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Dorchester Minerals

Nasdaq:DMLP
Snowflake Description

Flawless balance sheet with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DMLP
Nasdaq
$646M
Market Cap
  1. Home
  2. US
  3. Energy
Company description

Dorchester Minerals, L.P. engages in the acquisition, ownership, and administration of producing and nonproducing natural gas and crude oil royalty, net profits, and leasehold interests in the United States. The last earnings update was 54 days ago. More info.


Add to Portfolio Compare Print
  • Dorchester Minerals is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
DMLP Share Price and Events
7 Day Returns
3.7%
NasdaqGS:DMLP
2.2%
US Oil and Gas
-0.1%
US Market
1 Year Returns
11.1%
NasdaqGS:DMLP
-5.3%
US Oil and Gas
7.6%
US Market
DMLP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Dorchester Minerals (DMLP) 3.7% 8.7% 16.4% 11.1% 43.9% -26.2%
US Oil and Gas 2.2% 4.8% 10.1% -5.3% 5.7% -26.1%
US Market -0.1% 3.7% 10.2% 7.6% 38.1% 46.4%
1 Year Return vs Industry and Market
  • DMLP outperformed the Oil and Gas industry which returned -5.3% over the past year.
  • DMLP outperformed the Market in United States of America which returned 7.6% over the past year.
Price Volatility
DMLP
Industry
5yr Volatility vs Market

Value

 Is Dorchester Minerals undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Dorchester Minerals to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Dorchester Minerals.

NasdaqGS:DMLP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:DMLP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.94
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.938 (1 + (1- 21%) (0%))
0.958
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.96
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.958 * 5.96%)
8.44%

Discounted Cash Flow Calculation for NasdaqGS:DMLP using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Dorchester Minerals is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGS:DMLP DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.44%)
2019 77.68 Est @ 25.21% 71.63
2020 92.02 Est @ 18.47% 78.25
2021 104.67 Est @ 13.75% 82.08
2022 115.60 Est @ 10.44% 83.59
2023 124.99 Est @ 8.13% 83.35
2024 133.13 Est @ 6.51% 81.86
2025 140.28 Est @ 5.37% 79.55
2026 146.71 Est @ 4.58% 76.72
2027 152.61 Est @ 4.03% 73.59
2028 158.16 Est @ 3.64% 70.33
Present value of next 10 years cash flows $780.96
NasdaqGS:DMLP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $158.16 × (1 + 2.73%) ÷ (8.44% – 2.73%)
$2,844.93
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,844.93 ÷ (1 + 8.44%)10
$1,265.10
NasdaqGS:DMLP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $780.96 + $1,265.10
$2,046.06
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,046.06 / 32.28
$63.39
NasdaqGS:DMLP Discount to Share Price
Calculation Result
Value per share (USD) From above. $63.39
Current discount Discount to share price of $20.00
= -1 x ($20.00 - $63.39) / $63.39
68.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Dorchester Minerals is available for.
Intrinsic value
>50%
Share price is $20 vs Future cash flow value of $63.39
Current Discount Checks
For Dorchester Minerals to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Dorchester Minerals's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Dorchester Minerals's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Dorchester Minerals's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Dorchester Minerals's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:DMLP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $1.61
NasdaqGS:DMLP Share Price ** NasdaqGS (2019-04-23) in USD $20
United States of America Oil and Gas Industry PE Ratio Median Figure of 107 Publicly-Listed Oil and Gas Companies 13.3x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 18.03x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Dorchester Minerals.

NasdaqGS:DMLP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:DMLP Share Price ÷ EPS (both in USD)

= 20 ÷ 1.61

12.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dorchester Minerals is good value based on earnings compared to the US Oil and Gas industry average.
  • Dorchester Minerals is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Dorchester Minerals's expected growth come at a high price?
Raw Data
NasdaqGS:DMLP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
United States of America Oil and Gas Industry PEG Ratio Median Figure of 77 Publicly-Listed Oil and Gas Companies 0.6x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.55x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Dorchester Minerals, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Dorchester Minerals's assets?
Raw Data
NasdaqGS:DMLP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $2.63
NasdaqGS:DMLP Share Price * NasdaqGS (2019-04-23) in USD $20
United States of America Oil and Gas Industry PB Ratio Median Figure of 191 Publicly-Listed Oil and Gas Companies 1.18x
United States of America Market PB Ratio Median Figure of 5,185 Publicly-Listed Companies 1.92x
NasdaqGS:DMLP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:DMLP Share Price ÷ Book Value per Share (both in USD)

= 20 ÷ 2.63

7.61x

* Primary Listing of Dorchester Minerals.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dorchester Minerals is overvalued based on assets compared to the US Oil and Gas industry average.
X
Value checks
We assess Dorchester Minerals's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Dorchester Minerals has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Dorchester Minerals expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Dorchester Minerals has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.8%
Expected Oil and Gas industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Dorchester Minerals expected to grow at an attractive rate?
  • Unable to compare Dorchester Minerals's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Dorchester Minerals's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare Dorchester Minerals's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:DMLP Future Growth Rates Data Sources
Data Point Source Value (per year)
United States of America Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 10.8%
United States of America Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 5.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.5%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:DMLP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:DMLP Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 69 63 52
2018-09-30 68 59 49
2018-06-30 67 55 47
2018-03-31 58 48 39
2017-12-31 55 44 37
2017-09-30 47 38 30
2017-06-30 45 36 29
2017-03-31 43 34 27
2016-12-31 36 28 20
2016-09-30 33 27 16
2016-06-30 30 25 12
2016-03-31 28 22 10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Dorchester Minerals is high growth as no earnings estimate data is available.
  • Unable to determine if Dorchester Minerals is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:DMLP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Dorchester Minerals Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:DMLP Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 1.61
2018-09-30 1.52
2018-06-30 1.46
2018-03-31 1.24
2017-12-31 1.18
2017-09-30 0.96
2017-06-30 0.96
2017-03-31 0.88
2016-12-31 0.66
2016-09-30 0.53
2016-06-30 0.40
2016-03-31 0.34

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Dorchester Minerals will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Dorchester Minerals is trading at Dorchester Minerals'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Dorchester Minerals's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Energy companies here
  3. Dorchester Minerals's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Dorchester Minerals's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Dorchester Minerals has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Dorchester Minerals performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Dorchester Minerals's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Dorchester Minerals's year on year earnings growth rate has been positive over the past 5 years.
  • Dorchester Minerals's 1-year earnings growth exceeds its 5-year average (40.1% vs 0.7%)
  • Dorchester Minerals's earnings growth has not exceeded the US Oil and Gas industry average in the past year (40.1% vs 44.3%).
Earnings and Revenue History
Dorchester Minerals's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Dorchester Minerals Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:DMLP Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 68.89 51.94 4.91
2018-09-30 68.30 49.09 4.67
2018-06-30 66.84 47.12 4.95
2018-03-31 58.27 39.45 4.95
2017-12-31 55.12 37.08 4.93
2017-09-30 47.14 29.92 4.79
2017-06-30 45.34 29.38 4.70
2017-03-31 42.80 27.02 4.57
2016-12-31 36.20 20.23 4.99
2016-09-30 32.87 16.22 5.45
2016-06-30 29.58 12.39 5.46
2016-03-31 27.85 10.30 5.58
2015-12-31 30.53 12.74 4.97
2015-09-30 36.07 18.55 5.63
2015-06-30 44.40 26.54 5.37
2015-03-31 54.09 35.08 5.28
2014-12-31 62.62 43.65 5.14
2014-09-30 67.47 47.93 4.48
2014-06-30 68.19 47.71 4.52
2014-03-31 67.52 47.14 4.43
2013-12-31 63.39 42.08 4.20
2013-09-30 65.16 42.85 4.09
2013-06-30 63.03 40.34 4.00
2013-03-31 60.98 37.04 3.91
2012-12-31 61.19 36.68 3.82
2012-09-30 60.99 37.37 3.77
2012-06-30 65.01 40.68 3.86

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Dorchester Minerals made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • Dorchester Minerals used its assets more efficiently than the US Oil and Gas industry average last year based on Return on Assets.
  • Dorchester Minerals has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Dorchester Minerals's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Dorchester Minerals has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Dorchester Minerals's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Dorchester Minerals's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Dorchester Minerals is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Dorchester Minerals's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Dorchester Minerals's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Dorchester Minerals has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Dorchester Minerals Company Filings, last reported 3 months ago.

NasdaqGS:DMLP Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 86.65 0.00 18.29
2018-09-30 82.61 0.00 15.70
2018-06-30 91.18 0.00 19.61
2018-03-31 88.77 0.00 15.39
2017-12-31 90.75 0.00 13.83
2017-09-30 86.05 0.00 11.56
2017-06-30 89.62 0.00 12.59
2017-03-31 67.77 0.00 10.61
2016-12-31 66.94 0.00 8.21
2016-09-30 68.06 0.00 9.50
2016-06-30 69.59 0.00 9.52
2016-03-31 68.33 0.00 5.27
2015-12-31 73.17 0.00 7.14
2015-09-30 76.64 0.00 8.11
2015-06-30 79.30 0.00 7.03
2015-03-31 85.20 0.00 10.67
2014-12-31 96.52 0.00 15.91
2014-09-30 102.07 0.00 15.90
2014-06-30 106.72 0.00 16.81
2014-03-31 109.79 0.00 16.53
2013-12-31 111.82 0.00 15.18
2013-09-30 113.15 0.00 15.77
2013-06-30 114.98 0.00 13.51
2013-03-31 117.12 0.00 14.64
2012-12-31 123.26 0.00 13.79
2012-09-30 120.29 0.00 12.35
2012-06-30 126.71 0.00 15.35
  • Dorchester Minerals has no debt.
  • Dorchester Minerals has not taken on any debt in the past 5 years.
  • Dorchester Minerals has no debt, it does not need to be covered by operating cash flow.
  • Dorchester Minerals has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Dorchester Minerals's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Dorchester Minerals has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Dorchester Minerals's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
9.34%
Current annual income from Dorchester Minerals dividends.
If you bought $2,000 of Dorchester Minerals shares you are expected to receive $187 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Dorchester Minerals's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
  • Dorchester Minerals's dividend is above the markets top 25% of dividend payers in United States of America (3.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:DMLP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 65 Stocks 3.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:DMLP Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-01-17 1.867 10.301
2018-01-18 1.301 7.402
2017-01-19 0.899 5.766
2016-02-25 0.867 6.062
2015-02-19 1.921 12.458
2014-02-20 1.768 6.366
2013-02-21 1.775 7.303
2012-10-11 1.373 6.304
2012-07-12 1.825 8.210
2012-04-12 2.168 9.659
2012-02-24 1.748 7.007
2012-01-12 1.794 7.937
2011-10-13 1.822 7.773
2011-07-14 1.668 6.748
2011-04-14 1.707 6.248
2011-02-24 1.687 6.043
2011-01-13 1.416 5.158
2010-10-14 1.884 6.938
2010-07-22 1.649 6.428
2010-04-19 1.797 6.896
2010-02-25 1.281 5.830
2009-10-15 1.148 5.242
2009-07-14 1.085 4.782
2009-04-24 1.605 7.941

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Dorchester Minerals's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Dorchester Minerals's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Dorchester Minerals afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Dorchester Minerals has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Dorchester Minerals's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
William McManemin
COMPENSATION $115,200
AGE 57
TENURE AS CEO 18.3 years
CEO Bio

Mr. William Casey McManemin serves as the Chief Executive Officer of Dorchester Minerals LP and has been its Chairman of Dorchester Minerals Management GP LLC., a General Partner of Dorchester Minerals LP since May 2015. Mr. McManemin has been the Chief Executive Officer and Manager of Dorchester Minerals Management GP LLC since 2001 and as Chief Executive Officer of Dorchester Minerals Operating GP LLC since 2001. Mr. McManemin serves as Vice President of the General Partner of SAM Partners Ltd., a Limited Partner of Dorchester Minerals Management LP since 1993 and member of Dorchester Minerals Management GP LLC and Smith Allen Oil and Gas Inc., a limited partner of Dorchester Minerals Management LP and member of the Dorchester Minerals Management GP LLC. since 1996. He co-founded SASI Minerals Company, Republic Royalty Company, Spinnaker Royalty Company, LP and CERES Resource Partners LP with Mr. Allen in 1988, 1993, 1996 and 1998, respectively. He was associated with Huddleston & Co. Inc. from 1984 to 1988. Mr. McManemin serves on the board of Directors of Dale Gas Partners LP and WAH Royalty Company. He received his Bachelor of Science degree in Petroleum Engineering from Texas A&M University in 1984 and has been a Registered Professional Engineer in Texas since 1988.

CEO Compensation
  • William's compensation has been consistent with company performance over the past year.
  • William's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Dorchester Minerals management team in years:

3.9
Average Tenure
41
Average Age
  • The tenure for the Dorchester Minerals management team is about average.
Management Team

William McManemin

TITLE
Chairman & CEO
COMPENSATION
$115K
AGE
57
TENURE
18.3 yrs

Leslie Moriyama

TITLE
Chief Financial Officer
COMPENSATION
$352K
AGE
40
TENURE
3.9 yrs

Brad Ehrman

TITLE
Chief Operating Officer
COMPENSATION
$390K
AGE
41
TENURE
3.9 yrs

Martye Miller

TITLE
Investor Relations Manager

Teresa Williams

TITLE
Controller
TENURE
3.9 yrs
Board of Directors Tenure

Average tenure and age of the Dorchester Minerals board of directors in years:

8.5
Average Tenure
72.5
Average Age
  • The tenure for the Dorchester Minerals board of directors is about average.
Board of Directors

William McManemin

TITLE
Chairman & CEO
COMPENSATION
$115K
AGE
57
TENURE
3.9 yrs

James Raley

TITLE
Vice Chairman of the Board
COMPENSATION
$115K
AGE
78
TENURE
3.9 yrs

Pete Allen

TITLE
COMPENSATION
$103K
AGE
79
TENURE
18.3 yrs

Robert Vaughn

TITLE
AGE
62
TENURE
18.3 yrs

Bill Russell

TITLE
COMPENSATION
$35K
AGE
76
TENURE
14.9 yrs

Ron Trout

TITLE
COMPENSATION
$35K
AGE
78
TENURE
11.2 yrs

Martha Peak Rochelle

TITLE
AGE
65
TENURE
5.8 yrs

Allen Lassiter

TITLE
COMPENSATION
$35K
AGE
69
TENURE
1.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
14. Aug 18 Buy Bradley Ehrman Individual 13. Aug 18 13. Aug 18 2,747 $18.98 $52,135
10. May 18 Buy Bradley Ehrman Individual 10. May 18 10. May 18 3,703 $18.15 $67,209
X
Management checks
We assess Dorchester Minerals's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Dorchester Minerals has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What You Must Know About Dorchester Minerals LP's (NASDAQ:DMLP) ROE

and want to better understand how you can grow your money by investing in Dorchester Minerals LP (NASDAQ:DMLP). … Dorchester Minerals LP (NASDAQ:DMLP) outperformed the oil and gas exploration and production industry on the basis of its ROE – producing a higher 46.03% relative to the peer average of 11.31% over the past 12 months. … If DMLP borrows debt to invest in its business, its profits will be higher.

Simply Wall St -

Dorchester Minerals LP (NASDAQ:DMLP): Commentary On Fundamentals

Dorchester Minerals LP (NASDAQ:DMLP) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … is a company with great financial health as well as a.

Simply Wall St -

Dorchester Minerals LP. (NASDAQ:DMLP): Has Recent Earnings Growth Beaten Long-Term Trend?

After reading Dorchester Minerals LP.'s (NASDAQ:DMLP) most recent earnings announcement (31 March 2018), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … View our latest analysis for Dorchester Minerals Did DMLP's recent earnings growth beat the long-term trend and the industry? … Given that these values may be relatively nearsighted, I’ve computed an annualized five-year figure for Dorchester Minerals's earnings, which stands at US$33.35M This means that, on average, Dorchester Minerals has been able to steadily grow its bottom line over the past couple of years as well.

Simply Wall St -

Should You Worry About Dorchester Minerals LP.'s (NASDAQ:DMLP) CEO Pay?

Performance can be measured based on factors such as earnings and total shareholder return (TSR). … Despite the fact that one size does not fit all, as compensation should account for specific factors of the company and market, we can estimate a high-level yardstick to see if DMLP deviates substantially from its peers. … Considering DMLP's size and performance, in terms of market cap and earnings, it seems that McManemin is paid lower than the average US small-cap CEO.

Simply Wall St -

What You Must Know About Dorchester Minerals LP.'s (NASDAQ:DMLP) Market Risks

Generally, an investor should consider two types of risk that impact the market value of DMLP. … A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one. … However, this is the opposite to what DMLP’s actual beta value suggests, which is lower stock volatility relative to the market.

Simply Wall St -

Dorchester Minerals LP. (NASDAQ:DMLP): Dividend Is Coming In 3 Days, Should You Buy?

View our latest analysis for Dorchester Minerals 5 questions to ask before buying a dividend stock If you are a dividend investor, you should always assess these five key metrics: Does it pay an annual yield higher than 75% of dividend payers? … NasdaqGS:DMLP Historical Dividend Yield Apr 23rd 18 How does Dorchester Minerals fare? … Dividend payments from Dorchester Minerals have been volatile in the past 10 years, with some years experiencing significant drops of over 25%.

Simply Wall St -

What You Must Know About Dorchester Minerals LP.'s (NASDAQ:DMLP) Major Investors

View our latest analysis for Dorchester Minerals NasdaqGS:DMLP Ownership_summary Apr 20th 18 Institutional Ownership In DMLP's case, institutional ownership stands at 17.14%, significant enough to cause considerable price moves in the case of large institutional transactions, especially when there is a low level of public shares available on the market to trade. … With this size of ownership, retail investors can collectively play a role in major company policies that affect shareholders returns, including executive remuneration and the appointment of directors. … However, an ownership of this size may be relatively insignificant, meaning that these shareholders may not have the potential to influence DMLP's business strategy.

Simply Wall St -

Be Careful About Buying Dorchester Minerals LP. (NASDAQ:DMLP) For The 7.77% Dividend

See our latest analysis for Dorchester Minerals How I analyze a dividend stock When researching a dividend stock, I always follow the following screening criteria: Is their annual yield among the top 25% of dividend payers? … NasdaqGS:DMLP Historical Dividend Yield Apr 9th 18 How well does Dorchester Minerals fit our criteria? … Not only have dividend payouts from Dorchester Minerals fallen over the past 10 years, it has also been highly volatile during this time, with drops of over 25% in some years.

Simply Wall St -

Does Dorchester Minerals LP.'s (NASDAQ:DMLP) PE Ratio Signal A Selling Opportunity?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for DMLP Price per share = $16 Earnings per share = $1.178 ∴ Price-Earnings Ratio = $16 ÷ $1.178 = 13.6x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … For example, if you accidentally compared lower growth firms with DMLP, then DMLP’s P/E would naturally be higher since investors would reward DMLP’s higher growth with a higher price. … Alternatively, if you inadvertently compared riskier firms with DMLP, DMLP’s P/E would again be higher since investors would reward DMLP’s lower risk with a higher price as well.

Simply Wall St -

What is Behind Dorchester Minerals LP.'s (NASDAQ:DMLP) Superior ROE?

See our latest analysis for Dorchester Minerals Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) weighs Dorchester Minerals’s profit against the level of its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of Dorchester Minerals’s equity capital deployed. … Since Dorchester Minerals’s return covers its cost in excess of 33.85%, its use of equity capital is efficient and likely to be sustainable.

Simply Wall St -

Company Info

Description

Dorchester Minerals, L.P. engages in the acquisition, ownership, and administration of producing and nonproducing natural gas and crude oil royalty, net profits, and leasehold interests in the United States. The company’s royalty properties consist of producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests located in 574 counties and parishes in 25 states; and net profits interests represent net profits overriding royalty interests in various properties owned by the operating partnership. Dorchester Minerals Management LP serves as the general partner of Dorchester Minerals, L.P. The company was founded in 1982 and is based in Dallas, Texas.

Details
Name: Dorchester Minerals, L.P.
DMLP
Exchange: NasdaqGS
Founded: 1982
$645,595,480
32,279,774
Website: http://www.dmlp.net
Address: Dorchester Minerals, L.P.
3838 Oak Lawn Avenue,
Suite 300,
Dallas,
Texas, 75219,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS DMLP Common Units Nasdaq Global Select US USD 03. Feb 2003
DB 9DM Common Units Deutsche Boerse AG DE EUR 03. Feb 2003
Number of employees
Current staff
Staff numbers
0
Dorchester Minerals employees.
Industry
Oil and Gas Exploration and Production
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 23:49
End of day share price update: 2019/04/23 00:00
Last earnings filing: 2019/02/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.