LandBridge falls on $177.5 mln secondary offering by PE sponsor

Shares of oil-rich Permian Basin landowner LandBridge LB.N down 6.1% premarket at $70 after $177.5 mln secondary offering prices

Houston-based LB announces 2.5 mln shares by Landbridge Holdings LLC, controlled by private equity firm Five Point Energy, at $71

Offering price represents 4.7% discount to stock's last close

With the sale, Five Point's holdings go to ~48.6 mln (Class B shares) out of LB's ~77.1 mln total shares outstanding, per the offering prospectus

Goldman Sachs sole bookrunner for offering

Through Fri, LB shares had risen 40% over the past month, putting them up 15% YTD

5 of 9 analysts rate stock "buy", 4 rate "hold"; median PT is $74, per LSEG

LB went public in Jun 2024 IPO priced at $17