LandBridge (NYSE:LB) Shares Up 8.5%

Shares of LandBridge Co LLC (NYSE:LB) shot up 8.5% during trading on Thursday . The company traded as high as $41.04 and last traded at $41.04. 228,328 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 345,100 shares. The stock had previously closed at $37.84.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LB. Citigroup lifted their price objective on shares of LandBridge from $31.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Janney Montgomery Scott began coverage on LandBridge in a report on Thursday, July 25th. They issued a “buy” rating and a $36.00 target price on the stock. Wells Fargo & Company boosted their price target on LandBridge from $34.00 to $36.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Raymond James assumed coverage on LandBridge in a research note on Tuesday, July 23rd. They set an “outperform” rating and a $34.00 target price for the company. Finally, Johnson Rice initiated coverage on shares of LandBridge in a research note on Wednesday, July 24th. They issued a “buy” rating and a $35.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $34.14.

LandBridge Stock Performance

The business has a fifty day moving average of $33.73. The stock has a market cap of $2.85 billion and a PE ratio of 11.53.

Insider Buying and Selling

In related news, Director Valerie Chase acquired 2,925 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were bought at an average price of $17.00 per share, with a total value of $49,725.00. Following the transaction, the director now directly owns 2,925 shares of the company’s stock, valued at $49,725. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 17.83% of the stock is owned by insiders.

Institutional Investors Weigh In On LandBridge

Several hedge funds and other institutional investors have recently made changes to their positions in LB. Point72 DIFC Ltd bought a new stake in shares of LandBridge in the 2nd quarter worth $497,000. Marshall Wace LLP purchased a new position in LandBridge during the second quarter worth about $1,158,000. Finally, Ghisallo Capital Management LLC bought a new stake in LandBridge in the 2nd quarter worth about $1,158,000.

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.