LandBridge (NYSE:LB) Sets New 12-Month High – Still a Buy?

LandBridge Co LLC (NYSE:LB) reached a new 52-week high on Thursday . The company traded as high as $58.24 and last traded at $58.06, with a volume of 154252 shares traded. The stock had previously closed at $55.20.

Analysts Set New Price Targets

A number of analysts have issued reports on LB shares. Raymond James began coverage on LandBridge in a research note on Tuesday, July 23rd. They issued an “outperform” rating and a $34.00 target price for the company. Wells Fargo & Company raised their price objective 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. Janney Montgomery Scott began coverage on shares of LandBridge in a research note on Thursday, July 25th. They set a “buy” rating and a $36.00 target price on the stock. Johnson Rice assumed coverage on shares of LandBridge in a report on Wednesday, July 24th. They set a “buy” rating and a $35.00 price target for the company. Finally, The Goldman Sachs Group increased their price objective on LandBridge from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.57.

LandBridge Stock Performance

The business’s 50-day moving average is $43.77.

Hedge Funds Weigh In On LandBridge

A number of institutional investors and hedge funds have recently made changes to their positions in LB. nVerses Capital LLC acquired a new stake in LandBridge in the third quarter valued at $31,000. M&R Capital Management Inc. purchased a new position in LandBridge in the third quarter valued at approximately $39,000. Requisite Capital Management LLC purchased a new stake in shares of LandBridge during the 3rd quarter worth approximately $293,000. Point72 DIFC Ltd acquired a new position in shares of LandBridge in the 2nd quarter valued at $497,000. Finally, Marshall Wace LLP acquired a new stake in LandBridge during the 2nd quarter worth $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.