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

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Janney Montgomery Scott assumed 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. Johnson Rice began coverage on LandBridge in a report on Wednesday, July 24th. They set a “buy” rating and a $35.00 target price on the stock. Raymond James began coverage on LandBridge in a report on Tuesday, July 23rd. They issued an “outperform” rating and a $34.00 price target on the stock. Citigroup upped their target price on LandBridge from $31.00 to $34.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Finally, Barclays boosted 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. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $36.57.

LandBridge Stock Performance

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

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 given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend is Thursday, December 5th.

Institutional Trading of LandBridge

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC bought a new position in shares of LandBridge during the 3rd quarter worth approximately $1,836,000. Seven Grand Managers LLC raised its stake in shares of LandBridge by 14.3% during the 3rd quarter. Seven Grand Managers LLC now owns 100,000 shares of the company’s stock worth $3,912,000 after acquiring an additional 12,500 shares in the last quarter. Ghisallo Capital Management LLC bought a new position in shares of LandBridge during the 2nd quarter worth approximately $1,158,000. Raymond James & Associates raised its stake in shares of 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 acquiring an additional 19,350 shares in the last quarter. Finally, Mad River Investors bought a new position in shares of LandBridge during the 3rd quarter worth approximately $9,097,000.

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.