LandBridge (NYSE:LB) Trading Up 6.4% – Here’s What Happened

LandBridge Company LLC (NYSE:LB) shares were up 6.4% during trading on Friday . The stock traded as high as $66.93 and last traded at $67.9450. Approximately 51,237 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 507,330 shares. The stock had previously closed at $63.88.

Wall Street Analyst Weigh In

Several analysts have recently commented on LB shares. Wells Fargo & Company raised their price target on LandBridge from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, March 18th. Zacks Research upgraded shares of LandBridge from a “strong sell” rating to a “hold” rating in a research note on Monday, March 23rd. The Goldman Sachs Group raised their price objective on shares of LandBridge from $69.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, March 13th. Barclays raised their price objective on shares of LandBridge from $57.00 to $75.00 and gave the company an “equal weight” rating in a research note on Friday, February 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of LandBridge in a research note on Wednesday. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $76.00.

LandBridge Stock Up 6.5%

The stock has a market capitalization of $5.24 billion, a PE ratio of 72.35 and a beta of 0.54. The firm has a 50 day moving average of $67.87 and a two-hundred day moving average of $60.81. The company has a current ratio of 4.87, a quick ratio of 4.87 and a debt-to-equity ratio of 0.70.

LandBridge Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, March 5th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Thursday, March 5th. This is an increase from LandBridge’s previous quarterly dividend of $0.10. LandBridge’s dividend payout ratio (DPR) is 51.06%.

LandBridge declared that its board has authorized a stock repurchase plan on Wednesday, February 25th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other LandBridge news, Director Charles L. Watson sold 30,680 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $74.07, for a total transaction of $2,272,467.60. Following the completion of the transaction, the director directly owned 86,920 shares in the company, valued at approximately $6,438,164.40. This trade represents a 26.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 53,350 shares of company stock worth $3,974,555. Company insiders own 70.42% of the company’s stock.

Hedge Funds Weigh In On LandBridge

Several hedge funds have recently added to or reduced their stakes in LB. Royal Bank of Canada increased its holdings in LandBridge by 20.3% during the 1st quarter. Royal Bank of Canada now owns 27,008 shares of the company’s stock valued at $1,944,000 after acquiring an additional 4,554 shares in the last quarter. Empowered Funds LLC purchased a new position in LandBridge during the 1st quarter valued at about $494,000. Geode Capital Management LLC increased its holdings in LandBridge by 0.8% during the 2nd quarter. Geode Capital Management LLC now owns 28,971 shares of the company’s stock valued at $1,958,000 after acquiring an additional 230 shares in the last quarter. Cetera Investment Advisers purchased a new position in LandBridge during the 2nd quarter valued at about $218,000. Finally, Legal & General Group Plc increased its position in LandBridge by 27.3% during the second quarter. Legal & General Group Plc now owns 16,114 shares of the company’s stock worth $1,089,000 after buying an additional 3,459 shares in the last quarter.

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. The company was founded in 2021 and is based in Houston, Texas. LandBridge Company LLC operates as a subsidiary of LandBridge Holdings LLC.