Black Stone Minerals (NYSE:BSM) Share Price Crosses Above 50-Day Moving Average - Here's What Happened

Key Points

• Black Stone Minerals shares crossed above their 50-day moving average, reaching $14.82 before closing near $14.70, up 0.9%. The stock’s 50-day and 200-day moving averages are $14.70 and $14.35, respectively.
• Analysts maintain a cautious outlook: five analysts rate the stock “Hold,” with a consensus price target of $15.00. RBC initiated coverage with a sector-perform rating and a $16 target.
• The company raised its quarterly dividend to $0.32 from $0.30, implying an annualized yield of about 8.7%. Its latest quarterly results also exceeded expectations, with $0.47 in adjusted EPS versus the $0.23 consensus estimate.

Black Stone Minerals, L.P. (NYSE:BSM - Get Free Report) passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $14.70 and traded as high as $14.82. Black Stone Minerals shares last traded at $14.6950, with a volume of 413,277 shares traded.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BSM shares. Royal Bank Of Canada started coverage on shares of Black Stone Minerals in a research note on Friday, May 29th. They issued a "sector perform" rating and a $16.00 target price for the company. Weiss Ratings raised Black Stone Minerals from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 20th. Finally, Zacks Research raised Black Stone Minerals from a "strong sell" rating to a "hold" rating in a research report on Friday, July 31st. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $15.00.

Black Stone Minerals Trading Up 0.9%

The company's fifty day moving average price is $14.70 and its two-hundred day moving average price is $14.35. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.24. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 12.14 and a beta of 0.05.

Black Stone Minerals (NYSE:BSM - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The oil and gas producer reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.24. Black Stone Minerals had a return on equity of 41.48% and a net margin of 61.72%.The company had revenue of $148.97 million for the quarter, compared to analyst estimates of $108.28 million. Research analysts expect that Black Stone Minerals, L.P. will post 0.95 earnings per share for the current year.

Black Stone Minerals Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Thursday, August 6th were paid a $0.32 dividend. This is a boost from Black Stone Minerals's previous quarterly dividend of $0.30. This represents a $1.28 dividend on an annualized basis and a dividend yield of 8.7%. The ex-dividend date of this dividend was Thursday, August 6th. Black Stone Minerals's payout ratio is presently 105.79%.

Insider Activity

In related news, Director James Whitehead sold 2,127,105 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $13.21, for a total value of $28,099,057.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 17.70% of the company's stock.

Institutional Trading of Black Stone Minerals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BSM. IKE Capital LLC raised its position in shares of Black Stone Minerals by 6.2% during the 2nd quarter. IKE Capital LLC now owns 17,000 shares of the oil and gas producer's stock valued at $237,000 after acquiring an additional 1,000 shares during the last quarter. Tidal Investments LLC increased its holdings in Black Stone Minerals by 72.8% during the 2nd quarter. Tidal Investments LLC now owns 24,605 shares of the oil and gas producer's stock worth $344,000 after purchasing an additional 10,366 shares in the last quarter. Van Hulzen Asset Management LLC grew its stake in shares of Black Stone Minerals by 50.0% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 15,000 shares of the oil and gas producer's stock worth $210,000 after acquiring an additional 5,000 shares in the last quarter. Ancora Advisors LLC bought a new stake in Black Stone Minerals during the 2nd quarter worth about $31,000. Finally, Doliver Advisors LP grew its position in shares of Black Stone Minerals by 30.4% in the 2nd quarter. Doliver Advisors LP now owns 59,827 shares of the oil and gas producer's stock valued at $836,000 after acquiring an additional 13,950 shares during the period. 14.49% of the stock is currently owned by institutional investors and hedge funds.

About Black Stone Minerals

Black Stone Minerals, L.P. is a publicly traded master limited partnership that owns oil and natural gas mineral and royalty interests in the United States. The company generally does not operate wells directly; instead, it leases its mineral interests to exploration and production companies and receives royalty payments from the oil, natural gas and natural gas liquids produced from those properties.

Black Stone Minerals' assets are located across numerous U.S. oil and gas regions, with significant exposure to areas including the Permian Basin, Haynesville Basin and Eagle Ford shale.

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