LandBridge (NYSE:LB) Shares Down 8.8% – Here’s Why

LandBridge Co LLC (NYSE:LB)’s stock price was down 8.8% during mid-day trading on Friday . The stock traded as low as $69.62 and last traded at $69.54. Approximately 409,174 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 499,583 shares. The stock had previously closed at $76.26.

Analysts Set New Price Targets

Several equities research analysts have recently commented on LB shares. Piper Sandler reduced their price target on shares of LandBridge from $79.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday, March 7th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $25.00 target price on shares of LandBridge in a report on Tuesday, December 10th. Wells Fargo & Company set a $82.00 price target on shares of LandBridge and gave the stock an “overweight” rating in a research note on Friday, March 7th. The Goldman Sachs Group upped their price objective on LandBridge from $73.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Barclays lifted their target price on LandBridge from $79.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, LandBridge currently has an average rating of “Moderate Buy” and a consensus price target of $59.44.

LandBridge Price Performance

The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market cap of $5.09 billion and a P/E ratio of 19.54. The firm’s fifty day simple moving average is $70.51 and its 200 day simple moving average is $62.32.

LandBridge Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend was Thursday, March 6th. LandBridge’s payout ratio is 11.24%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC raised its stake in LandBridge by 40.5% during the third quarter. FMR LLC now owns 2,378,121 shares of the company’s stock valued at $93,032,000 after purchasing an additional 686,070 shares in the last quarter. Hood River Capital Management LLC bought a new stake in shares of LandBridge in the 4th quarter worth about $41,431,000. Vanguard Group Inc. purchased a new position in shares of LandBridge during the 4th quarter worth about $38,480,000. First Manhattan CO. LLC. grew its holdings in LandBridge by 23.5% during the 4th quarter. First Manhattan CO. LLC. now owns 2,713,506 shares of the company’s stock valued at $175,292,000 after purchasing an additional 516,380 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in LandBridge in the 4th quarter worth about $20,928,000.

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.