LandBridge (NYSE:LB) Shares Gap Up – Here’s What Happened

LandBridge Co LLC (NYSE:LB) gapped up before the market opened on Monday . The stock had previously closed at $70.00, but opened at $73.98. LandBridge shares last traded at $72.11, with a volume of 87,606 shares trading hands.

Analysts Set New Price Targets

LB has been the topic of a number of analyst reports. Citigroup boosted their price target on LandBridge from $31.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Piper Sandler increased their target price on LandBridge from $39.00 to $79.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $71.00 price target on shares of LandBridge in a research report on Friday, January 3rd. Royal Bank of Canada reissued an “underperform” rating and set a $25.00 price objective on shares of LandBridge in a research report on Tuesday, December 10th. Finally, Barclays lifted their target price on shares of LandBridge from $29.00 to $38.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $43.11.

LandBridge Stock Down 1.3 %

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 company has a market capitalization of $5.23 billion and a PE ratio of 20.10. The company has a 50 day moving average price of $65.66.

LandBridge Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.56%. The ex-dividend date was Thursday, December 5th. LandBridge’s dividend payout ratio is currently 11.24%.

Institutional Trading of LandBridge

A number of institutional investors and hedge funds have recently bought and sold shares of LB. FMR LLC increased its holdings in shares of LandBridge by 40.5% in the third quarter. FMR LLC now owns 2,378,121 shares of the company’s stock worth $93,032,000 after purchasing an additional 686,070 shares during the last quarter. Horizon Kinetics Asset Management LLC raised its holdings in shares of LandBridge by 10.3% during the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 5,190,867 shares of the company’s stock worth $203,067,000 after acquiring an additional 484,968 shares in the last quarter. Schwartz Investment Counsel Inc. raised its holdings in shares of LandBridge by 617.7% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 422,168 shares of the company’s stock worth $16,515,000 after acquiring an additional 363,345 shares in the last quarter. Mad River Investors bought a new position in shares of LandBridge during the 3rd quarter valued at approximately $9,097,000. Finally, Moors & Cabot Inc. purchased a new position in shares of LandBridge in the third quarter valued at $4,302,000.

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.