LandBridge (NYSE:LB) Trading Down 5.3%

LandBridge Co LLC (NYSE:LB)’s share price dropped 5.3% during mid-day trading on Wednesday . The stock traded as low as $40.00 and last traded at $40.28. Approximately 103,484 shares were traded during trading, a decline of 70% from the average daily volume of 345,370 shares. The stock had previously closed at $42.52.

Analyst Ratings Changes

Several brokerages have recently weighed in on LB. Barclays began coverage on shares of LandBridge in a report on Tuesday, July 23rd. They issued an “equal weight” rating and a $29.00 target price on the stock. Janney Montgomery Scott initiated coverage on shares of LandBridge in a research note on Thursday, July 25th. They set a “buy” rating and a $36.00 price objective for the company. Raymond James started coverage on shares of LandBridge in a research note on Tuesday, July 23rd. They issued an “outperform” rating and a $34.00 target price for the company. Wells Fargo & Company increased 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. Finally, Johnson Rice started coverage on shares of LandBridge in a report on Wednesday, July 24th. They issued a “buy” rating and a $35.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, LandBridge has a consensus rating of “Moderate Buy” and an average price target of $34.14.

LandBridge Price Performance

The company’s fifty day simple moving average is $34.55.

Insider Activity at LandBridge

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

Institutional Trading of LandBridge

A number of hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new position in LandBridge in the second quarter worth $497,000. Marshall Wace LLP bought a new position in LandBridge in the 2nd quarter worth about $1,158,000. Finally, Ghisallo Capital Management LLC bought a new position in shares of LandBridge during the 2nd quarter valued at about $1,158,000.

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.