LandBridge Shares Plunge 1.47% Amid HKAM's 23.6% Stake

LandBridge (LB) shares rose by 0.84% today, marking a significant intraday decline of 1.47% and reaching its lowest level since October 2024.

The strategy of buying LB shares after they reached a recent low and holding for one week yielded moderate returns over the past five years. The annualized return was 15.62%, with a compound return of 79.46% over five years. This approach outperformed the market, which had an annualized return of 10.98% over the same period. However, it underperformed stocks like Tejas Networks, which delivered a 975% return over five years, highlighting the importance of selecting stocks with higher growth potential.

One of the most significant factors influencing LandBridge's stock price is the recent Schedule 13G filing by Horizon Kinetics Asset Management LLC (HKAM). As of June 30, 2025, HKAM reported owning 5,498,925 Class A shares of LandBridge, which accounts for 23.6% of the outstanding class. This filing indicates that the shares were acquired and are held passively, without any intent to change or influence control. The re-characterization from a Schedule 13D to a 13G suggests that HKAM is satisfied with the current governance structure, reducing the likelihood of near-term activism. While the large stake could impact voting outcomes, it does not immediately threaten LandBridge's control. However, the concentrated ownership remains a governance concern and could affect liquidity if HKAM decides to sell shares in the future.