LandBridge (NYSE:LB – Get Free Report) posted its earnings results on Wednesday. The company reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53, Briefing.com reports. LandBridge had a return on equity of 4.34% and a net margin of 15.71%.The firm’s revenue for the quarter was up 40.6% on a year-over-year basis.
LandBridge Stock Up 2.4%
LB stock traded up $1.77 during midday trading on Wednesday, hitting $75.45. 263,295 shares of the company’s stock were exchanged, compared to its average volume of 241,156. The company has a current ratio of 3.15, a quick ratio of 3.15 and a debt-to-equity ratio of 0.66. LandBridge has a 12-month low of $43.75 and a 12-month high of $85.60. The firm has a 50 day moving average price of $72.44 and a 200-day moving average price of $69.14. The stock has a market capitalization of $5.82 billion, a price-to-earnings ratio of 77.79 and a beta of 0.06.
Analyst Ratings Changes
LB has been the subject of a number of analyst reports. The Goldman Sachs Group set a $84.00 price target on LandBridge in a report on Thursday, May 28th. Zacks Research raised shares of LandBridge from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Piper Sandler upped their target price on shares of LandBridge from $66.00 to $80.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of LandBridge in a report on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, LandBridge currently has an average rating of “Hold” and a consensus price target of $78.50.
Institutional Trading of LandBridge
A number of hedge funds and other institutional investors have recently made changes to their positions in LB. Royal Bank of Canada boosted its stake in LandBridge by 20.3% during the 1st quarter. Royal Bank of Canada now owns 27,008 shares of the company’s stock valued at $1,944,000 after acquiring an additional 4,554 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of LandBridge in the 1st quarter worth about $494,000. Geode Capital Management LLC raised its stake in shares of LandBridge by 0.8% in the 2nd quarter. Geode Capital Management LLC now owns 28,971 shares of the company’s stock valued at $1,958,000 after purchasing an additional 230 shares in the last quarter. Cetera Investment Advisers bought a new position in shares of LandBridge during the second quarter worth about $218,000. Finally, Legal & General Group Plc lifted its position in shares of LandBridge by 27.3% during the second quarter. Legal & General Group Plc now owns 16,114 shares of the company’s stock worth $1,089,000 after purchasing an additional 3,459 shares during the last quarter.
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. The company was founded in 2021 and is based in Houston, Texas. LandBridge Company LLC operates as a subsidiary of LandBridge Holdings LLC.
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