LandBridge (NYSE:LB) Upgraded to Hold at Zacks Research

LandBridge (NYSE:LB) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

LB has been the subject of several other reports. Raymond James Financial cut shares of LandBridge from a “moderate buy” rating to a “strong sell” rating in a research report on Friday, December 5th. Barclays boosted their price target on shares of LandBridge from $57.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, February 27th. UBS Group reissued a “neutral” rating and issued a $65.00 price target on shares of LandBridge in a research note on Monday, November 24th. Wells Fargo & Company raised their price objective on shares of LandBridge from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, March 18th. Finally, Piper Sandler lifted their price objective on LandBridge from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Monday, November 24th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $76.00.

LandBridge Stock Performance

NYSE:LB opened at $72.33 on Monday. The company has a quick ratio of 4.87, a current ratio of 4.87 and a debt-to-equity ratio of 0.70. The firm’s fifty day simple moving average is $65.19 and its 200 day simple moving average is $59.34. The stock has a market cap of $5.58 billion, a P/E ratio of 76.95 and a beta of 0.11. LandBridge has a twelve month low of $43.75 and a twelve month high of $87.60.

LandBridge announced that its Board of Directors has approved a share buyback plan on Wednesday, February 25th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Transactions at LandBridge

In other LandBridge news, insider Harrison Fenner Bolling purchased 850 shares of the stock in a transaction that occurred on Monday, January 5th. The stock was bought at an average cost of $46.84 per share, with a total value of $39,814.00. Following the transaction, the insider directly owned 66,874 shares in the company, valued at approximately $3,132,378.16. The trade was a 1.29% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jason Thomas Long acquired 2,143 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were acquired at an average cost of $46.59 per share, for a total transaction of $99,842.37. Following the purchase, the insider directly owned 223,546 shares of the company’s stock, valued at $10,415,008.14. This represents a 0.97% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 3,542 shares of company stock valued at $164,630 and have sold 53,350 shares valued at $3,974,555. Insiders own 70.42% of the company’s stock.

Hedge Funds Weigh In On LandBridge

A number of institutional investors and hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC lifted its holdings in shares of LandBridge by 110.6% during the second quarter. NewEdge Advisors LLC now owns 398 shares of the company’s stock valued at $27,000 after purchasing an additional 209 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of LandBridge in the 4th quarter worth approximately $33,000. Quattro Advisors LLC purchased a new stake in shares of LandBridge in the 4th quarter worth approximately $36,000. Galaxy Group Investments LLC bought a new position in LandBridge during the 4th quarter valued at approximately $36,000. Finally, CIBC Private Wealth Group LLC bought a new position in LandBridge during the 4th quarter valued at approximately $40,000.

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