LandBridge (NYSE:LB) Stock Price Down 5.3%

LandBridge Co LLC (NYSE:LB)’s share price fell 5.3% during trading on Wednesday . The company traded as low as $40.00 and last traded at $40.28. 103,484 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 345,370 shares. The stock had previously closed at $42.52.

Analyst Ratings Changes

A number of research firms have recently commented on LB. Wells Fargo & Company raised their price target on LandBridge from $34.00 to $36.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. The Goldman Sachs Group initiated coverage on LandBridge in a research note on Tuesday, July 23rd. They set a “buy” rating and a $35.00 price objective for the company. Citigroup lifted their price objective on LandBridge from $31.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Barclays initiated coverage on LandBridge in a research note on Tuesday, July 23rd. They set an “equal weight” rating and a $29.00 price objective for the company. Finally, Raymond James initiated coverage on LandBridge in a research note on Tuesday, July 23rd. They set an “outperform” rating and a $34.00 price objective for the company. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.14.

LandBridge Price Performance

The business has a 50 day moving average price of $35.06.

Insiders Place Their Bets

In related news, Director Valerie Chase acquired 2,925 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were purchased at an average price of $17.00 per share, for a total transaction of $49,725.00. Following the completion of the acquisition, the director now owns 2,925 shares in the company, valued at $49,725. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 17.83% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Point72 DIFC Ltd purchased a new position in shares of LandBridge in the second quarter worth about $497,000. Marshall Wace LLP purchased a new position in LandBridge during the 2nd quarter valued at about $1,158,000. Finally, Ghisallo Capital Management LLC purchased a new position in LandBridge during the 2nd quarter valued at about $1,158,000.

LandBridge Company Profile

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.