LandBridge (NYSE:LB) Stock Price Down 3%

Shares of LandBridge Co LLC (NYSE:LB) traded down 3% during mid-day trading on Wednesday . The stock traded as low as $33.08 and last traded at $33.25. 18,011 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 365,863 shares. The stock had previously closed at $34.29.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Citigroup initiated coverage on LandBridge in a research note on Tuesday, July 23rd. They set a “neutral” rating and a $31.00 price objective on the stock. Janney Montgomery Scott began coverage on LandBridge in a research note on Thursday, July 25th. They issued a “buy” rating and a $36.00 price target for the company. Johnson Rice assumed coverage on shares of LandBridge in a research note on Wednesday, July 24th. They set a “buy” rating and a $35.00 price objective on the stock. Pickering Energy Partners assumed coverage on shares of LandBridge in a report on Tuesday, July 23rd. They issued an “outperform” rating on the stock. Finally, Wells Fargo & Company increased their price target on shares of LandBridge from $34.00 to $36.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, LandBridge currently has a consensus rating of “Moderate Buy” and an average target price of $33.71.

LandBridge Stock Performance

The business’s 50 day moving average is $31.98.

Insider Activity at LandBridge

In other news, Director Valerie Chase purchased 2,925 shares of LandBridge stock in a transaction dated Monday, July 1st. The shares were bought at an average cost of $17.00 per share, for a total transaction of $49,725.00. Following the completion of the acquisition, the director now owns 2,925 shares in the company, valued at approximately $49,725. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 17.83% of the stock is currently owned by company insiders.

Institutional Trading of LandBridge

An institutional investor recently bought a new position in LandBridge stock. Marshall Wace LLP acquired a new stake in LandBridge Co LLC (NYSE:LB) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 50,000 shares of the company’s stock, valued at approximately $1,158,000. Marshall Wace LLP owned about 0.07% of LandBridge as of its most recent filing with the SEC.

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.