LandBridge (NYSE:LB) Trading Down 9% – Here’s What Happened

LandBridge Co LLC (NYSE:LB)’s share price dropped 9% on Monday . The company traded as low as $66.55 and last traded at $67.07. Approximately 314,654 shares changed hands during trading, a decline of 43% from the average daily volume of 554,795 shares. The stock had previously closed at $73.70.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on LB shares. Piper Sandler increased their price objective on shares of LandBridge from $39.00 to $79.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. The Goldman Sachs Group reissued 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 reiterated an “underperform” rating and set a $25.00 target price on shares of LandBridge in a research report on Tuesday, December 10th. Finally, Barclays upped their price target on LandBridge from $29.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, LandBridge presently has a consensus rating of “Moderate Buy” and an average price target of $43.11.

LandBridge Price Performance

The company has a debt-to-equity ratio of 0.60, a current ratio of 0.73 and a quick ratio of 0.73. The company’s fifty day moving average price is $66.64. The stock has a market cap of $5.10 billion and a PE ratio of 19.57.

LandBridge Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.40 annualized dividend and a dividend yield of 0.57%. LandBridge’s payout ratio is presently 11.24%.

Institutional Trading of LandBridge

Several hedge funds have recently modified their holdings of LB. Centiva Capital LP increased its holdings in shares of LandBridge by 4.7% during the third quarter. Centiva Capital LP now owns 9,527 shares of the company’s stock valued at $373,000 after acquiring an additional 427 shares in the last quarter. nVerses Capital LLC acquired a new position in LandBridge during the 3rd quarter valued at approximately $31,000. M&R Capital Management Inc. purchased a new stake in shares of LandBridge during the third quarter valued at $39,000. BNP Paribas Financial Markets acquired a new position in shares of LandBridge in the 3rd quarter valued at $168,000. Finally, Axxcess Wealth Management LLC purchased a new position in LandBridge in the 3rd quarter worth $218,000.

LandBridge Company Profile

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.