Axxcess Wealth Management LLC Buys New Shares in LandBridge Co LLC (NYSE:LB)

Axxcess Wealth Management LLC bought a new stake in LandBridge Co LLC (NYSE:LB) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,572 shares of the company’s stock, valued at approximately $218,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. nVerses Capital LLC bought a new position in shares of LandBridge in the third quarter valued at $31,000. M&R Capital Management Inc. acquired a new stake in LandBridge during the 3rd quarter valued at $39,000. Requisite Capital Management LLC acquired a new stake in LandBridge during the 3rd quarter valued at $293,000. Point72 DIFC Ltd acquired a new stake in LandBridge during the 2nd quarter valued at $497,000. Finally, Marshall Wace LLP acquired a new stake in LandBridge during the 2nd quarter valued at $1,158,000.

LandBridge Stock Down 6.1 %

LB opened at $66.34 on Friday. LandBridge Co LLC has a fifty-two week low of $18.75 and a fifty-two week high of $78.41. The firm has a market capitalization of $4.85 billion and a P/E ratio of 18.42. The stock’s fifty day moving average price is $48.52.

LandBridge Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date is Thursday, December 5th.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Pickering Energy Partners assumed coverage on LandBridge in a report on Tuesday, July 23rd. They set an “outperform” rating for the company. Wells Fargo & Company raised their price target on LandBridge from $34.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Barclays raised their price target on LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Johnson Rice assumed coverage on LandBridge in a report on Wednesday, July 24th. They set a “buy” rating and a $35.00 price target for the company. Finally, Janney Montgomery Scott started coverage on LandBridge in a report on Thursday, July 25th. They set a “buy” rating and a $36.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.57.

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.