LandBridge (NYSE:LB) Cut to "Accumulate" at Johnson Rice

LandBridge (NYSE:LB - Get Free Report) was downgraded by equities researchers at Johnson Rice from a "buy" rating to an "accumulate" rating in a report released on Wednesday,Finviz reports.

Several other brokerages also recently commented on LB. The Goldman Sachs Group boosted their price objective on shares of LandBridge from $73.00 to $88.00 and gave the company a "buy" rating in a research report on Wednesday, March 26th. Barclays boosted their target price on LandBridge from $79.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Friday, March 21st. Piper Sandler decreased their price target on shares of LandBridge from $79.00 to $70.00 and set a "neutral" rating on the stock in a report on Friday, March 7th. Raymond James increased their price objective on shares of LandBridge from $80.00 to $85.00 and gave the company an "outperform" rating in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company raised their price objective on LandBridge from $82.00 to $93.00 and gave the company an "overweight" rating in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $60.67.

LandBridge Price Performance

LB stock traded down $1.02 during mid-day trading on Wednesday, hitting $82.57. The stock had a trading volume of 110,063 shares, compared to its average volume of 591,347. The firm has a fifty day simple moving average of $72.61 and a 200 day simple moving average of $69.50. The firm has a market capitalization of $6.04 billion and a P/E ratio of 23.19. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.60. LandBridge has a 52 week low of $18.75 and a 52 week high of $87.60.

Hedge Funds Weigh In On LandBridge

Hedge funds have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. lifted its position in shares of LandBridge by 5,290.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,193,279 shares of the company's stock worth $85,845,000 after purchasing an additional 1,171,142 shares during the period. Hood River Capital Management LLC acquired a new stake in LandBridge during the fourth quarter worth approximately $41,431,000. Vanguard Group Inc. bought a new stake in LandBridge in the fourth quarter worth approximately $38,480,000. First Manhattan CO. LLC. boosted its holdings in shares of LandBridge by 23.5% during the 4th quarter. First Manhattan CO. LLC. now owns 2,713,506 shares of the company's stock worth $175,292,000 after buying an additional 516,380 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of LandBridge in the 4th quarter valued at $20,928,000.

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.

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