LandBridge (NYSE:LB) Price Target Raised to $92.00 at Wells Fargo & Company

LandBridge (NYSE:LB) had its price objective lifted by Wells Fargo & Company from $90.00 to $92.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

LB has been the topic of a number of other reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of LandBridge in a report on Friday, January 9th. UBS Group reiterated a “neutral” rating and set a $65.00 price objective on shares of LandBridge in a research note on Monday, November 24th. The Goldman Sachs Group upped their target price on shares of LandBridge from $69.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, March 13th. Zacks Research downgraded shares of LandBridge from a “strong-buy” rating to a “strong sell” rating in a report on Friday, January 23rd. Finally, Barclays boosted their price target on shares of LandBridge from $57.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, February 27th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $76.00.

LandBridge Stock Up 0.3%

LB stock opened at $77.65 on Wednesday. LandBridge has a twelve month low of $43.75 and a twelve month high of $87.60. The company has a market cap of $6.05 billion, a PE ratio of 82.61 and a beta of 0.11. The business’s 50-day simple moving average is $63.56 and its 200 day simple moving average is $58.80. The company has a quick ratio of 4.87, a current ratio of 4.87 and a debt-to-equity ratio of 0.70.

LandBridge announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 25th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase up to 1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

LandBridge Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, March 5th will be given a $0.12 dividend. The ex-dividend date is Thursday, March 5th. This is a positive change from LandBridge’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 0.6%. LandBridge’s dividend payout ratio is 51.06%.

Insider Activity at LandBridge

In other LandBridge news, insider Harrison Fenner Bolling acquired 850 shares of LandBridge stock in a transaction on Monday, January 5th. The shares were purchased at an average cost of $46.84 per share, with a total value of $39,814.00. Following the completion of the purchase, the insider owned 66,874 shares in the company, valued at $3,132,378.16. The trade was a 1.29% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles L. Watson sold 30,680 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $74.07, for a total value of $2,272,467.60. Following the completion of the transaction, the director owned 86,920 shares in the company, valued at $6,438,164.40. This represents a 26.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 3,542 shares of company stock worth $164,630 and have sold 53,350 shares worth $3,974,555. 70.42% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada increased its position in shares of LandBridge by 20.3% in the 1st quarter. Royal Bank of Canada now owns 27,008 shares of the company’s stock valued at $1,944,000 after buying an additional 4,554 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of LandBridge in the first quarter worth about $494,000. Geode Capital Management LLC raised its position in shares of LandBridge by 0.8% during the second quarter. Geode Capital Management LLC now owns 28,971 shares of the company’s stock worth $1,958,000 after purchasing an additional 230 shares during the period. Cetera Investment Advisers bought a new position in shares of LandBridge during the 2nd quarter valued at about $218,000. Finally, Rockefeller Capital Management L.P. grew its position in shares of LandBridge by 4.1% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 25,586 shares of the company’s stock valued at $1,729,000 after purchasing an additional 1,004 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. The company was founded in 2021 and is based in Houston, Texas. LandBridge Company LLC operates as a subsidiary of LandBridge Holdings LLC.