Summit Street Capital Management LLC Buys New Stake in LandBridge Co LLC (NYSE:LB)

Summit Street Capital Management LLC purchased a new stake in LandBridge Co LLC (NYSE:LB) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 105,123 shares of the company’s stock, valued at approximately $6,791,000. LandBridge makes up about 2.4% of Summit Street Capital Management LLC’s holdings, making the stock its 24th largest position.

A number of other institutional investors also recently bought and sold shares of the business. Fairway Wealth LLC purchased a new position in shares of LandBridge in the 4th quarter valued at about $50,000. Generali Investments Management Co LLC purchased a new position in shares of LandBridge in the 4th quarter valued at about $52,000. KBC Group NV purchased a new position in shares of LandBridge in the 4th quarter valued at about $72,000. Comerica Bank increased its holdings in shares of LandBridge by 29.7% in the 4th quarter. Comerica Bank now owns 1,158 shares of the company’s stock valued at $75,000 after acquiring an additional 265 shares during the last quarter. Finally, Blue Trust Inc. purchased a new position in shares of LandBridge in the 4th quarter valued at about $110,000.

LandBridge Trading Up 5.4%

NYSE:LB opened at $84.69 on Friday. The stock’s 50 day moving average price is $71.99 and its 200 day moving average price is $69.12. The company has a market capitalization of $6.20 billion and a PE ratio of 23.79. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.60. LandBridge Co LLC has a 52-week low of $18.75 and a 52-week high of $85.22.

LandBridge Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Thursday, June 5th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, June 5th. This represents a $0.40 dividend on an annualized basis and a yield of 0.47%. LandBridge’s dividend payout ratio is presently 11.24%.

Analyst Ratings Changes

LB has been the topic of a number of recent analyst reports. Raymond James increased their price objective on LandBridge from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. The Goldman Sachs Group increased their price objective on LandBridge from $73.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, March 26th. Wells Fargo & Company increased their price objective on LandBridge from $82.00 to $93.00 and gave the company an “overweight” rating in a report on Friday. Piper Sandler dropped their price objective on LandBridge from $79.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, March 7th. Finally, Barclays raised their price target on LandBridge from $79.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, March 21st. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, LandBridge has a consensus rating of “Moderate Buy” and an average price target of $60.67.

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.