Insider Selling: Black Stone Minerals (NYSE:BSM) Director Sells 671,210 Shares of Company Stock

Key Points

• Director James Whitehead sold 671,210 Black Stone Minerals shares at an average of $13.42, totaling about $9.01 million.
• The company reported quarterly EPS of $0.21, missing the $0.26 consensus, and revenue of $99.73 million versus estimates of $116.41 million.
• Black Stone Minerals raised its quarterly dividend from $0.32 to $0.35 per share, equivalent to $1.40 annually and a reported 10.3% yield; analysts’ average rating is “Reduce.”

Black Stone Minerals, L.P. (NYSE:BSM - Get Free Report) Director James Whitehead sold 671,210 shares of the firm's stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $13.42, for a total transaction of $9,007,638.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Black Stone Minerals Price Performance

Shares of Black Stone Minerals stock traded down $0.10 during trading on Tuesday, hitting $13.64. 572,250 shares of the company's stock traded hands, compared to its average volume of 411,538. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.78 and a quick ratio of 3.76. The firm's fifty day moving average price is $14.71 and its 200 day moving average price is $14.50. Black Stone Minerals, L.P. has a twelve month low of $12.95 and a twelve month high of $15.49. The company has a market cap of $2.90 billion, a PE ratio of 13.38 and a beta of 0.14.

Black Stone Minerals (NYSE:BSM - Get Free Report) last posted its quarterly earnings results on Monday, November 2nd. The oil and gas producer reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.05). The business had revenue of $99.73 million during the quarter, compared to analyst estimates of $116.41 million. Black Stone Minerals had a return on equity of 36.99% and a net margin of 57.23%. Analysts forecast that Black Stone Minerals, L.P. will post 0.70 earnings per share for the current year.

Black Stone Minerals Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, November 6th will be paid a $0.35 dividend. The ex-dividend date is Friday, November 6th. This represents a $1.40 annualized dividend and a dividend yield of 10.3%. This is an increase from Black Stone Minerals's previous quarterly dividend of $0.32. Black Stone Minerals's dividend payout ratio is currently 125.49%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Zacks Research cut Black Stone Minerals from a "hold" rating to a "strong sell" rating in a report on Friday, October 16th. Weiss Ratings raised Black Stone Minerals from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 20th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $15.00.

Institutional Investors Weigh In On Black Stone Minerals

A number of hedge funds have recently made changes to their positions in BSM. IKE Capital LLC raised its position in shares of Black Stone Minerals by 6.2% during the second quarter. IKE Capital LLC now owns 17,000 shares of the oil and gas producer's stock worth $237,000 after acquiring an additional 1,000 shares during the last quarter. Moors & Cabot Inc. lifted its stake in shares of Black Stone Minerals by 1.6% during the third quarter. Moors & Cabot Inc. now owns 62,200 shares of the oil and gas producer's stock valued at $891,000 after acquiring an additional 1,000 shares during the period. Quantinno Capital Management LP boosted its holdings in Black Stone Minerals by 3.0% in the first quarter. Quantinno Capital Management LP now owns 42,516 shares of the oil and gas producer's stock valued at $643,000 after acquiring an additional 1,228 shares during the last quarter. Kestra Advisory Services LLC boosted its holdings in Black Stone Minerals by 12.7% in the third quarter. Kestra Advisory Services LLC now owns 12,987 shares of the oil and gas producer's stock valued at $186,000 after acquiring an additional 1,467 shares during the last quarter. Finally, Saber Capital Management LLC increased its position in Black Stone Minerals by 0.3% in the third quarter. Saber Capital Management LLC now owns 618,502 shares of the oil and gas producer's stock worth $8,857,000 after purchasing an additional 1,581 shares during the period. Institutional investors and hedge funds own 14.49% of the company's stock.

About Black Stone Minerals

Black Stone Minerals, L.P. is a Houston-based owner of oil and natural gas mineral and royalty interests. The company leases these interests to exploration and production companies, which develop and operate the properties. Black Stone Minerals generally does not drill wells itself. Instead, it earns royalties and other payments tied to production from wells on its properties, including oil, natural gas and natural gas liquids. Its portfolio spans multiple onshore oil and gas regions across the United States, including areas in the Permian Basin, Haynesville shale and Eagle Ford.

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