LandBridge (NYSE:LB) Trading 4.8% Higher – Here’s Why

LandBridge Co LLC (NYSE:LB) traded up 4.8% during mid-day trading on Tuesday . The company traded as high as $41.06 and last traded at $41.00. 245,392 shares changed hands during trading, a decline of 30% from the average session volume of 349,488 shares. The stock had previously closed at $39.12.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on LB shares. Johnson Rice started coverage on shares of LandBridge in a report on Wednesday, July 24th. They issued a “buy” rating and a $35.00 price target on the stock. Pickering Energy Partners initiated coverage on shares of LandBridge in a report on Tuesday, July 23rd. They set an “outperform” rating on the stock. Raymond James initiated coverage on shares of LandBridge in a report on Tuesday, July 23rd. They set an “outperform” rating and a $34.00 target price on the stock. The Goldman Sachs Group initiated coverage on shares of LandBridge in a report on Tuesday, July 23rd. They set a “buy” rating and a $35.00 target price on the stock. Finally, Wells Fargo & Company lifted their target price on shares of LandBridge from $34.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.14.

LandBridge Trading Up 0.2 %

The stock has a market capitalization of $3.20 billion and a PE ratio of 12.12. The business has a 50 day simple moving average of $36.07.

Institutional Investors Weigh In On LandBridge

A number of institutional investors have recently modified their holdings of the business. M&R Capital Management Inc. bought a new stake in shares of LandBridge during the 3rd quarter valued at about $39,000. Point72 DIFC Ltd bought a new stake in shares of LandBridge during the 2nd quarter valued at about $497,000. Ghisallo Capital Management LLC bought a new stake in shares of LandBridge during the 2nd quarter valued at about $1,158,000. Finally, Marshall Wace LLP bought a new stake in shares of LandBridge during the 2nd quarter valued at about $1,158,000.

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.