Black Stone Minerals, L.P. Plans Quarterly Dividend of $0.38 (NYSE:BSM)

Black Stone Minerals, L.P. (NYSE:BSM) declared a quarterly dividend on Wednesday, October 16th, Zacks reports. Shareholders of record on Friday, November 8th will be paid a dividend of 0.375 per share by the oil and gas producer on Friday, November 15th. This represents a $1.50 dividend on an annualized basis and a yield of 9.94%. The ex-dividend date is Friday, November 8th.

Black Stone Minerals has a dividend payout ratio of 123.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Black Stone Minerals to earn $1.45 per share next year, which means the company may not be able to cover its $1.90 annual dividend with an expected future payout ratio of 131.0%.

Black Stone Minerals Price Performance

Shares of Black Stone Minerals stock opened at $15.09 on Friday. The business’s 50 day simple moving average is $14.83 and its two-hundred day simple moving average is $15.46. The stock has a market capitalization of $3.17 billion, a P/E ratio of 9.80 and a beta of 0.93. Black Stone Minerals has a one year low of $13.94 and a one year high of $18.55.

Black Stone Minerals (NYSE:BSM) last announced its quarterly earnings results on Monday, August 5th. The oil and gas producer reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.08). The company had revenue of $109.62 million during the quarter, compared to analysts’ expectations of $124.24 million. Black Stone Minerals had a return on equity of 37.93% and a net margin of 64.88%. During the same period last year, the firm earned $0.35 earnings per share. Sell-side analysts expect that Black Stone Minerals will post 1.31 earnings per share for the current fiscal year.

Insider Activity

In other news, Director D Mark Dewalch bought 34,200 shares of the stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $14.62 per share, with a total value of $500,004.00. Following the completion of the acquisition, the director now owns 357,005 shares in the company, valued at $5,219,413.10. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Thomas L. Carter, Jr. purchased 100,000 shares of Black Stone Minerals stock in a transaction on Friday, September 6th. The stock was acquired at an average price of $14.12 per share, for a total transaction of $1,412,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,133,128 shares in the company, valued at $44,239,767.36. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director D Mark Dewalch purchased 34,200 shares of Black Stone Minerals stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $14.62 per share, with a total value of $500,004.00. Following the transaction, the director now owns 357,005 shares of the company’s stock, valued at approximately $5,219,413.10. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 19.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on BSM. Piper Sandler reduced their target price on Black Stone Minerals from $17.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. StockNews.com raised Black Stone Minerals from a “hold” rating to a “buy” rating in a research note on Tuesday, August 6th. Finally, KeyCorp began coverage on Black Stone Minerals in a research note on Thursday, June 27th. They set a “sector weight” rating on the stock. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Black Stone Minerals currently has an average rating of “Hold” and an average price target of $17.50.

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.