LandBridge (NYSE:LB) Stock Price Up 6% – Here’s What Happened

LandBridge Co LLC (NYSE:LB)’s stock price rose 6% during trading on Wednesday . The company traded as high as $75.57 and last traded at $76.66. Approximately 86,034 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 631,792 shares. The stock had previously closed at $72.35.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on LB shares. Barclays boosted their target price on LandBridge from $38.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Piper Sandler dropped their price objective on LandBridge from $79.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, March 7th. The Goldman Sachs Group reissued a “buy” rating and issued a $71.00 target price on shares of LandBridge in a report on Friday, January 3rd. Raymond James boosted their target price on shares of LandBridge from $80.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Finally, Wells Fargo & Company set a $82.00 price objective on shares of LandBridge and gave the company an “overweight” rating in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.44.

LandBridge Trading Down 0.8 %

The business has a 50-day moving average of $69.95 and a 200 day moving average of $60.82. The stock has a market cap of $5.82 billion and a PE ratio of 22.36. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date was Thursday, March 6th. LandBridge’s dividend payout ratio is presently 11.24%.

Institutional Trading of LandBridge

Hedge funds have recently bought and sold shares of the company. Comerica Bank lifted its stake in shares of LandBridge by 29.7% during the 4th quarter. Comerica Bank now owns 1,158 shares of the company’s stock worth $75,000 after purchasing an additional 265 shares during the period. Centiva Capital LP increased its position in LandBridge by 4.7% during the 3rd quarter. Centiva Capital LP now owns 9,527 shares of the company’s stock worth $373,000 after purchasing an additional 427 shares in the last quarter. Fairway Wealth LLC purchased a new position in shares of LandBridge in the 4th quarter valued at $50,000. Generali Investments Management Co LLC acquired a new position in shares of LandBridge during the 4th quarter valued at $52,000. Finally, Mad River Investors boosted its position in LandBridge by 0.4% during the 4th quarter. Mad River Investors now owns 233,452 shares of the company’s stock worth $15,081,000 after purchasing an additional 902 shares during the period.

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.