LandBridge (NYSE:LB) Sets New 12-Month High – Here’s What Happened

LandBridge Co LLC (NYSE:LB) shares reached a new 52-week high during trading on Friday . The stock traded as high as $56.92 and last traded at $56.87, with a volume of 73143 shares trading hands. The stock had previously closed at $53.96.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Raymond James assumed coverage on shares of LandBridge in a report on Tuesday, July 23rd. They set an “outperform” rating and a $34.00 price objective on the stock. Pickering Energy Partners initiated coverage on shares of LandBridge in a report on Tuesday, July 23rd. They issued an “outperform” rating on the stock. The Goldman Sachs Group upped their price objective on LandBridge from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Citigroup boosted their price target on LandBridge from $31.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Finally, Barclays raised their price objective on LandBridge from $29.00 to $38.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.57.

LandBridge Stock Down 2.3 %

The firm has a 50-day moving average price of $41.79. The firm has a market capitalization of $3.86 billion and a price-to-earnings ratio of 15.97.

Institutional Trading of LandBridge

A number of hedge funds have recently made changes to their positions in the stock. nVerses Capital LLC acquired a new position in LandBridge during the 3rd quarter worth $31,000. M&R Capital Management Inc. bought a new position in shares of LandBridge during the third quarter worth about $39,000. Requisite Capital Management LLC acquired a new position in LandBridge in the third quarter worth about $293,000. Point72 DIFC Ltd bought a new stake in LandBridge in the second quarter valued at about $497,000. Finally, International Assets Investment Management LLC acquired a new stake in LandBridge during the third quarter valued at approximately $1,836,000.

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.