Black Stone Minerals, L.P.
- Open
- 13.86
- Day high
- 13.98
- Day low
- 13.81
- Prev close
- 13.97
- Volume
- 121K
- Mkt cap
- $2.9B
- P/E (TTM)
- 10.9
- EPS (TTM)
- $1.27
- P/B
- 2.7
- P/S
- 6.3
- Yield
- 8.68%
- Per share
- $1.20
- ▲Insiders net buying $933K over the last 3 months (6 open-market buys, 3 sales)
- 🏛Institutions mixed (13F)
Black Stone Minerals, L.P. (BSM) is a Energy company listed on NYSE. The stock is up 6% over the past year. Over the trailing 3 months, insiders filed 6 open-market buys and 3 sales (SEC Form 4).
Black Stone Minerals, L.P. (BSM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BSM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.22 | $0.28 | +27.3% | $59M | -44.7% |
| Feb 19, 2024 | $0.49 | $0.65 | +32.7% | $136M | -0.9% |
| May 1, 2023 | $0.46 | $0.46 | +0.0% | $122M | -8.5% |
| Feb 21, 2023 | $0.41 | $0.82 | +100.0% | $199M | +46.0% |
| May 2, 2022 | $0.34 | $0.39 | +14.7% | $156M | +26.8% |
| Feb 21, 2022 | $0.21 | $0.26 | +23.8% | $161M | +75.0% |
| Nov 1, 2021 | $0.17 | $0.26 | +52.9% | $137M | +55.8% |
| May 4, 2021 | $0.13 | $0.16 | +23.1% | $89M | +17.3% |
| Feb 22, 2021 | $0.18 | $0.12 | -33.3% | $81M | -5.0% |
| May 4, 2020 | $0.20 | $0.23 | +15.0% | $93M | +27.9% |
| Feb 24, 2020 | $0.26 | $0.27 | +3.8% | $120M | -26.5% |
| Feb 25, 2019 | $0.27 | $0.72 | +166.7% | $246M | +166.7% |
BSM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 2, 2026 | DeWalch D Markdirector | Buy | 36,363 | $13.48 |
| May 28, 2026 | DeWalch D Markdirector | Buy | 37,650 | $13.21 |
| May 14, 2026 | Carter Thomas L Jrdirector, officer: Executive Chairman | Buy | 1,120 | $13.50 |
| May 13, 2026 | Longmaid Ashley Jdirector | Sell | 11,128 | $13.45 |
| May 12, 2026 | Carter Thomas L Jrdirector, officer: Executive Chairman | Buy | 23,604 | $13.32 |
| May 12, 2026 | Carter Thomas L Jrdirector, officer: Executive Chairman | Buy | 25,000 | $13.47 |
| May 12, 2026 | Carter Thomas L Jrdirector, officer: Executive Chairman | Buy | 19,154 | $13.48 |
| May 6, 2026 | Putman Luke Stevensofficer: SVP, General Counsel, and Sec | Sell | 29,386 | $13.75 |
| Apr 7, 2026 | Putman Luke Stevensofficer: SVP, General Counsel, and Sec | Sell | 29,386 | $14.45 |
| Apr 6, 2026 | Kyle Jerry V. Jr.director | Grant | 1,240 | $15.12 |
| Apr 6, 2026 | Hamman Anne Lenoirdirector | Grant | 473 | $15.12 |
| Apr 6, 2026 | Randall William E.director | Grant | 1,488 | $15.12 |
| Apr 6, 2026 | Stuart Alexander D.director | Grant | 1,570 | $15.12 |
| Apr 6, 2026 | DeWalch D Markdirector | Grant | 1,240 | $15.12 |
| Mar 12, 2026 | Hamman Anne Lenoirdirector | Grant | 6,613 | — |
Source: BSM SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.
See the full BSM insider & 13F page →Black Stone Minerals, L.P. company profile
Overview
Black Stone Minerals, L.P. (NYSE:BSM) is a master limited partnership founded in 1876 and headquartered in Houston, Texas. The company went public in 2015 and operates as one of the largest mineral and royalty owners in the United States. Black Stone owns mineral interests across approximately 16.8 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.7 million gross acres spanning 41 states. The partnership generates income by collecting royalty payments from oil and natural gas production on its mineral rights without the operational responsibilities or capital expenditure requirements of traditional exploration and production companies.
Business
Black Stone Minerals operates in the mineral and royalty segment of the oil and gas industry, which represents a unique position in the energy value chain. Unlike traditional oil and gas companies that drill wells and operate production facilities, Black Stone owns the underlying mineral rights to land and collects royalty payments from operators who lease these rights to extract oil and natural gas. The company's business model is built around two primary types of interests. Mineral interests represent ownership of the oil and gas beneath the surface of land, giving Black Stone the right to lease these minerals to operators in exchange for lease bonus payments and ongoing production royalties. Royalty interests are carved-out portions of production revenue that Black Stone receives without bearing the costs of drilling or operating wells. Black Stone's asset portfolio is geographically diversified across major U.S. oil and gas producing regions. Key areas include the Permian Basin in West Texas, the Haynesville Shale in Louisiana and East Texas, the Shelby Trough in East Texas, and the Austin Chalk formation. The Shelby Trough represents a particularly significant growth area, with the company estimating over 15 trillion cubic feet of natural gas resources across its 170,000+ net acre position. The company's production mix is approximately 59-67% oil and condensate, with the remainder being natural gas. This oil-weighted production profile provides higher per-unit revenues compared to pure natural gas plays, as oil typically commands higher prices per energy-equivalent unit than natural gas.
Revenue model
Black Stone Minerals generates revenue through multiple streams tied to oil and gas production on its mineral acreage. The primary revenue source is production royalties, typically ranging from 12.5% to 25% of the value of oil and gas produced from wells on their mineral rights. These royalty payments provide ongoing cash flow for the life of the wells without requiring capital investment from Black Stone. The company also receives lease bonus payments when operators initially lease mineral rights, providing upfront cash payments that can range from hundreds to thousands of dollars per acre depending on the prospectivity of the area. Additionally, Black Stone may receive delay rental payments when operators hold leases without drilling. Black Stone's customers are primarily large and mid-sized oil and gas operators including Aethon Energy, EXCO Resources, Comstock Resources, and various Permian Basin operators. These companies pay Black Stone based on the market prices of oil and natural gas at the time of production. Several factors influence Black Stone's profitability margins. Commodity price volatility directly impacts revenue since royalty payments are tied to oil and gas prices. The company uses hedging strategies to mitigate some price risk, typically hedging 60-70% of expected production volumes. Drilling activity levels affect both new lease bonuses and production growth, with higher activity driving increased cash flows. Well productivity and technological improvements in drilling and completion techniques can enhance the value of Black Stone's mineral positions. Natural gas demand growth, particularly from liquefied natural gas (LNG) export facilities along the Gulf Coast, supports higher natural gas prices and benefits the company's gas-weighted assets in Louisiana and East Texas.
Competitive moat
Black Stone Minerals possesses a moderate to strong economic moat based on the finite and irreplaceable nature of its mineral rights portfolio. The company's primary competitive advantage stems from owning subsurface mineral rights that cannot be replicated or competed away. Once Black Stone owns mineral rights in a particular location, no other company can offer operators the same acreage position. The company's moat is strengthened by its scale and geographic diversification across 41 states, providing operators with a one-stop solution for large-scale leasing programs. Black Stone's long operating history since 1876 has allowed it to accumulate prime acreage positions in prolific oil and gas basins, many of which were acquired decades ago at much lower prices than current market rates. However, the moat faces several challenges. Commodity price cyclicality creates earnings volatility that the company cannot fully control. Depletion of existing wells requires continuous new drilling activity to maintain production levels, making Black Stone dependent on operator decisions and capital allocation. Alternative energy transition poses a long-term threat as reduced oil and gas demand could impact the value of mineral rights. Competition comes primarily from other mineral and royalty companies, private mineral owners, and the potential for operators to focus drilling activity on acreage owned by competitors. Additionally, technological disruption in energy production or significant policy changes favoring renewable energy could reduce long-term demand for fossil fuel extraction, though this remains a distant rather than immediate threat given current energy infrastructure and global demand patterns.
Risks & safety
Black Stone Minerals demonstrates a strong margin of safety with conservative financial management and stable cash generation characteristics. • Debt and Solvency: Minimal debt burden with debt-to-equity ratio near zero (0.03 as of 2024). No outstanding borrowings on $580 million credit facility. Strong current ratio of 2.58 indicates solid short-term liquidity. • Cash Generation: Consistent positive free cash flow of $385 million in 2024, $501 million in 2023, and $412 million in 2022. Operating cash flow coverage of distributions provides sustainable income stream. • Valuation Metrics: Trading at reasonable multiples with P/E ratio of 11.3x (2024) and EV/EBITDA of 9.7x. Price-to-book ratio of 3.7x reflects asset-heavy business model. • Distribution Coverage: Maintained quarterly distribution of $0.375 per unit with coverage ratios typically above 1.0x, indicating sustainable payout levels. • Asset Quality: Diversified portfolio across multiple basins reduces concentration risk. Long-lived reserves provide multi-decade cash flow visibility.
Recent development
Over the past few years, Black Stone Minerals has pursued a strategic focus on targeted acquisitions and organic growth in key geographic areas. Since September 2023, the company has acquired over $160 million in mineral and royalty assets, primarily concentrated in the Shelby Trough region of East Texas, which management views as a core growth area with significant natural gas resources benefiting from Gulf Coast LNG demand. The company has strengthened its position through accelerated drilling agreements (ADAs) with operators, providing more predictable production growth. Notable partnerships include ongoing development with Aethon Energy in the Shelby Trough, where Aethon operates three rigs and has brought multiple wells online with initial production rates of 20-30 million cubic feet per day. Black Stone has also expanded its commercial initiatives through a grassroots acquisition program, systematically building contiguous acreage positions in target areas. The company's strategy emphasizes acquiring minerals near existing positions to create operational synergies and attract larger-scale development programs. In terms of operational improvements, management has focused on maintaining distribution stability while building financial flexibility. The company reduced its quarterly distribution from $0.475 per unit in 2023 to $0.375 per unit in 2024, improving distribution coverage and preserving capital for growth opportunities. Recent leadership changes include the appointment of Evan Kiefer as CFO, bringing fresh perspective to the company's financial strategy.
BSM company profile · for informational purposes only — not investment advice.
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