Raymond James Financial Inc. Lowers Stock Position in Black Stone Minerals, L.P. $BSM

Key Points

• Raymond James Financial Inc. has reduced their stake in Black Stone Minerals, L.P. (NYSE:BSM) by 14.3%, now holding 247,070 shares valued at approximately $3.77 million.
• Black Stone Minerals announced a quarterly dividend of $0.30 per share, representing a 10.0% yield, though their payout ratio stands at a high 103.45%.
• CEO Thomas L. Carter, Jr. purchased 21,000 shares at an average cost of $12.03, increasing his ownership to over 3.47 million shares, valued at about $41.77 million.

Raymond James Financial Inc. lowered its position in Black Stone Minerals, L.P. (NYSE:BSM - Free Report) by 14.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 247,070 shares of the oil and gas producer's stock after selling 41,342 shares during the period. Raymond James Financial Inc. owned about 0.12% of Black Stone Minerals worth $3,773,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Northern Trust Corp purchased a new stake in shares of Black Stone Minerals in the fourth quarter valued at about $4,428,000. Penn Davis Mcfarland Inc. raised its holdings in shares of Black Stone Minerals by 16.3% in the first quarter. Penn Davis Mcfarland Inc. now owns 1,861,741 shares of the oil and gas producer's stock valued at $28,429,000 after purchasing an additional 260,559 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Black Stone Minerals in the fourth quarter valued at about $411,000. Alpha Wealth Funds LLC bought a new position in Black Stone Minerals during the fourth quarter valued at about $359,000. Finally, Krane Funds Advisors LLC bought a new position in Black Stone Minerals during the first quarter valued at about $446,000. Hedge funds and other institutional investors own 14.49% of the company's stock.

Insider Activity

In other news, CEO Thomas L. Carter, Jr. purchased 10,536 shares of the stock in a transaction dated Wednesday, September 10th. The shares were purchased at an average cost of $12.32 per share, with a total value of $129,803.52. Following the completion of the acquisition, the chief executive officer owned 3,497,401 shares in the company, valued at $43,087,980.32. This represents a 0.30% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have bought 147,780 shares of company stock valued at $1,791,543 over the last quarter. Corporate insiders own 17.80% of the company's stock.

Wall Street Analyst Weigh In

BSM has been the subject of several research reports. Piper Sandler reduced their price target on shares of Black Stone Minerals from $14.00 to $13.00 and set a "neutral" rating for the company in a research report on Thursday, August 14th. Wall Street Zen lowered shares of Black Stone Minerals from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $13.00.

Black Stone Minerals Stock Performance

NYSE:BSM traded up $0.27 on Thursday, reaching $12.59. 464,447 shares of the company's stock were exchanged, compared to its average volume of 512,062. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.22 and a quick ratio of 3.22. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of 10.85 and a beta of 0.29. 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 fifty day simple moving average of $12.44 and a 200-day simple moving average of $13.54.

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

Black Stone Minerals Cuts Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 9.5%. The ex-dividend date of this dividend was Thursday, August 7th. Black Stone Minerals's dividend payout ratio is presently 103.45%.

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.