Zacks Research downgraded shares of LandBridge (NYSE:LB – Free Report) from a hold rating to a strong sell rating in a research report released on Tuesday,Zacks reports.
Several other equities research analysts have also recently commented on the company. Weiss Ratings raised LandBridge from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, October 9th. Piper Sandler lifted their price objective on LandBridge from $80.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 1st. Finally, Citigroup lifted their price objective on LandBridge from $66.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 26th. Three investment 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $81.67.
LandBridge Trading Down 5.1%
LandBridge Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Thursday, August 27th were issued a $0.12 dividend. The ex-dividend date of this dividend was Thursday, August 27th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. LandBridge’s dividend payout ratio is currently 42.48%.
Institutional Investors Weigh In On LandBridge
Several hedge funds and other institutional investors have recently bought and sold shares of LB. EverSource Wealth Advisors LLC grew its position in LandBridge by 564.1% in the first quarter. EverSource Wealth Advisors LLC now owns 518 shares of the company’s stock worth $36,000 after acquiring an additional 440 shares during the period. Markowski Investments purchased a new stake in LandBridge in the second quarter valued at $54,000. Fifth Third Bancorp purchased a new stake in LandBridge in the first quarter valued at $97,000. SG Americas Securities LLC purchased a new stake in LandBridge in the first quarter valued at $124,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in LandBridge in the first quarter valued at $207,000.
LandBridge Company Profile
LandBridge Company (NYSE: LB) is a land and resource management company that owns and manages large tracts of land in the Permian Basin, one of the United States’ leading oil and natural gas producing regions. Its properties are located primarily in the Delaware sub-basin of West Texas and southeastern New Mexico.
The company generates revenue by providing land access and related services to energy, infrastructure, industrial and other commercial customers. Its assets may support oil and gas development, midstream infrastructure, renewable energy projects, data centers, transportation facilities and other uses.
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