Kempner Capital Management Inc. Raises Stake in Black Stone Minerals, L.P. $BSM

Key Points

• Kempner Capital Management Inc. raised its stake in Black Stone Minerals, L.P. by 52.3% during the second quarter, making it the firm's 3rd largest position.
• Black Stone Minerals recently reported $0.53 earnings per share, exceeding the consensus estimate of $0.30, alongside a revenue of $159.49 million for the quarter.
• The company announced a $0.30 quarterly dividend with a dividend yield of 9.1%, despite having a payout ratio of 103.45%.

Kempner Capital Management Inc. increased its holdings in Black Stone Minerals, L.P. (NYSE:BSM - Free Report) by 52.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 759,343 shares of the oil and gas producer's stock after buying an additional 260,727 shares during the quarter. Black Stone Minerals accounts for about 5.3% of Kempner Capital Management Inc.'s investment portfolio, making the stock its 3rd largest position. Kempner Capital Management Inc. owned approximately 0.36% of Black Stone Minerals worth $9,932,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BSM. Penn Davis Mcfarland Inc. boosted its stake in shares of Black Stone Minerals by 16.3% during the 1st quarter. Penn Davis Mcfarland Inc. now owns 1,861,741 shares of the oil and gas producer's stock worth $28,429,000 after acquiring an additional 260,559 shares during the last quarter. State of Wyoming raised its holdings in Black Stone Minerals by 370.4% in the 1st quarter. State of Wyoming now owns 34,491 shares of the oil and gas producer's stock worth $527,000 after purchasing an additional 27,158 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Black Stone Minerals during the fourth quarter valued at $411,000. Alpha Wealth Funds LLC bought a new stake in Black Stone Minerals during the fourth quarter valued at about $359,000. Finally, Krane Funds Advisors LLC purchased a new stake in Black Stone Minerals in the first quarter worth about $446,000. 14.49% of the stock is owned by hedge funds and other institutional investors.

Black Stone Minerals Price Performance

NYSE:BSM opened at $13.21 on Wednesday. The business's 50-day simple moving average is $12.39 and its two-hundred day simple moving average is $13.42. Black Stone Minerals, L.P. has a 52 week low of $11.78 and a 52 week high of $15.66. The stock has a market cap of $2.80 billion, a PE ratio of 11.38 and a beta of 0.29. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.12.

Black Stone Minerals (NYSE:BSM - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The oil and gas producer reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.23. The business had revenue of $159.49 million during the quarter, compared to the consensus estimate of $112.19 million. Black Stone Minerals had a return on equity of 39.67% and a net margin of 61.21%. As a group, analysts forecast that Black Stone Minerals, L.P. will post 1.36 EPS for the current fiscal year.

Black Stone Minerals Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, August 7th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 9.1%. The ex-dividend date of this dividend was Thursday, August 7th. Black Stone Minerals's payout ratio is 103.45%.

Insider Activity

In other news, CEO Thomas L. Carter, Jr. bought 14,000 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The shares were bought at an average cost of $12.59 per share, for a total transaction of $176,260.00. Following the completion of the transaction, the chief executive officer owned 3,512,701 shares of the company's stock, valued at approximately $44,224,905.59. This represents a 0.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders bought 163,080 shares of company stock valued at $1,983,910 over the last quarter. Insiders own 17.80% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler decreased their price objective on Black Stone Minerals from $14.00 to $13.00 and set a "neutral" rating on the stock in a research note on Thursday, August 14th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Black Stone Minerals presently has an average rating of "Hold" and a consensus target price of $13.00.

Black Stone Minerals Profile

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.

Want to see what other hedge funds are holding BSM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Black Stone Minerals, L.P. (NYSE:BSM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.