LandBridge (NYSE:LB) Shares Up 4.3% – Should You Buy?

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

Analysts Set New Price Targets

LB has been the subject of several recent research reports. The Goldman Sachs Group boosted their price objective on LandBridge from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Janney Montgomery Scott initiated coverage on LandBridge in a research report on Thursday, July 25th. They issued a “buy” rating and a $36.00 price objective for the company. Raymond James initiated coverage on LandBridge in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $34.00 price target for the company. 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. Finally, Johnson Rice started coverage on LandBridge in a research note on Wednesday, July 24th. They set a “buy” rating and a $35.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, LandBridge has an average rating of “Moderate Buy” and a consensus target price of $36.57.

LandBridge Price Performance

The stock has a fifty day simple moving average of $47.08.

LandBridge Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders 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 0.57%. The ex-dividend date is Thursday, December 5th.

Hedge Funds Weigh In On LandBridge

Institutional investors have recently modified their holdings of the business. Schwartz Investment Counsel Inc. increased its holdings in LandBridge by 617.7% in the third quarter. Schwartz Investment Counsel Inc. now owns 422,168 shares of the company’s stock valued at $16,515,000 after buying an additional 363,345 shares in the last quarter. Mad River Investors acquired a new stake in LandBridge during the third quarter worth approximately $9,097,000. Moors & Cabot Inc. acquired a new stake in LandBridge during the third quarter worth approximately $4,302,000. Marshall Wace LLP acquired a new position in shares of LandBridge in the 2nd quarter valued at $1,158,000. Finally, Ghisallo Capital Management LLC acquired a new position in shares of LandBridge in the 2nd quarter valued at $1,158,000.

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.