Wells Fargo & Company Has Lowered Expectations for LandBridge (NYSE:LB) Stock Price

LandBridge (NYSE:LB) had its price target dropped by Wells Fargo & Company from $93.00 to $91.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 68.47% from the stock’s previous close.

A number of other analysts have also weighed in on LB. Barclays lowered their target price on LandBridge from $66.00 to $57.00 and set an “equal weight” rating for the company in a research note on Tuesday. Piper Sandler lowered their target price on LandBridge from $70.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 15th. Zacks Research lowered LandBridge from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. Raymond James Financial lowered their target price on LandBridge from $85.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, August 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of LandBridge in a research note on Tuesday, October 14th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $65.17.

LandBridge Stock Up 1.3%

Shares of NYSE LB opened at $54.02 on Friday. LandBridge has a 52-week low of $48.55 and a 52-week high of $87.60. The stock has a market cap of $4.13 billion, a PE ratio of 15.17 and a beta of 0.14. The company has a debt-to-equity ratio of 0.54, a quick ratio of 4.26 and a current ratio of 4.26. The business has a fifty day moving average of $53.14 and a two-hundred day moving average of $62.59.

Hedge Funds Weigh In On LandBridge

Several institutional investors have recently modified their holdings of the stock. First Manhattan CO. LLC. grew its position in shares of LandBridge by 3.1% during the 1st quarter. First Manhattan CO. LLC. now owns 2,798,207 shares of the company’s stock worth $201,303,000 after buying an additional 84,701 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of LandBridge by 5,290.4% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,193,279 shares of the company’s stock worth $85,845,000 after buying an additional 1,171,142 shares during the period. Vanguard Group Inc. grew its position in shares of LandBridge by 17.1% during the 1st quarter. Vanguard Group Inc. now owns 697,748 shares of the company’s stock worth $50,196,000 after buying an additional 102,085 shares during the period. Hood River Capital Management LLC grew its position in shares of LandBridge by 4.4% during the 2nd quarter. Hood River Capital Management LLC now owns 669,678 shares of the company’s stock worth $45,257,000 after buying an additional 28,333 shares during the period. Finally, Schwartz Investment Counsel Inc. grew its position in shares of LandBridge by 1.6% during the 2nd quarter. Schwartz Investment Counsel Inc. now owns 519,668 shares of the company’s stock worth $35,119,000 after buying an additional 8,400 shares during the period.

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.