LandBridge Company LLC
boothcheck covers LandBridge Company LLC (LB) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 27, 2026.
• LandBridge owns surface acreage in the Delaware sub-region of the Permian and monetizes it with almost no capital of its own, collecting royalties and fees as operators drill, move water, and now build infrastructure on its land. • The economics are extraordinary on paper, a roughly 60% operating margin and an 80% free-cash-flow margin, but the revenue is substantially dependent on third-party drilling and produced-water activity around its acreage, so the cash flow rises and falls with Permia
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183 institutional managers reported holding LB in 13F filings for the quarter ended 2026-03-31. Together they hold about 36% of the company; the top 10 hold 26%. 56 opened new positions that quarter. Held by Morgan Stanley, FMR (Fidelity), Vanguard Group, among others. On the short side, 3.4M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (11.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
It pays a dividend, and has paid one every year in our records (2 and counting). Cash returned over the past three years: $256.69M in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at LB over the trailing three years: 2024: 3 buys totaling $2.20M; 2026: 3 buys totaling $165k. 16 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
LB's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2024-11-08 | +22.0% | -1.9% |
| 2025-03-07 | -5.6% | +3.5% |
| 2025-05-09 | -11.2% | -14.8% |
| 2025-11-13 | -14.9% | -17.7% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
LB's latest 8-K filings: 2026-09-22 (items 7.01, 8.01, 9.01); 2026-09-22 (items 7.01, 8.01, 9.01); 2026-09-21 (items 5.02); 2026-08-05 (items 2.02, 7.01, 9.01); 2026-06-24 (items 5.07).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.