LandBridge (NYSE:LB) Shares Up 7.5% – Still a Buy?

LandBridge Co LLC (NYSE:LB) traded up 7.5% during trading on Tuesday . The stock traded as high as $60.83 and last traded at $60.42. 168,537 shares were traded during trading, a decline of 51% from the average session volume of 345,222 shares. The stock had previously closed at $56.19.

Analyst Ratings Changes

LB has been the topic of a number of research analyst reports. Barclays raised their price target on shares of LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Citigroup boosted their target price on shares of LandBridge from $31.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Johnson Rice initiated coverage on LandBridge in a report on Wednesday, July 24th. They set a “buy” rating and a $35.00 price objective on the stock. Raymond James initiated coverage on LandBridge in a report on Tuesday, July 23rd. They issued an “outperform” rating and a $34.00 target price for the company. Finally, Pickering Energy Partners assumed coverage on LandBridge in a research report on Tuesday, July 23rd. They issued an “outperform” rating for the company. 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, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.57.

LandBridge Price Performance

The stock has a 50-day simple moving average of $45.08.

LandBridge Cuts Dividend

The business also recently announced a dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 5th.

Hedge Funds Weigh In On LandBridge

Several hedge funds and other institutional investors have recently bought and sold shares of LB. OneDigital Investment Advisors LLC acquired a new stake in LandBridge during the third quarter worth approximately $383,000. Axxcess Wealth Management LLC acquired a new stake in shares of LandBridge during the 3rd quarter worth approximately $218,000. Schwartz Investment Counsel Inc. increased its stake in shares of LandBridge by 617.7% in the 3rd quarter. Schwartz Investment Counsel Inc. now owns 422,168 shares of the company’s stock valued at $16,515,000 after acquiring an additional 363,345 shares in the last quarter. Zweig DiMenna Associates LLC acquired a new position in shares of LandBridge during the 3rd quarter valued at $1,956,000. Finally, International Assets Investment Management LLC bought a new position in LandBridge during the third quarter worth $1,836,000.

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.