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

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

Wall Street Analysts Forecast Growth

Several research firms have commented on LB. Johnson Rice started coverage on shares of LandBridge in a report on Wednesday, July 24th. They set a “buy” rating and a $35.00 price target for the company. Janney Montgomery Scott started coverage on shares of LandBridge in a report on Thursday, July 25th. They issued a “buy” rating and a $36.00 target price for the company. The Goldman Sachs Group upped their target price on shares of LandBridge from $38.00 to $43.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Citigroup upped their target price on shares of LandBridge from $31.00 to $34.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Finally, Barclays upped their target price on shares of LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $36.57.

LandBridge Stock Performance

The stock has a 50 day simple moving average of $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 firm 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 dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date is Thursday, December 5th.

Institutional Trading of LandBridge

Large investors have recently bought and sold shares of the business. Horizon Kinetics Asset Management LLC raised its position in LandBridge by 10.3% during the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 5,190,867 shares of the company’s stock worth $203,067,000 after buying an additional 484,968 shares during the last quarter. FMR LLC raised its position in LandBridge by 40.5% during the 3rd quarter. FMR LLC now owns 2,378,121 shares of the company’s stock worth $93,032,000 after buying an additional 686,070 shares during the last quarter. Schwartz Investment Counsel Inc. raised its position in LandBridge by 617.7% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 422,168 shares of the company’s stock worth $16,515,000 after buying an additional 363,345 shares during the last quarter. Mad River Investors purchased a new position in LandBridge during the 3rd quarter worth $9,097,000. Finally, Raymond James & Associates raised its position in LandBridge by 9.2% during the 3rd quarter. Raymond James & Associates now owns 229,350 shares of the company’s stock worth $8,972,000 after buying an additional 19,350 shares during the last quarter.

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.