Black Stone Minerals (NYSE:BSM) Shares Gap Down to $15.72

Shares of Black Stone Minerals, L.P. (NYSE:BSM) gapped down prior to trading on Thursday . The stock had previously closed at $15.72, but opened at $15.14. Black Stone Minerals shares last traded at $15.40, with a volume of 300,403 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BSM shares. Stifel Nicolaus decreased their price target on Black Stone Minerals from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, January 23rd. Piper Sandler lifted their target price on Black Stone Minerals from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Thursday, March 7th.

Black Stone Minerals Trading Up 1.0 %

The company has a 50 day moving average price of $15.71 and a 200 day moving average price of $16.48. The company has a market capitalization of $3.26 billion, a P/E ratio of 8.30 and a beta of 0.92.

Black Stone Minerals (NYSE:BSM) last issued its earnings results on Tuesday, February 20th. The oil and gas producer reported $0.65 EPS for the quarter, topping the consensus estimate of $0.50 by $0.15. The company had revenue of $190.84 million during the quarter, compared to the consensus estimate of $142.67 million. Black Stone Minerals had a return on equity of 42.38% and a net margin of 70.46%. During the same period in the previous year, the company posted $0.71 EPS. As a group, sell-side analysts forecast that Black Stone Minerals, L.P. will post 1.42 EPS for the current fiscal year.

Black Stone Minerals Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be issued a dividend of $0.375 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.50 annualized dividend and a yield of 9.67%. Black Stone Minerals’s payout ratio is currently 101.60%.

Insider Buying and Selling

In other news, Director D Mark Dewalch purchased 3,250 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was acquired at an average cost of $15.47 per share, with a total value of $50,277.50. Following the acquisition, the director now owns 320,436 shares in the company, valued at approximately $4,957,144.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 19.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Black Stone Minerals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC raised its holdings in Black Stone Minerals by 18.5% in the 3rd quarter. HighTower Advisors LLC now owns 361,904 shares of the oil and gas producer’s stock valued at $6,239,000 after acquiring an additional 56,468 shares in the last quarter. Citigroup Inc. raised its holdings in Black Stone Minerals by 9,778.6% in the 3rd quarter. Citigroup Inc. now owns 39,218 shares of the oil and gas producer’s stock valued at $676,000 after acquiring an additional 38,821 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Black Stone Minerals in the 4th quarter valued at $5,869,000. International Assets Investment Management LLC raised its holdings in Black Stone Minerals by 1,296.7% in the 4th quarter. International Assets Investment Management LLC now owns 223,647 shares of the oil and gas producer’s stock valued at $3,569,000 after acquiring an additional 207,634 shares in the last quarter. Finally, ING Groep NV raised its holdings in Black Stone Minerals by 50.8% in the 3rd quarter. ING Groep NV now owns 384,800 shares of the oil and gas producer’s stock valued at $6,630,000 after acquiring an additional 129,600 shares in the last quarter. 14.49% of the stock is owned by institutional investors and hedge funds.

About Black Stone Minerals

Black Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.8 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.6 million gross acres located in 41 states in the United States.