LandBridge (NYSE:LB) Trading Down 7% – Here’s Why

LandBridge Co LLC (NYSE:LB) shares traded down 7% during mid-day trading on Tuesday . The company traded as low as $61.66 and last traded at $62.01. 132,327 shares were traded during mid-day trading, a decline of 63% from the average session volume of 355,111 shares. The stock had previously closed at $66.70.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Johnson Rice assumed coverage on shares of LandBridge in a report on Wednesday, July 24th. They issued a “buy” rating and a $35.00 price target for the company. The Goldman Sachs Group increased their price objective on shares of LandBridge from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Barclays raised their price target on shares of LandBridge from $29.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Janney Montgomery Scott started coverage on shares of LandBridge in a research note on Thursday, July 25th. They set a “buy” rating and a $36.00 price target on the stock. Finally, Wells Fargo & Company raised their price target on shares of LandBridge from $34.00 to $36.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.57.

LandBridge Stock Performance

The company’s 50 day moving average is $51.06. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.73 and a current ratio of 0.73.

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 paid a dividend of $0.10 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.61%.

Institutional Trading of LandBridge

A number of hedge funds have recently made changes to their positions in LB. Centiva Capital LP grew its position in shares of LandBridge by 4.7% during the third quarter. Centiva Capital LP now owns 9,527 shares of the company’s stock worth $373,000 after buying an additional 427 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of LandBridge during the third quarter worth approximately $31,000. M&R Capital Management Inc. acquired a new stake in shares of LandBridge during the third quarter worth approximately $39,000. BNP Paribas Financial Markets acquired a new stake in shares of LandBridge during the third quarter worth approximately $168,000. Finally, Axxcess Wealth Management LLC acquired a new position in LandBridge in the third quarter worth $218,000.

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.