HITE Hedge Asset Management LLC Buys New Stake in LandBridge Company LLC $LB

Key Points

• HITE Hedge Asset Management has invested approximately $9.44 million in LandBridge Company LLC, acquiring 131,229 shares, which represents about 0.18% ownership at the end of the reporting period.
• A significant insider transaction occurred when Director David N. Capobianco sold 1.9 million shares of LandBridge stock for approximately $142.98 million, indicating substantial insider activity.
• LandBridge recently announced a quarterly dividend of $0.10 per share, reflecting an annualized yield of 0.8% and a payout ratio of 11.24%, set to be paid on September 18.

HITE Hedge Asset Management LLC purchased a new stake in LandBridge Company LLC (NYSE:LB - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 131,229 shares of the company's stock, valued at approximately $9,441,000. HITE Hedge Asset Management LLC owned 0.18% of LandBridge as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in LB. LPL Financial LLC boosted its holdings in LandBridge by 88.4% in the 4th quarter. LPL Financial LLC now owns 10,509 shares of the company's stock valued at $679,000 after purchasing an additional 4,931 shares in the last quarter. Geode Capital Management LLC purchased a new stake in LandBridge in the 4th quarter valued at approximately $1,180,000. Wells Fargo & Company MN boosted its holdings in LandBridge by 208.4% in the 4th quarter. Wells Fargo & Company MN now owns 19,736 shares of the company's stock valued at $1,275,000 after purchasing an additional 13,336 shares in the last quarter. Legal & General Group Plc purchased a new stake in LandBridge in the 4th quarter valued at approximately $689,000. Finally, Raymond James Financial Inc. purchased a new stake in LandBridge in the 4th quarter valued at approximately $20,928,000.

LandBridge Price Performance

Shares of NYSE:LB traded up $0.8360 during trading on Friday, hitting $53.8860. 295,374 shares of the stock were exchanged, compared to its average volume of 690,092. The company has a fifty day moving average price of $59.50 and a two-hundred day moving average price of $67.41. The company has a market cap of $4.12 billion, a PE ratio of 15.14 and a beta of 0.32. The company has a current ratio of 4.26, a quick ratio of 4.26 and a debt-to-equity ratio of 0.54. LandBridge Company LLC has a 12-month low of $32.28 and a 12-month high of $87.60.

LandBridge Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.7%. LandBridge's dividend payout ratio is presently 11.24%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on LB. Johnson Rice lowered LandBridge from a "buy" rating to an "accumulate" rating in a report on Wednesday, May 21st. Barclays lowered their price objective on LandBridge from $80.00 to $66.00 and set an "equal weight" rating on the stock in a report on Thursday, July 10th. Piper Sandler decreased their price target on LandBridge from $70.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, August 15th. Wells Fargo & Company boosted their price target on LandBridge from $82.00 to $93.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Finally, Raymond James Financial decreased their price target on LandBridge from $85.00 to $75.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $62.29.

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.