LandBridge (NYSE:LB) Hits New 12-Month High – Still a Buy?

Shares of LandBridge Company LLC (NYSE:LB) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $86.17 and last traded at $86.1850, with a volume of 228612 shares traded. The stock had previously closed at $81.71.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Piper Sandler boosted their price objective on LandBridge from $66.00 to $80.00 and gave the stock a “neutral” rating in a report on Tuesday, July 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of LandBridge in a research note on Monday, July 6th. Zacks Research upgraded LandBridge from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, The Goldman Sachs Group set a $84.00 price objective on LandBridge in a report on Thursday, May 28th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, LandBridge presently has an average rating of “Hold” and a consensus target price of $79.20.

LandBridge Trading Up 5.5%

The company has a debt-to-equity ratio of 0.64, a quick ratio of 7.27 and a current ratio of 7.27. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of 76.26 and a beta of 0.06. The firm has a fifty day moving average price of $72.88 and a 200-day moving average price of $69.56.

LandBridge Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Thursday, August 27th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Thursday, August 27th. LandBridge’s dividend payout ratio is presently 42.48%.

Hedge Funds Weigh In On LandBridge

Several hedge funds and other institutional investors have recently made changes to their positions in LB. Royal Bank of Canada lifted its holdings in shares of LandBridge by 20.3% during the 1st quarter. Royal Bank of Canada now owns 27,008 shares of the company’s stock worth $1,944,000 after acquiring an additional 4,554 shares during the period. Empowered Funds LLC acquired a new position in LandBridge during the first quarter valued at approximately $494,000. Geode Capital Management LLC raised its position in LandBridge by 0.8% during the second 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 stake in LandBridge during the second quarter worth $218,000. Finally, Legal & General Group Plc lifted its stake in 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.