Canlı Haberler • May 14
Black Stone Minerals Sees 16% Q1 Production Growth and Increased Insider Ownership Q1 2026 production grew 16%, supported by natural gas activity in the Louisiana Haynesville and Shelby Trough and oil output from the Permian Basin. Management reaffirmed full-year production guidance and declared a US$0.30 per unit distribution.
The company is pursuing a Haynesville acquisition program and new development agreements, including a deal with Caturus Energy in the Shelby Trough, while continuing to add mineral and royalty interests across its portfolio.
Executive Chairman Thomas L. Carter Jr. bought about 67,758 common units in recent open-market transactions worth roughly US$909,000, increasing his direct stake to 3,681,604 units following an upbeat Q1 call that highlighted volume growth and cash flow coverage.
Insider buying combined with confirmed production guidance and active drilling programs indicates management’s confidence in the current development plan and the company’s asset base.
You should still factor in recent operational issues, such as the well control incident, and the usual commodity price and execution risks that can affect volumes, cash flow and future distributions. Reported Earnings • May 07
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: US$0.028 (down from US$0.041 in 1Q 2025). Revenue: US$59.4m (down 45% from 1Q 2025). Net income: US$5.91m (down 31% from 1Q 2025). Profit margin: 9.9% (up from 7.9% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 42%. Earnings per share (EPS) also missed analyst estimates by 86%. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Board Change • May 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director of Black Stone Minerals GP, L.L.C. Anne Hamman was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • May 04
Black Stone Minerals, L.P., Annual General Meeting, Jun 11, 2026 Black Stone Minerals, L.P., Annual General Meeting, Jun 11, 2026. Location: via the internet, United States Declared Dividend • Apr 26
Fourth quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 8th May 2026 Payment date: 15th May 2026 Dividend yield will be 8.5%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio) nor is it covered by cash flows (133% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. However, EPS is expected to decline by 11% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Buy Or Sell Opportunity • Apr 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.9% to US$13.50. The fair value is estimated to be US$17.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to decline by 2.7% in the next 2 years. Recent Insider Transactions • Apr 09
Senior VP recently sold US$425k worth of stock On the 6th of April, L. Putman sold around 29k shares on-market at roughly US$14.45 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$462k. Despite this recent sale, insiders have collectively bought US$793k more than they sold in the last 12 months. Major Estimate Revision • Mar 13
Consensus EPS estimates increase by 12%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from US$451.0m to US$435.3m. EPS estimate rose from US$0.89 to US$1.00. Net income forecast to shrink 18% next year vs 12% growth forecast for Oil and Gas industry in the US . Consensus price target of US$14.00 unchanged from last update. Share price was steady at US$15.39 over the past week. Recent Insider Transactions • Mar 08
Senior VP recently sold US$462k worth of stock On the 5th of March, L. Putman sold around 30k shares on-market at roughly US$15.25 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$1.2m more than they sold in the last 12 months. Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 26% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from US$1.20 to US$0.89 per share. Revenue forecast steady at US$451.0m. Net income forecast to shrink 30% next year vs 10% growth forecast for Oil and Gas industry in the US . Consensus price target of US$13.00 unchanged from last update. Share price was steady at US$15.12 over the past week. New Risk • Mar 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 133% Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Reported Earnings • Feb 24
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$1.28 (up from US$1.15 in FY 2024). Revenue: US$401.0m (down 6.1% from FY 2024). Net income: US$270.5m (up 12% from FY 2024). Profit margin: 68% (up from 57% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Duyuru • Feb 24
Black Stone Minerals, L.P. Provides Production Guidance for the Full Year 2026 Black Stone Minerals, L.P. provided production Guidance for the full year 2026. For the year, the company expects Total production to be 33 MBoe/d - 36 MBoe/d. Declared Dividend • Feb 08
Third quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 18th February 2026 Payment date: 25th February 2026 Dividend yield will be 8.5%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (115% earnings payout ratio) nor is it covered by cash flows (113% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 27% to bring the payout ratio under control. EPS is expected to grow by 12% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Duyuru • Feb 06
Black Stone Minerals, L.P. Approves Cash Distribution for the Fourth Quarter of 2025, Payable on February 25, 2026 Black Stone Minerals, L.P. announced the Board of Directors of the general partner has approved a cash distribution of $0.30 per common unit attributable to the fourth quarter of 2025, consistent with the prior quarter. Distributions will be payable on February 25, 2026, to unitholders of record on February 18, 2026. Duyuru • Feb 05
Black Stone Minerals, L.P. to Report Q4, 2025 Results on Feb 23, 2026 Black Stone Minerals, L.P. announced that they will report Q4, 2025 results After-Market on Feb 23, 2026 Duyuru • Dec 03
Black Stone Minerals and Caturus Energy Announce New Development Agreement in the Shelby Trough Black Stone Minerals, L.P. announced it has entered into a 220,000 gross acre development agreement with an affiliate of Caturus Energy, LLC ("Caturus") within the Shelby Trough and Haynesville Expansion. The agreement creates a multi-year drilling program designed to advance development of BSM's acreage under Caturus' operating expertise while supporting the growing demand for natural gas across the Gulf Coast region. Under the terms of the agreement, Caturus has the opportunity to escalate its drilling program over the next six years and drill a step out pilot and test well in the first two years to continue operating across the full footprint. Activity will begin with approximately two gross (0.2 net) wells in 2026 and ramp to approximately 12 gross (0.8 net) wells annually by the end of the six years, supported by minimum annual lateral-foot requirements, all net to BSM's interest. BSM currently manages approximately 40,000 undeveloped net acres within this contract area, with line of sight to additional acquisitions to further increase BSM's net interest across the area. New Risk • Nov 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 115% Cash payout ratio: 113% Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Reported Earnings • Nov 04
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.40 (down from US$0.41 in 3Q 2024). Revenue: US$132.5m (up 31% from 3Q 2024). Net income: US$84.4m (down 1.2% from 3Q 2024). Profit margin: 64% (down from 85% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 27%. Earnings per share (EPS) also surpassed analyst estimates by 45%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Declared Dividend • Oct 20
Second quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 6th November 2025 Payment date: 13th November 2025 Dividend yield will be 11%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (122% earnings payout ratio) nor is it covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 36% to bring the payout ratio under control. EPS is expected to grow by 17% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Recent Insider Transactions • Sep 12
President recently bought US$307k worth of stock On the 10th of September, Thomas Carter bought around 25k shares on-market at roughly US$12.08 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$879k. Thomas has been a buyer over the last 12 months, purchasing a net total of US$2.0m worth in shares. Recent Insider Transactions • Aug 22
President recently bought US$492k worth of stock On the 20th of August, Thomas Carter bought around 41k shares on-market at roughly US$12.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$879k. Thomas has been a buyer over the last 12 months, purchasing a net total of US$3.1m worth in shares. Price Target Changed • Aug 15
Price target decreased by 13% to US$13.00 Down from US$15.00, the current price target is provided by 1 analyst. New target price is 5.9% above last closing price of US$12.28. Stock is down 17% over the past year. The company is forecast to post earnings per share of US$1.12 for next year compared to US$1.15 last year. Recent Insider Transactions • Aug 13
President recently bought US$879k worth of stock On the 11th of August, Thomas Carter bought around 72k shares on-market at roughly US$12.18 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Thomas has been a buyer over the last 12 months, purchasing a net total of US$2.5m worth in shares. Reported Earnings • Aug 05
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.53 (up from US$0.29 in 2Q 2024). Revenue: US$102.0m (down 7.6% from 2Q 2024). Net income: US$112.7m (up 85% from 2Q 2024). Revenue exceeded analyst estimates by 42%. Earnings per share (EPS) also surpassed analyst estimates by 73%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Duyuru • Aug 05
Black Stone Minerals, L.P. Updates Production Guidance for 2025 Black Stone Minerals, L.P. updated production guidance for 2025. Due to the lower production through the first and second quarters of 2025 combined with expectations for delayed natural gas production growth through the end of the year, Black Stone's total production guidance for 2025 is being lowered to a range of 33 MBoe/d to 35 MBoe/d, from the previously disclosed range of 38 MBoe/d to 41 MBoe/d. Declared Dividend • Jul 21
First quarter dividend reduced to US$0.30 Dividend of US$0.30 is 20% lower than last year. Ex-date: 7th August 2025 Payment date: 14th August 2025 Dividend yield will be 12%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (163% earnings payout ratio) nor is it covered by cash flows (130% cash payout ratio). The dividend has increased by an average of 8.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 81% to bring the payout ratio under control. EPS is expected to grow by 74% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Recent Insider Transactions • Jun 01
Insider recently sold US$500k worth of stock On the 29th of May, Carrie Clark sold around 37k shares on-market at roughly US$13.56 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$1.3m more than they sold in the last 12 months. Recent Insider Transactions Derivative • May 30
Insider notifies of intention to sell stock Carrie Clark intends to sell 37k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of May. If the sale is conducted around the recent share price of US$13.56, it would amount to US$500k. Since September 2024, Carrie's direct individual holding has increased from 116.92k shares to 202.76k. Company insiders have collectively bought US$1.8m more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • May 14
Price target decreased by 13% to US$14.00 Down from US$16.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$13.81. Stock is down 13% over the past year. The company is forecast to post earnings per share of US$1.13 for next year compared to US$1.15 last year. New Risk • May 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 46% Last year net profit margin: 68% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 163% Cash payout ratio: 130% Minor Risk Profit margins are more than 30% lower than last year (46% net profit margin). Major Estimate Revision • May 13
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$1.33 to US$1.07. Revenue forecast unchanged from US$483.5m at last update. Net income forecast to grow 27% next year vs 16% growth forecast for Oil and Gas industry in the US. Consensus price target of US$15.00 unchanged from last update. Share price fell 2.5% to US$13.90 over the past week. Reported Earnings • May 07
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: US$0.041 (down from US$0.27 in 1Q 2024). Revenue: US$59.3m (down 48% from 1Q 2024). Net income: US$8.58m (down 85% from 1Q 2024). Profit margin: 14% (down from 50% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 49%. Earnings per share (EPS) also missed analyst estimates by 88%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 3% per year. Duyuru • May 01
Black Stone Minerals, L.P., Annual General Meeting, Jun 12, 2025 Black Stone Minerals, L.P., Annual General Meeting, Jun 12, 2025. Declared Dividend • Apr 20
Fourth quarter dividend of US$0.38 announced Dividend of US$0.38 is the same as last year. Ex-date: 8th May 2025 Payment date: 15th May 2025 Dividend yield will be 10%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (131% earnings payout ratio) nor is it covered by cash flows (116% cash payout ratio). The dividend has increased by an average of 8.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 45% to bring the payout ratio under control. EPS is expected to grow by 22% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Price Target Changed • Mar 09
Price target increased by 14% to US$16.00 Up from US$14.00, the current price target is provided by 1 analyst. New target price is 8.5% above last closing price of US$14.75. Stock is down 5.3% over the past year. The company is forecast to post earnings per share of US$1.34 for next year compared to US$1.15 last year. New Risk • Feb 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 56% Last year net profit margin: 82% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 90% Minor Risk Profit margins are more than 30% lower than last year (56% net profit margin). Duyuru • Feb 25
Black Stone Minerals, L.P. Provides Consolidated Production Guidance for the Fiscal Year 2025 Black Stone Minerals, L.P. provided consolidated production guidance for the Fiscal Year 2025. For the year, the company expects total production of 38 MBoe/d to 41 MBoe/d. Declared Dividend • Feb 09
Third quarter dividend of US$0.38 announced Shareholders will receive a dividend of US$0.38. Ex-date: 18th February 2025 Payment date: 25th February 2025 Dividend yield will be 10%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it adequately covered by cash flows (90.2% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 8.6% to bring the payout ratio under control. However, EPS is expected to decline by 7.6% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Nov 05
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.41 (up from US$0.27 in 3Q 2023). Revenue: US$134.9m (flat on 3Q 2023). Net income: US$85.4m (up 50% from 3Q 2023). Profit margin: 63% (up from 42% in 3Q 2023). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 05
Black Stone Minerals, L.P. Approves A Cash Distribution to the Third Quarter of 2024, Payable on November 15, 2024 The Board of Black Stone Minerals, L.P. approved a cash distribution of $0.375 for each common unit attributable to the third quarter of 2024. The quarterly distribution coverage ratio attributable to the third quarter of 2024 was approximately 1.00x. The distribution will be paid on November 15, 2024 to unitholders of record as of the close of business on November 8, 2024. Upcoming Dividend • Nov 03
Upcoming dividend of US$0.38 per share Eligible shareholders must have bought the stock before 08 November 2024. Payment date: 15 November 2024. The company is paying out more than 100% of its profits and is paying out 82% of its cash flow. Trailing yield: 10%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (4.1%). Declared Dividend • Oct 20
Second quarter dividend of US$0.38 announced Shareholders will receive a dividend of US$0.38. Ex-date: 8th November 2024 Payment date: 15th November 2024 Dividend yield will be 11%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (113% earnings payout ratio). However, it is covered by cash flows (82% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 26% to bring the payout ratio under control. EPS is expected to grow by 2.7% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Duyuru • Oct 17
Black Stone Minerals, L.P. to Report Q3, 2024 Results on Nov 04, 2024 Black Stone Minerals, L.P. announced that they will report Q3, 2024 results After-Market on Nov 04, 2024 Recent Insider Transactions • Sep 11
President recently bought US$1.4m worth of stock On the 6th of September, Thomas Carter bought around 100k shares on-market at roughly US$14.12 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Thomas has been a buyer over the last 12 months, purchasing a net total of US$3.9m worth in shares. Recent Insider Transactions • Aug 27
Insider recently sold US$275k worth of stock On the 26th of August, Carrie Clark sold around 19k shares on-market at roughly US$14.84 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$3.5m more than they sold in the last 12 months. Recent Insider Transactions • Aug 18
Board Member recently bought US$500k worth of stock On the 15th of August, D. DeWalch bought around 34k shares on-market at roughly US$14.62 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$3.8m more in shares than they have sold in the last 12 months. New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (113% payout ratio). Reported Earnings • Aug 06
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: US$0.29 (down from US$0.35 in 2Q 2023). Revenue: US$109.6m (up 6.3% from 2Q 2023). Net income: US$61.0m (down 17% from 2Q 2023). Profit margin: 56% (down from 71% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 28
First quarter dividend of US$0.38 announced Shareholders will receive a dividend of US$0.38. Ex-date: 9th August 2024 Payment date: 16th August 2024 Dividend yield will be 11%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (115% earnings payout ratio). However, it is covered by cash flows (71% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 28% to bring the payout ratio under control. However, EPS is expected to decline by 2.1% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Jul 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (115% payout ratio). Price Target Changed • Jun 03
Price target decreased by 8.1% to US$17.00 Down from US$18.50, the current price target is provided by 1 analyst. New target price is 5.5% above last closing price of US$16.11. Stock is up 0.2% over the past year. The company is forecast to post earnings per share of US$1.41 for next year compared to US$1.91 last year. Duyuru • May 08
Black Stone Minerals, L.P. Provides Production Guidance for Fiscal Year 2024 Black Stone Minerals, L.P. provided production guidance for the fiscal year 2024. For the year, the company's total production guidance is being lowered to a range of 38.5 MBoe/d to 40.5 MBoe/d, from the previously disclosed range of 40.0 MBoe/d to 42.0 MBoe/d. Reported Earnings • May 07
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: US$0.27 (down from US$0.61 in 1Q 2023). Revenue: US$105.5m (down 11% from 1Q 2023). Net income: US$56.6m (down 56% from 1Q 2023). Profit margin: 54% (down from 109% in 1Q 2023). Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Duyuru • May 01
Black Stone Minerals, L.P., Annual General Meeting, Jun 13, 2024 Black Stone Minerals, L.P., Annual General Meeting, Jun 13, 2024, at 12:00 Central Standard Time. Agenda: To consider elect directors to the Board of Directors of Black Stone Minerals GP, L.L.C., the general partner of the Partnership (the General Partner" and such Board of Directors, the Board"), each to serve until the 2025 annual meeting of limited partners and thereafter until such director's successor shall have been duly elected and qualified, or until such director's earlier death, resignation, or removal; to consider and ratify the appointment of Ernst & Young LLP ( Ernst & Young") as the Partnership's independent registered public accounting firm for the year ending December 31, 2024; to approve, on a non-binding advisory basis, the compensation of the General Partner's named executive officers for the year ended December 31, 2023; and to transact such other business matters. Declared Dividend • Apr 22
Fourth quarter dividend reduced to US$0.38 Dividend of US$0.38 is 21% lower than last year. Ex-date: 9th May 2024 Payment date: 17th May 2024 Dividend yield will be 12%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio). However, it is covered by cash flows (80% cash payout ratio). The dividend has increased by an average of 13% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. However, EPS is expected to decline by 39% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Duyuru • Apr 19
Black Stone Minerals, L.P. to Report Q1, 2024 Results on May 06, 2024 Black Stone Minerals, L.P. announced that they will report Q1, 2024 results After-Market on May 06, 2024 Duyuru • Apr 18
Black Stone Minerals, L.P. Declares First Quarter of 2024 Distribution for Common Units, Payable on May 17, 2024 Black Stone Minerals, L.P. has approved a cash distribution for common units attributable to the first quarter of 2024 of $0.375 per unit. Distributions will be payable on May 17, 2024 to unitholders of record on May 10, 2024. Major Estimate Revision • Feb 27
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$516.9m to US$500.0m. EPS estimate also fell from US$1.67 per share to US$1.38 per share. Net income forecast to shrink 24% next year vs 1.9% decline forecast for Oil and Gas industry in the US. Consensus price target of US$18.00 unchanged from last update. Share price rose 3.8% to US$15.47 over the past week. Reported Earnings • Feb 20
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$1.91 (down from US$2.18 in FY 2022). Revenue: US$592.2m (down 23% from FY 2022). Net income: US$400.8m (down 12% from FY 2022). Profit margin: 68% (up from 59% in FY 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 9.9%. Revenue is expected to decline by 9.8% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in the US are expected to grow by 1.4%. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 20
Black Stone Minerals, L.P. Provides Production Guidance for Fiscal Year 2024 Black Stone Minerals, L.P. provided production guidance for the fiscal year 2023. For the year, the company expects total production of 40 MBoe/d- 42 MBoe/d. Upcoming Dividend • Feb 08
Upcoming dividend of US$0.47 per share at 12% yield Eligible shareholders must have bought the stock before 15 February 2024. Payment date: 23 February 2024. Payout ratio and cash payout ratio are on the higher end at 91% and 77% respectively. Trailing yield: 12%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (4.5%). Declared Dividend • Feb 04
Third quarter dividend of US$0.47 announced Dividend of US$0.47 is the same as last year. Ex-date: 15th February 2024 Payment date: 23rd February 2024 Dividend yield will be 12%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio). However, it is covered by cash flows (74% cash payout ratio). The dividend has increased by an average of 14% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1.3% to bring the payout ratio under control. However, EPS is expected to decline by 23% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. 
