LandBridge (NYSE:LB) Trading 7.5% Higher – Here’s What Happened

LandBridge Co LLC (NYSE:LB) shares shot up 7.5% on Tuesday . The stock traded as high as $60.83 and last traded at $60.42. 168,537 shares changed hands during trading, a decline of 51% from the average session volume of 345,222 shares. The stock had previously closed at $56.19.

Analyst Ratings Changes

Several analysts have issued reports on LB shares. The Goldman Sachs Group boosted their target price on LandBridge from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Raymond James assumed coverage on LandBridge in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $34.00 price target on the stock. Johnson Rice assumed coverage on LandBridge in a report on Wednesday, July 24th. They set a “buy” rating and a $35.00 price objective on the stock. Citigroup increased their price target on shares of LandBridge from $31.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Finally, Barclays upped their price objective on shares of LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. 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 company has a consensus rating of “Moderate Buy” and an average target price of $36.57.

LandBridge Price Performance

The stock’s 50-day simple moving average is $44.12.

Hedge Funds Weigh In On LandBridge

Hedge funds have recently modified their holdings of the company. nVerses Capital LLC purchased a new position in LandBridge in the 3rd quarter worth approximately $31,000. M&R Capital Management Inc. purchased a new position in LandBridge during the third quarter worth $39,000. Axxcess Wealth Management LLC purchased a new stake in LandBridge in the third quarter worth $218,000. Requisite Capital Management LLC purchased a new stake in LandBridge in the 3rd quarter valued at about $293,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of LandBridge in the second quarter valued at approximately $497,000.

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.