LandBridge (NYSE:LB) to Buyback $50.00 million in Stock

LandBridge (NYSE:LB) announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 25th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy up to 1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have recently weighed in on LB shares. Wells Fargo & Company decreased their target price on LandBridge from $91.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, November 26th. Zacks Research cut shares of LandBridge from a “strong-buy” rating to a “strong sell” rating in a report on Friday, January 23rd. Raymond James Financial lowered shares of LandBridge from a “moderate buy” rating to a “strong sell” rating in a report on Friday, December 5th. UBS Group reissued a “neutral” rating and set a $65.00 price target on shares of LandBridge in a research report on Monday, November 24th. Finally, Piper Sandler upped their price objective on shares of LandBridge from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Monday, November 24th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, LandBridge has a consensus rating of “Hold” and a consensus target price of $73.33.

LandBridge Stock Down 0.2%

LB traded down $0.13 during trading on Wednesday, reaching $65.87. 457,271 shares of the stock were exchanged, compared to its average volume of 534,041. The stock’s 50 day moving average price is $56.54 and its two-hundred day moving average price is $56.59. LandBridge has a twelve month low of $43.75 and a twelve month high of $87.60. The stock has a market cap of $5.13 billion, a P/E ratio of 94.10 and a beta of 0.43. The company has a debt-to-equity ratio of 0.52, a quick ratio of 4.15 and a current ratio of 4.15.

Insider Buying and Selling at LandBridge

In other news, insider Jason Thomas Long bought 2,143 shares of the firm’s stock in a transaction on Monday, January 5th. The shares were purchased at an average cost of $46.59 per share, with a total value of $99,842.37. Following the acquisition, the insider directly owned 223,546 shares in the company, valued at $10,415,008.14. This represents a 0.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Harrison Fenner Bolling bought 850 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was purchased at an average price of $46.84 per share, with a total value of $39,814.00. Following the completion of the transaction, the insider directly owned 66,874 shares in the company, valued at approximately $3,132,378.16. This represents a 1.29% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 3,542 shares of company stock valued at $164,630 over the last 90 days. 70.42% of the stock is currently owned by corporate insiders.

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. The company was founded in 2021 and is based in Houston, Texas. LandBridge Company LLC operates as a subsidiary of LandBridge Holdings LLC.