LandBridge (NYSE:LB) Hits New 12-Month High – Time to Buy?

LandBridge Co LLC (NYSE:LB)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $46.49 and last traded at $45.56, with a volume of 73665 shares trading hands. The stock had previously closed at $43.74.

Wall Street Analyst Weigh In

LB has been the subject of several recent analyst reports. Pickering Energy Partners assumed coverage on shares of LandBridge in a report on Tuesday, July 23rd. They issued an “outperform” rating for the company. Wells Fargo & Company lifted their price objective on LandBridge from $34.00 to $36.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Raymond James began coverage on shares of LandBridge in a research note on Tuesday, July 23rd. They issued an “outperform” rating and a $34.00 price target on the stock. Citigroup upped 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. Finally, Janney Montgomery Scott started coverage on LandBridge in a research report on Thursday, July 25th. They issued a “buy” rating and a $36.00 price target for the company. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, LandBridge currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.14.

LandBridge Stock Up 4.0 %

The company has a market cap of $3.33 billion and a PE ratio of 13.08. The stock’s fifty day moving average price is $36.35.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. M&R Capital Management Inc. acquired a new stake in LandBridge in the third quarter valued at approximately $39,000. Point72 DIFC Ltd purchased a new stake in shares of LandBridge in the 2nd quarter valued at approximately $497,000. Ghisallo Capital Management LLC acquired a new stake in shares of LandBridge in the 2nd quarter valued at $1,158,000. Finally, Marshall Wace LLP purchased a new stake in shares of LandBridge during the 2nd quarter worth $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.