LandBridge (NYSE:LB) Trading Up 4.3% – Still a Buy?

LandBridge Co LLC (NYSE:LB) shares rose 4.3% on Tuesday . The stock traded as high as $71.08 and last traded at $70.04. Approximately 251,354 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 357,247 shares. The stock had previously closed at $67.18.

Analyst Ratings Changes

LB has been the topic of a number of recent research reports. Pickering Energy Partners initiated coverage on LandBridge in a report on Tuesday, July 23rd. They issued an “outperform” rating on the stock. Wells Fargo & Company increased their price target on LandBridge from $34.00 to $36.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Janney Montgomery Scott began coverage on shares of LandBridge in a research note on Thursday, July 25th. They issued a “buy” rating and a $36.00 price objective for the company. Johnson Rice began coverage on LandBridge in a research note on Wednesday, July 24th. They issued a “buy” rating and a $35.00 target price on the stock. Finally, Barclays lifted their price target on LandBridge from $29.00 to $38.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, LandBridge currently has a consensus rating of “Moderate Buy” and an average price target of $36.57.

LandBridge Stock Performance

The company has a market cap of $4.85 billion and a P/E ratio of 18.42. The firm’s 50-day moving average price is $48.52.

LandBridge Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date is Thursday, December 5th.

Institutional Trading of LandBridge

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

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.