LandBridge’s (LB) “Underperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reissued their underperform rating on shares of LandBridge (NYSE:LB) in a research note published on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a $25.00 price target on the stock.

A number of other equities analysts have also recently weighed in on the stock. Piper Sandler lifted their price target on shares of LandBridge from $39.00 to $79.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. The Goldman Sachs Group lifted their price objective on shares of LandBridge from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Citigroup boosted their price objective on shares of LandBridge from $31.00 to $34.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Finally, Barclays boosted their price objective on shares of LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, LandBridge presently has an average rating of “Moderate Buy” and a consensus target price of $40.00.

LandBridge Trading Down 4.3 %

Shares of NYSE LB opened at $60.03 on Tuesday. 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 stock’s 50-day moving average is $61.40. LandBridge has a 12-month low of $18.75 and a 12-month high of $80.82.

LandBridge Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.40 annualized dividend and a yield of 0.67%.

Hedge Funds Weigh In On LandBridge

Institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC grew its stake in shares of LandBridge by 40.5% in the third quarter. FMR LLC now owns 2,378,121 shares of the company’s stock worth $93,032,000 after acquiring an additional 686,070 shares during the last quarter. Horizon Kinetics Asset Management LLC raised its position in shares of LandBridge by 10.3% during the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 5,190,867 shares of the company’s stock valued at $203,067,000 after buying an additional 484,968 shares in the last quarter. Schwartz Investment Counsel Inc. grew its stake in shares of LandBridge by 617.7% during the third quarter. Schwartz Investment Counsel Inc. now owns 422,168 shares of the company’s stock valued at $16,515,000 after buying an additional 363,345 shares during the last quarter. Mad River Investors purchased a new position in shares of LandBridge during the third quarter worth approximately $9,097,000. Finally, Moors & Cabot Inc. purchased a new position in LandBridge during the 3rd quarter valued at about $4,302,000.

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.