LandBridge (NYSE:LB) Price Target Raised to $92.00

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

Several other equities analysts have also recently weighed in on the company. UBS Group restated a “neutral” rating and set a $65.00 price objective on shares of LandBridge in a research note on Monday, November 24th. Barclays upped their target price on shares of LandBridge from $57.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. The Goldman Sachs Group raised their price target on shares of LandBridge from $69.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Weiss Ratings restated a “hold (c)” rating on shares of LandBridge in a report on Friday, January 9th. Finally, Piper Sandler upped their price objective on shares of LandBridge from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Monday, November 24th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, LandBridge has an average rating of “Hold” and a consensus target price of $76.00.

LandBridge Stock Performance

Shares of LB opened at $70.61 on Wednesday. The firm has a market capitalization of $5.50 billion, a P/E ratio of 75.11 and a beta of 0.11. LandBridge has a 52 week low of $43.75 and a 52 week high of $87.60. The stock has a 50 day moving average price of $64.44 and a two-hundred day moving average price of $59.00. The company has a debt-to-equity ratio of 0.70, a quick ratio of 4.87 and a current ratio of 4.87.

LandBridge declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 25th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

LandBridge Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, March 5th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.7%. This is an increase from LandBridge’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Thursday, March 5th. LandBridge’s payout ratio is 51.06%.

Insider Activity at LandBridge

In other LandBridge news, Director Charles L. Watson sold 30,680 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $74.07, for a total transaction of $2,272,467.60. Following the sale, the director directly owned 86,920 shares in the company, valued at approximately $6,438,164.40. This trade represents a 26.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Thomas Long bought 2,143 shares of the business’s stock in a transaction on Monday, January 5th. The shares were acquired at an average price of $46.59 per share, for a total transaction of $99,842.37. Following the completion of the purchase, the insider owned 223,546 shares in the company, valued at approximately $10,415,008.14. The trade was a 0.97% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 3,542 shares of company stock valued at $164,630 and have sold 53,350 shares valued at $3,974,555. 70.42% of the stock is currently owned by insiders.

Institutional Investors Weigh In On LandBridge

Several institutional investors have recently modified their holdings of the business. First Manhattan CO. LLC. raised its position in LandBridge by 24.0% in the 4th quarter. First Manhattan CO. LLC. now owns 6,861,939 shares of the company’s stock worth $338,714,000 after buying an additional 1,330,099 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of LandBridge by 8.7% during the 3rd quarter. Vanguard Group Inc. now owns 854,767 shares of the company’s stock valued at $45,602,000 after acquiring an additional 68,343 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of LandBridge in the fourth quarter worth approximately $33,817,000. Hood River Capital Management LLC raised its holdings in shares of LandBridge by 4.4% during the second quarter. Hood River Capital Management LLC now owns 669,678 shares of the company’s stock valued at $45,257,000 after purchasing an additional 28,333 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. raised its holdings in shares of LandBridge by 2.3% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 592,891 shares of the company’s stock valued at $29,046,000 after purchasing an additional 13,128 shares during the last quarter.

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. The company was founded in 2021 and is based in Houston, Texas. LandBridge Company LLC operates as a subsidiary of LandBridge Holdings LLC.