LandBridge (NYSE:LB) Trading 9.1% Higher – Here’s What Happened

LandBridge Company LLC (NYSE:LB)’s stock price shot up 9.1% on Monday . The stock traded as high as $82.22 and last traded at $82.2920. Approximately 297,236 shares traded hands during trading, a decline of 29% from the average session volume of 417,399 shares. The stock had previously closed at $75.40.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of LandBridge in a research report on Monday, July 6th. Zacks Research raised LandBridge from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. The Goldman Sachs Group set a $84.00 price objective on LandBridge in a research note on Thursday, May 28th. Finally, Piper Sandler upped their target price on LandBridge from $66.00 to $80.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, LandBridge presently has an average rating of “Hold” and an average target price of $79.20.

LandBridge Price Performance

The company has a market cap of $6.39 billion, a price-to-earnings ratio of 73.34 and a beta of 0.06. The company’s 50-day simple moving average is $73.10 and its 200-day simple moving average is $69.74. The company has a debt-to-equity ratio of 0.64, a current ratio of 7.27 and a quick ratio of 7.27.

LandBridge Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Thursday, August 27th will be paid a $0.12 dividend. The ex-dividend date is Thursday, August 27th. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. LandBridge’s dividend payout ratio is 42.48%.

Institutional Investors Weigh In On LandBridge

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Manhattan CO. LLC. grew its stake in LandBridge by 24.0% during the 4th quarter. First Manhattan CO. LLC. now owns 6,861,939 shares of the company’s stock valued at $338,714,000 after purchasing an additional 1,330,099 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in LandBridge during the 4th quarter worth approximately $33,817,000. DF Dent & Co. Inc. purchased a new stake in LandBridge during the 4th quarter worth approximately $21,506,000. Ashford Capital Management Inc. acquired a new position in shares of LandBridge in the 1st quarter valued at approximately $17,162,000. Finally, Goldman Sachs Group Inc. raised its position in shares of LandBridge by 1,957.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 214,771 shares of the company’s stock valued at $10,522,000 after purchasing an additional 204,331 shares in the last quarter.

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. The company was founded in 2021 and is based in Houston, Texas. LandBridge Company LLC operates as a subsidiary of LandBridge Holdings LLC.