Black Stone Minerals (NYSE:BSM) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• Black Stone Minerals’ trading volume surged 229% to approximately 1.31 million shares, while the stock slipped 0.3% to about $14.10. Analysts maintain a consensus “Hold” rating with a $15.00 price target.
• The company reported quarterly earnings of $0.47 per share, beating estimates of $0.23, while revenue of $148.97 million also exceeded expectations.
• Black Stone Minerals raised its quarterly dividend to $0.32 per share, equating to a 9.1% yield, although its annualized payout exceeds projected earnings with a payout ratio of 105.79%.

Shares of Black Stone Minerals, L.P. (NYSE:BSM - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 1,306,967 shares were traded during trading, an increase of 229% from the previous session's volume of 397,191 shares.The stock last traded at $14.0990 and had previously closed at $14.18.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Black Stone Minerals in a report on Tuesday, July 21st. Zacks Research raised shares of Black Stone Minerals from a "strong sell" rating to a "hold" rating in a research note on Friday, July 31st. Finally, Royal Bank Of Canada started coverage on shares of Black Stone Minerals in a report on Friday, May 29th. They issued a "sector perform" rating and a $16.00 target price on the stock. Five equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $15.00.

Black Stone Minerals Stock Down 0.3%

The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of 11.68 and a beta of 0.04. The company has a quick ratio of 2.34, a current ratio of 3.76 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $14.11 and a 200-day moving average price of $14.40.

Black Stone Minerals (NYSE:BSM - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The oil and gas producer reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.24. The business had revenue of $148.97 million during the quarter, compared to analyst estimates of $108.28 million. Black Stone Minerals had a return on equity of 41.48% and a net margin of 61.72%. As a group, equities analysts anticipate that Black Stone Minerals, L.P. will post 0.96 earnings per share for the current fiscal year.

Black Stone Minerals Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Thursday, August 6th will be issued a $0.32 dividend. The ex-dividend date is Thursday, August 6th. This is a positive change from Black Stone Minerals's previous quarterly dividend of $0.30. This represents a $1.28 annualized dividend and a dividend yield of 9.1%. Black Stone Minerals's dividend payout ratio is 105.79%.

Insider Transactions at Black Stone Minerals

In other news, Chairman Thomas L. Carter, Jr. purchased 25,000 shares of Black Stone Minerals stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average price of $13.47 per share, for a total transaction of $336,750.00. Following the transaction, the chairman owned 3,662,450 shares in the company, valued at $49,333,201.50. The trade was a 0.69% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ashley J. Longmaid sold 11,128 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $13.45, for a total transaction of $149,671.60. Following the completion of the transaction, the director directly owned 137,335 shares of the company's stock, valued at $1,847,155.75. This represents a 7.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have bought a total of 155,650 shares of company stock valued at $2,092,860 over the last ninety days. Corporate insiders own 17.70% of the company's stock.

Institutional Trading of Black Stone Minerals

A number of hedge funds have recently modified their holdings of BSM. Farther Finance Advisors LLC raised its position in shares of Black Stone Minerals by 61.0% during the fourth quarter. Farther Finance Advisors LLC now owns 2,375 shares of the oil and gas producer's stock valued at $32,000 after buying an additional 900 shares during the last quarter. WMG Financial Advisors LLC raised its position in Black Stone Minerals by 6.3% in the 4th quarter. WMG Financial Advisors LLC now owns 16,750 shares of the oil and gas producer's stock worth $223,000 after purchasing an additional 1,000 shares during the last quarter. IHT Wealth Management LLC lifted its holdings in Black Stone Minerals by 5.1% during the 2nd quarter. IHT Wealth Management LLC now owns 22,598 shares of the oil and gas producer's stock worth $296,000 after buying an additional 1,104 shares in the last quarter. Aristides Capital LLC lifted its holdings in Black Stone Minerals by 3.3% during the 4th quarter. Aristides Capital LLC now owns 35,516 shares of the oil and gas producer's stock worth $472,000 after buying an additional 1,120 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its position in Black Stone Minerals by 3.0% in the 1st quarter. Quantinno Capital Management LP now owns 42,516 shares of the oil and gas producer's stock valued at $643,000 after buying an additional 1,228 shares during the last quarter. Hedge funds and other institutional investors own 14.49% of the company's stock.

About Black Stone Minerals

Black Stone Minerals L.P. NYSE: BSM is a publicly traded limited partnership that acquires and manages oil and natural gas mineral interests and producing royalty interests across the United States. The company's business model centers on holding fractional ownership in subsurface mineral estates, which allows it to earn royalty income from hydrocarbon production without taking on the capital expenditures or operating risks associated with exploration and development.

Founded in 1876 and headquartered in Houston, Texas, Black Stone Minerals has built a diversified portfolio spanning key U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source