LandBridge (NYSE:LB) Reaches New 52-Week High Following Dividend Announcement

by · The Cerbat Gem

LandBridge Co LLC (NYSE:LB – Get Free Report)’s share price hit a new 52-week high on Wednesday following a dividend announcement from the company. The stock traded as high as $63.41 and last traded at $61.62, with a volume of 25791 shares. The stock had previously closed at $60.56.

The newly announced dividend which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend is Thursday, December 5th.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on LB shares. Citigroup upped their target price on LandBridge from $31.00 to $34.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Raymond James initiated coverage on shares of LandBridge in a research note on Tuesday, July 23rd. They set an “outperform” rating and a $34.00 price objective for the company. Wells Fargo & Company lifted their target price on shares of LandBridge from $34.00 to $36.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Barclays upped their price target on shares of LandBridge from $29.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. Finally, Pickering Energy Partners began coverage on shares of LandBridge in a research report on Tuesday, July 23rd. They set an “outperform” rating on the stock. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.57.

View Our Latest Research Report on LB

LandBridge Trading Up 9.8 %

The firm has a 50 day simple moving average of $45.72.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Marshall Wace LLP acquired a new stake in shares of LandBridge during the 2nd quarter worth approximately $1,158,000. Ghisallo Capital Management LLC bought a new position in shares of LandBridge in the 2nd quarter worth $1,158,000. Point72 DIFC Ltd acquired a new stake in shares of LandBridge during the second quarter worth $497,000. M&R Capital Management Inc. bought a new stake in LandBridge in the third quarter valued at about $39,000. Finally, Requisite Capital Management LLC acquired a new position in LandBridge in the third quarter valued at about $293,000.

LandBridge Company Profile

(Get Free Report)

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.

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