Piper Sandler Raises LandBridge (NYSE:LB) Price Target to $79.00

LandBridge (NYSE:LB) had its price objective lifted by Piper Sandler from $39.00 to $79.00 in a report published on Monday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

LB has been the subject of several other reports. The Goldman Sachs Group upped their price target on shares of LandBridge from $38.00 to $43.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Citigroup lifted their price target on LandBridge from $31.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Barclays boosted their price objective on LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. Finally, Wells Fargo & Company raised their target price on shares of LandBridge from $34.00 to $36.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $41.88.

LandBridge Stock Performance

Shares of LB opened at $79.12 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.73 and a quick ratio of 0.73. LandBridge has a fifty-two week low of $18.75 and a fifty-two week high of $80.50. The business has a 50 day simple moving average of $54.56.

LandBridge Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be paid 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 dividend yield of 0.51%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Horizon Kinetics Asset Management LLC increased its position in shares of LandBridge by 10.3% during the third 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 during the period. FMR LLC grew its holdings in shares of LandBridge by 40.5% during the 3rd 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 period. Schwartz Investment Counsel Inc. raised its position in shares of LandBridge by 617.7% in the 3rd quarter. Schwartz Investment Counsel Inc. now owns 422,168 shares of the company’s stock worth $16,515,000 after acquiring an additional 363,345 shares in the last quarter. Mad River Investors bought a new position in shares of LandBridge in the 3rd quarter worth approximately $9,097,000. Finally, Raymond James & Associates lifted its stake in shares of LandBridge by 9.2% in the 3rd quarter. Raymond James & Associates now owns 229,350 shares of the company’s stock valued at $8,972,000 after purchasing an additional 19,350 shares during the period.

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.