LandBridge Co LLC (NYSE:LB – Get Free Report) shares shot up 3.2% during mid-day trading on Tuesday . The stock traded as high as $38.16 and last traded at $37.23. 216,051 shares were traded during trading, a decline of 42% from the average session volume of 373,307 shares. The stock had previously closed at $36.06.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the company. Raymond James assumed coverage on LandBridge in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $34.00 price target on the stock. Wells Fargo & Company raised their target price on LandBridge from $34.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Citigroup assumed coverage on shares of LandBridge in a research report on Tuesday, July 23rd. They set a “neutral” rating and a $31.00 target price on the stock. Johnson Rice assumed coverage on shares of LandBridge in a report on Wednesday, July 24th. They issued a “buy” rating and a $35.00 price target on the stock. Finally, Janney Montgomery Scott started coverage on shares of LandBridge in a report on Thursday, July 25th. They set a “buy” rating and a $36.00 target price on the stock. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $33.71.
LandBridge Trading Up 3.0 %
The company has a market capitalization of $2.72 billion and a price-to-earnings ratio of 10.68.
Insiders Place Their Bets
In other news, Director Valerie Chase acquired 2,925 shares of the company’s stock in a transaction on Monday, July 1st. The shares were bought at an average cost of $17.00 per share, with a total value of $49,725.00. Following the purchase, the director now owns 2,925 shares of the company’s stock, valued at approximately $49,725. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 17.83% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A hedge fund recently bought a new stake in LandBridge stock. Marshall Wace LLP acquired a new stake in shares of LandBridge Co LLC (NYSE:LB – Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 50,000 shares of the company’s stock, valued at approximately $1,158,000. Marshall Wace LLP owned approximately 0.07% of LandBridge as of its most recent SEC filing.
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.