LandBridge (NYSE:LB) Price Target Raised to $79.00 at Piper Sandler

LandBridge (NYSE:LB) had its target price raised by Piper Sandler from $39.00 to $79.00 in a research report report published on Monday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other research firms have also recently weighed in on LB. Wells Fargo & Company raised their price target on LandBridge from $34.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. The Goldman Sachs Group raised their target price on LandBridge from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Barclays upped their price target on LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Finally, Citigroup boosted their price objective 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. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.88.

LandBridge Price Performance

Shares of NYSE:LB opened at $73.53 on Monday. The firm has a 50 day moving average price of $53.09. LandBridge has a 52 week low of $18.75 and a 52 week high of $79.99. 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.54%.

Institutional Trading of LandBridge

A number of large investors have recently bought and sold shares of LB. Horizon Kinetics Asset Management LLC grew its stake in shares of LandBridge by 10.3% in the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 5,190,867 shares of the company’s stock valued at $203,067,000 after purchasing an additional 484,968 shares during the last quarter. FMR LLC lifted its holdings in shares of LandBridge by 40.5% during 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 period. Schwartz Investment Counsel Inc. grew its position in LandBridge by 617.7% in the 3rd quarter. Schwartz Investment Counsel Inc. now owns 422,168 shares of the company’s stock valued at $16,515,000 after buying an additional 363,345 shares during the last quarter. Mad River Investors acquired a new position in LandBridge in the 3rd quarter valued at $9,097,000. Finally, Raymond James & Associates raised its position in LandBridge by 9.2% during the 3rd quarter. Raymond James & Associates now owns 229,350 shares of the company’s stock worth $8,972,000 after buying an additional 19,350 shares during 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.