBridge from $31.00 to $34.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Piper Sandler upped their price target on LandBridge from $39.00 to $79.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Finally, Wells Fargo & Company upped their target price on shares of LandBridge from $34.00 to $36.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.88.

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.