HITE Hedge Asset Management LLC Grows Stock Holdings in LandBridge Company LLC $LB

HITE Hedge Asset Management LLC increased its stake in shares of LandBridge Company LLC (NYSE:LB) by 175.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 47,105 shares of the company’s stock after acquiring an additional 30,023 shares during the period. HITE Hedge Asset Management LLC’s holdings in LandBridge were worth $2,308,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in LB. Royal Bank of Canada grew its holdings in shares of LandBridge by 20.3% during the first quarter. Royal Bank of Canada now owns 27,008 shares of the company’s stock worth $1,944,000 after buying an additional 4,554 shares during the last quarter. Empowered Funds LLC purchased a new stake in LandBridge in the 1st quarter valued at approximately $494,000. Geode Capital Management LLC boosted its holdings in LandBridge by 0.8% in the 2nd quarter. Geode Capital Management LLC now owns 28,971 shares of the company’s stock valued at $1,958,000 after purchasing an additional 230 shares in the last quarter. Cetera Investment Advisers purchased a new stake in LandBridge in the 2nd quarter valued at approximately $218,000. Finally, Legal & General Group Plc boosted its holdings in LandBridge by 27.3% in the 2nd quarter. Legal & General Group Plc now owns 16,114 shares of the company’s stock valued at $1,089,000 after purchasing an additional 3,459 shares in the last quarter.

LandBridge Price Performance

LB stock opened at $69.17 on Friday. The firm has a 50 day moving average of $69.68 and a 200-day moving average of $63.89. LandBridge Company LLC has a 12-month low of $43.75 and a 12-month high of $85.60. The company has a current ratio of 3.15, a quick ratio of 3.15 and a debt-to-equity ratio of 0.66. The company has a market cap of $5.33 billion, a price-to-earnings ratio of 71.31 and a beta of 0.08.

LandBridge (NYSE:LB) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.44). LandBridge had a net margin of 15.71% and a return on equity of 4.34%. The company had revenue of $51.01 million for the quarter, compared to analyst estimates of $58.72 million. During the same quarter in the previous year, the business posted $0.37 earnings per share. LandBridge’s revenue was up 16.0% on a year-over-year basis. As a group, equities analysts expect that LandBridge Company LLC will post 1.48 EPS for the current fiscal year.

LandBridge announced that its board has initiated a share buyback plan on Wednesday, February 25th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to repurchase up to 1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

LandBridge Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Thursday, June 4th. LandBridge’s dividend payout ratio (DPR) is presently 49.48%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $66.00 price objective (up from $65.00) on shares of LandBridge in a report on Friday, May 8th. Barclays lifted their price objective on LandBridge from $57.00 to $75.00 and gave the company an “equal weight” rating in a report on Friday, February 27th. Zacks Research lowered LandBridge from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of LandBridge in a report on Wednesday, April 8th. Finally, Wells Fargo & Company lifted their price objective on LandBridge from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, March 18th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $76.17.

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