LandBridge (NYSE:LB) Shares Down 3.8% – Here’s Why

LandBridge Co LLC (NYSE:LB) traded down 3.8% during trading on Tuesday . The stock traded as low as $61.55 and last traded at $62.72. 68,828 shares changed hands during trading, a decline of 83% from the average session volume of 400,430 shares. The stock had previously closed at $65.21.

Wall Street Analysts Forecast Growth

LB has been the topic of several recent analyst reports. Barclays increased their target price 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. Piper Sandler boosted their price objective on LandBridge from $39.00 to $79.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Royal Bank of Canada reiterated an “underperform” rating and set a $25.00 price objective on shares of LandBridge in a report on Tuesday, December 10th. Citigroup raised their target price on shares of LandBridge from $31.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. 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 note on Tuesday, October 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $40.00.

LandBridge Stock Down 0.9 %

The company has a market cap of $4.73 billion and a P/E ratio of 18.15. The business’s 50 day moving average price is $64.33. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.60.

LandBridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 19th. Investors of record on Thursday, December 5th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.40 annualized dividend and a dividend yield of 0.62%. LandBridge’s dividend payout ratio (DPR) is presently 11.24%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. HighTower Advisors LLC raised its holdings in shares of LandBridge by 370.2% in the third quarter. HighTower Advisors LLC now owns 68,649 shares of the company’s stock worth $2,688,000 after buying an additional 54,048 shares during the last quarter. Centiva Capital LP increased its holdings in LandBridge by 4.7% in the 3rd quarter. Centiva Capital LP now owns 9,527 shares of the company’s stock worth $373,000 after buying an additional 427 shares during the period. Flow Traders U.S. LLC acquired a new stake in LandBridge during the 3rd quarter valued at approximately $600,000. Verition Fund Management LLC purchased a new stake in shares of LandBridge in the 3rd quarter valued at $536,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of LandBridge in the third quarter worth $168,000.

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.