LandBridge (NYSE:LB) Price Target Lowered to $91.00 at Wells Fargo & Company

LandBridge (NYSE:LB) had its price objective cut by Wells Fargo & Company from $93.00 to $91.00 in a report published on Friday,Benzinga reports. They currently have an overweight rating on the stock.

LB has been the subject of several other research reports. Weiss Ratings reissued a “hold (c)” rating on shares of LandBridge in a report on Tuesday. Piper Sandler lowered their price objective on LandBridge from $70.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 15th. Barclays lowered their price objective on LandBridge from $66.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Zacks Research downgraded LandBridge from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. Finally, Raymond James Financial lowered their price objective on LandBridge from $85.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, LandBridge currently has a consensus rating of “Hold” and a consensus target price of $65.17.

LandBridge Stock Performance

NYSE:LB opened at $54.02 on Friday. The stock has a 50-day simple moving average of $53.14 and a two-hundred day simple moving average of $62.67. LandBridge has a 52-week low of $48.55 and a 52-week high of $87.60. The company has a debt-to-equity ratio of 0.54, a quick ratio of 4.26 and a current ratio of 4.26. The firm has a market capitalization of $4.13 billion, a PE ratio of 15.17 and a beta of 0.14.

LandBridge Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, September 4th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Thursday, September 4th. LandBridge’s payout ratio is currently 11.24%.

Institutional Investors Weigh In On LandBridge

A number of hedge funds have recently made changes to their positions in the company. First Manhattan CO. LLC. lifted its position in shares of LandBridge by 3.1% in the first quarter. First Manhattan CO. LLC. now owns 2,798,207 shares of the company’s stock worth $201,303,000 after buying an additional 84,701 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in LandBridge by 5,290.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,193,279 shares of the company’s stock valued at $85,845,000 after purchasing an additional 1,171,142 shares during the period. Vanguard Group Inc. raised its position in LandBridge by 17.1% during the first quarter. Vanguard Group Inc. now owns 697,748 shares of the company’s stock valued at $50,196,000 after purchasing an additional 102,085 shares during the period. Hood River Capital Management LLC raised its position in 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 period. Finally, Schwartz Investment Counsel Inc. raised its position in LandBridge by 1.6% during the second quarter. Schwartz Investment Counsel Inc. now owns 519,668 shares of the company’s stock valued at $35,119,000 after purchasing an additional 8,400 shares during the period.

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.