LandBridge (NYSE:LB) Shares Down 7% – Here’s Why

LandBridge Co LLC (NYSE:LB) shares dropped 7% during mid-day trading on Tuesday . The stock traded as low as $61.66 and last traded at $62.01. Approximately 132,327 shares were traded during trading, a decline of 63% from the average daily volume of 355,111 shares. The stock had previously closed at $66.70.

Analyst Ratings Changes

Several equities analysts have recently weighed in on LB shares. Barclays raised their price target on shares of LandBridge from $29.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Wells Fargo & Company lifted their price objective on shares of LandBridge from $34.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Johnson Rice began coverage on shares of LandBridge in a report on Wednesday, July 24th. They issued a “buy” rating and a $35.00 price objective for the company. Janney Montgomery Scott began coverage on shares of LandBridge in a report on Thursday, July 25th. They issued a “buy” rating and a $36.00 price objective for the company. Finally, Pickering Energy Partners began coverage on shares of LandBridge in a research note 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.57.

LandBridge Trading Down 7.8 %

The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.60. The firm has a fifty day moving average price of $49.82.

LandBridge Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.65%.

Institutional Trading of LandBridge

Institutional investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC grew its position in shares of LandBridge by 370.2% during the third quarter. HighTower Advisors LLC now owns 68,649 shares of the company’s stock worth $2,688,000 after acquiring an additional 54,048 shares during the last quarter. Centiva Capital LP lifted its holdings in LandBridge by 4.7% in the third quarter. Centiva Capital LP now owns 9,527 shares of the company’s stock worth $373,000 after purchasing an additional 427 shares during the period. Flow Traders U.S. LLC acquired a new stake in LandBridge in the third quarter worth about $600,000. Verition Fund Management LLC acquired a new stake in LandBridge in the third quarter worth about $536,000. Finally, BNP Paribas Financial Markets acquired a new stake in LandBridge in the third quarter worth about $168,000.

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.