Piper Sandler Cuts LandBridge (NYSE:LB) Price Target to $70.00

LandBridge (NYSE:LB) had its price target decreased by Piper Sandler from $79.00 to $70.00 in a research report sent to investors on Friday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Several other analysts have also issued reports on LB. Barclays increased their target price on LandBridge from $38.00 to $79.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $71.00 price objective on shares of LandBridge in a research report on Friday, January 3rd. Royal Bank of Canada reissued an “underperform” rating and issued a $25.00 target price on shares of LandBridge in a report on Tuesday, December 10th. Finally, Raymond James upped their price target on shares of LandBridge from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, LandBridge presently has an average rating of “Moderate Buy” and an average price target of $52.33.

LandBridge Trading Up 9.9 %

Shares of LB stock opened at $67.60 on Friday. The stock has a market cap of $4.95 billion and a P/E ratio of 18.99. LandBridge has a 1 year low of $18.75 and a 1 year high of $84.70. 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 $69.31 and a 200 day simple moving average of $58.84.

LandBridge Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date is Thursday, March 6th. LandBridge’s dividend payout ratio is 11.24%.

Institutional Trading of LandBridge

A number of hedge funds have recently added to or reduced their stakes in the stock. Horizon Kinetics Asset Management LLC lifted its stake in shares of LandBridge by 4.0% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 5,399,275 shares of the company’s stock valued at $348,793,000 after acquiring an additional 208,408 shares during the last quarter. First Manhattan CO. LLC. increased its holdings in LandBridge by 23.5% in the 4th quarter. First Manhattan CO. LLC. now owns 2,713,506 shares of the company’s stock worth $175,292,000 after purchasing an additional 516,380 shares in the last quarter. FMR LLC increased its holdings in LandBridge by 40.5% in the 3rd 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 in the last quarter. Hood River Capital Management LLC bought a new position in LandBridge in the fourth quarter valued at about $41,431,000. Finally, Vanguard Group Inc. acquired a new stake in shares of LandBridge during the fourth quarter valued at about $38,480,000.

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.