Cortland Associates Inc. MO Raises Stock Position in LandBridge Company LLC $LB

Cortland Associates Inc. MO increased its stake in LandBridge Company LLC (NYSE:LB) by 0.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 151,631 shares of the company’s stock after purchasing an additional 362 shares during the quarter. LandBridge accounts for 1.2% of Cortland Associates Inc. MO’s portfolio, making the stock its 24th largest position. Cortland Associates Inc. MO owned about 0.20% of LandBridge worth $10,247,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LB. T. Rowe Price Investment Management Inc. boosted its holdings in LandBridge by 5,290.4% in the first 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 last quarter. HITE Hedge Asset Management LLC purchased a new stake in LandBridge in the first quarter worth approximately $9,441,000. Vanguard Group Inc. boosted its holdings in LandBridge by 17.1% in the first quarter. Vanguard Group Inc. now owns 697,748 shares of the company’s stock worth $50,196,000 after purchasing an additional 102,085 shares during the last quarter. Amundi purchased a new stake in LandBridge in the first quarter worth approximately $5,763,000. Finally, First Manhattan CO. LLC. boosted its holdings in LandBridge by 3.1% in the first quarter. First Manhattan CO. LLC. now owns 2,798,207 shares of the company’s stock worth $201,303,000 after purchasing an additional 84,701 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Raymond James Financial dropped their target price on shares of LandBridge from $85.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Barclays decreased their price target on shares of LandBridge from $80.00 to $66.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 10th. Weiss Ratings reiterated a “hold (c-)” rating on shares of LandBridge in a research report on Saturday, September 27th. Finally, Piper Sandler decreased their price target on shares of LandBridge from $70.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 15th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $67.00.

LandBridge Stock Down 4.5%

Shares of LB stock opened at $54.53 on Wednesday. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of 15.32 and a beta of 0.14. LandBridge Company LLC has a one year low of $43.79 and a one year high of $87.60. The company’s fifty day moving average price is $53.71 and its 200-day moving average price is $63.87. The company has a debt-to-equity ratio of 0.54, a current ratio of 4.26 and a quick ratio of 4.26.

LandBridge Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Thursday, September 4th. LandBridge’s dividend payout ratio (DPR) is presently 11.24%.

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.