Shares of LandBridge Co LLC (NYSE:LB - Get Free Report) were up 7.5% during mid-day trading on Tuesday . The company traded as high as $60.83 and last traded at $60.42. Approximately 168,537 shares were traded during trading, a decline of 51% from the average daily volume of 345,222 shares. The stock had previously closed at $56.19.
LB has been the subject of several analyst reports. Barclays boosted 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. Wells Fargo & Company boosted 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. Raymond James began coverage on shares of LandBridge in a research report on Tuesday, July 23rd. They issued an "outperform" rating and a $34.00 target price for the company. Johnson Rice initiated coverage on shares of LandBridge in a research note on Wednesday, July 24th. They issued a "buy" rating and a $35.00 price objective on the stock. Finally, Janney Montgomery Scott began coverage on LandBridge in a research note on Thursday, July 25th. They issued a "buy" rating and a $36.00 target price on the stock. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $36.57.
Several hedge funds have recently bought and sold shares of LB. Marshall Wace LLP acquired a new position in shares of LandBridge in the second quarter valued at $1,158,000. Ghisallo Capital Management LLC bought a new stake in LandBridge during the second quarter worth about $1,158,000. Point72 DIFC Ltd acquired a new stake in shares of LandBridge during the 2nd quarter worth approximately $497,000. M&R Capital Management Inc. acquired a new position in shares of LandBridge during the 3rd quarter worth $39,000. Finally, Requisite Capital Management LLC acquired a new position in LandBridge during the third quarter worth about $293,000.
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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