LandBridge (NYSE:LB) Trading 5.2% Higher – Here’s Why

LandBridge Co LLC (NYSE:LB) rose 5.2% during mid-day trading on Friday . The stock traded as high as $71.84 and last traded at $70.93. Approximately 97,608 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 374,739 shares. The stock had previously closed at $67.45.

Wall Street Analyst Weigh In

LB has been the topic of several research reports. 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 report on Friday, August 9th. The Goldman Sachs Group boosted their price target 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 boosted their price target on shares of LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. Janney Montgomery Scott initiated coverage on shares of LandBridge in a report on Thursday, July 25th. They set a “buy” rating and a $36.00 target price on the stock. Finally, Citigroup upped their target price on shares of LandBridge from $31.00 to $34.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.57.

LandBridge Stock Performance

The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.73 and a current ratio of 0.73. The stock’s 50-day moving average price is $52.30.

LandBridge Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.53%.

Hedge Funds Weigh In On LandBridge

A number of hedge funds have recently added to or reduced their stakes in LB. nVerses Capital LLC bought a new stake in LandBridge in the 3rd quarter worth approximately $31,000. M&R Capital Management Inc. purchased a new stake in shares of LandBridge in the third quarter worth $39,000. BNP Paribas Financial Markets bought a new stake in shares of LandBridge during the 3rd quarter valued at $168,000. Axxcess Wealth Management LLC purchased a new position in shares of LandBridge during the 3rd quarter valued at $218,000. Finally, Requisite Capital Management LLC purchased a new stake in LandBridge in the 3rd quarter worth $293,000.

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.