Dorchester Minerals, L.P.
- Open
- 25.25
- Day high
- 25.63
- Day low
- 25.15
- Prev close
- 25.25
- Volume
- 68K
- Mkt cap
- $1.2B
- P/E (TTM)
- 17.6
- EPS (TTM)
- $1.44
- P/B
- 4.1
- P/S
- 7.3
- Yield
- 10.02%
- Per share
- $2.54
- ▲Insiders net buying $526K over the last 3 months (6 open-market buys, 0 sales)
- 🏛Institutions accumulating (13F)
Dorchester Minerals, L.P. (DMLP) is a Energy company listed on NASDAQ. The stock is down 10% over the past year. Over the trailing 3 months, insiders filed 6 open-market buys and 0 sales (SEC Form 4).
Dorchester Minerals, L.P. (DMLP) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DMLP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | — | $0.59 | — | $59M | — |
| Feb 24, 2026 | — | $0.32 | — | $42M | — |
| Nov 6, 2025 | — | $0.23 | — | $35M | — |
| Aug 7, 2025 | — | $0.25 | — | $32M | — |
| May 8, 2025 | — | $0.36 | — | $43M | — |
| Feb 20, 2025 | — | $0.24 | — | $40M | — |
| Oct 31, 2024 | — | $0.87 | — | $53M | — |
| Aug 1, 2024 | — | $0.57 | — | $37M | — |
| May 2, 2024 | — | $0.44 | — | $31M | — |
| Feb 22, 2024 | — | $0.90 | — | $50M | — |
| Nov 2, 2023 | — | $0.73 | — | $43M | — |
| Aug 3, 2023 | — | $0.50 | — | $31M | — |
DMLP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 2, 2026 | DORCHESTER MINERALS OPERATING LPother: Entity Under Common Control | Buy | 4,001 | $27.50 |
| Jun 2, 2026 | DORCHESTER MINERALS OPERATING LPother: Entity Under Common Control | Buy | 999 | $27.62 |
| Jun 2, 2026 | DORCHESTER MINERALS OPERATING LPother: Entity Under Common Control | Buy | 2,500 | $27.64 |
| May 22, 2026 | DORCHESTER MINERALS OPERATING LPother: Entity Under Common Control | Buy | 6,000 | $28.32 |
| May 22, 2026 | DORCHESTER MINERALS OPERATING LPother: Entity Under Common Control | Buy | 1,500 | $28.24 |
| May 12, 2026 | EHRMAN BRADLEY Jofficer: Chief Executive Officer | Buy | 4,000 | $26.78 |
| Feb 13, 2026 | DORCHESTER MINERALS OPERATING LPother: Entity Under Common Control | Buy | 5,000 | $25.29 |
| Feb 13, 2026 | DORCHESTER MINERALS OPERATING LPother: Entity Under Common Control | Buy | 10,000 | $25.29 |
| Dec 23, 2025 | DORCHESTER MINERALS OPERATING LPother: Entity Under Common Control | Buy | 5,000 | $22.23 |
| Dec 23, 2025 | DORCHESTER MINERALS OPERATING LPother: Entity Under Common Control | Buy | 10,000 | $22.30 |
| Dec 19, 2025 | DORCHESTER MINERALS OPERATING LPother: Entity Under Common Control | Buy | 4,271 | $22.19 |
| Dec 19, 2025 | DORCHESTER MINERALS OPERATING LPother: Entity Under Common Control | Buy | 15,729 | $22.28 |
| Dec 17, 2025 | EHRMAN BRADLEY Jofficer: Chief Executive Officer | Tax | 1,719 | — |
| Dec 17, 2025 | MORIYAMA LESLIE Aofficer: Chief Financial Officer | Tax | 1,756 | — |
| Dec 17, 2025 | EHRMAN BRADLEY Jofficer: Chief Executive Officer | Option | 4,727 | — |
Source: DMLP SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.
See the full DMLP insider & 13F page →Dorchester Minerals, L.P. company profile
Overview
Dorchester Minerals, L.P. (NASDAQ:DMLP) is a Dallas-based master limited partnership founded in 1982 that specializes in owning and managing mineral rights and royalty interests across the United States oil and gas industry. The company went public in 2003 and has built a diversified portfolio of producing and non-producing mineral, royalty, and overriding royalty interests spanning 582 counties and parishes across 26 states. As a passive owner of mineral rights, Dorchester generates income from oil and natural gas production on its properties without the operational risks and capital expenditures associated with drilling and production activities.
Business
Dorchester Minerals operates in the upstream oil and gas sector as a mineral rights and royalty owner. The company's business model is fundamentally different from traditional oil and gas exploration and production companies. Instead of drilling wells and extracting hydrocarbons, Dorchester owns the underlying mineral rights to land where oil and gas production occurs. The company's portfolio consists of three main types of interests. Mineral and royalty interests represent ownership of the minerals beneath the surface of land, entitling Dorchester to a percentage of production revenue without bearing drilling or operational costs. Overriding royalty interests are carved out of the working interest in oil and gas leases, providing income from production while the lessee handles all operations and expenses. Net profits interests entitle the company to a share of net profits from specific properties after deducting operating expenses and other costs. This asset-light business model means Dorchester essentially acts as a landlord to oil and gas operators. When companies like ExxonMobil, ConocoPhillips, or independent producers drill wells on Dorchester's acreage, the partnership receives royalty payments typically ranging from 12.5% to 25% of production revenue. The company's extensive geographic diversification across major oil and gas producing regions including the Permian Basin, Eagle Ford Shale, Bakken Formation, and Appalachian Basin helps mitigate the risk associated with any single area or operator.
Revenue model
Dorchester generates revenue through royalty and mineral rights payments from oil and natural gas production on its properties. The company receives monthly payments from operators who extract hydrocarbons from Dorchester's acreage, with payment amounts directly tied to production volumes and commodity prices. This creates a variable revenue stream that fluctuates with both the physical output of wells and market prices for oil and natural gas. The partnership's revenue model is inherently leveraged to commodity prices since royalty payments are typically calculated as a percentage of gross production revenue. When oil prices rise from $60 to $80 per barrel, Dorchester's revenue increases proportionally without any additional costs. Conversely, declining commodity prices directly reduce income. Natural gas prices, which have historically been more volatile than oil, also significantly impact the company's financial performance given that approximately 40-50% of production comes from natural gas wells. Several factors influence Dorchester's profitability margins. Commodity price cycles represent the primary driver, with oil and gas prices subject to global supply and demand dynamics, geopolitical events, and seasonal variations. Production decline rates from existing wells naturally erode revenue over time, though this is offset by new drilling activity on the company's acreage. Operator activity levels determine how quickly new wells are drilled and brought online, with increased drilling activity boosting future production and royalty payments. Transportation and processing costs deducted from gross production revenue can impact net receipts, particularly in areas with limited pipeline infrastructure. The company benefits from having minimal operating expenses beyond general administrative costs, resulting in profit margins that typically exceed 80% during favorable commodity price environments.
Competitive moat
Dorchester Minerals possesses a moderate economic moat built primarily around its extensive and irreplaceable mineral rights portfolio. The company's 582-county footprint across 26 states represents decades of strategic acquisitions that would be extremely difficult and expensive for competitors to replicate. Mineral rights are finite assets that cannot be manufactured or easily substituted, providing inherent scarcity value. The partnership's geographic diversification creates operational advantages by reducing exposure to any single basin's production decline or regulatory changes. This broad footprint also positions Dorchester to benefit from technological advances and new drilling techniques across multiple regions. The company's long-term relationships with hundreds of operators, built over four decades, provide informational advantages and deal flow for additional acquisitions. However, Dorchester's moat faces several limitations. The company operates as a price taker in commodity markets with no control over oil and gas prices, making it vulnerable to extended downturns. Unlike integrated oil companies that can adjust production or refining operations, Dorchester's revenue is entirely dependent on third-party operators' drilling decisions and market conditions. The partnership also competes with other mineral rights owners, private equity firms, and institutional investors for acquisition opportunities, potentially driving up purchase prices for quality assets. Technological disruption poses a moderate threat through renewable energy adoption and potential long-term demand destruction for fossil fuels. While this transition will likely unfold over decades, it represents a structural headwind for the entire oil and gas sector. Additionally, regulatory changes affecting hydraulic fracturing or environmental regulations could impact operator activity levels on Dorchester's acreage.
Risks & safety
Dorchester Minerals demonstrates a strong margin of safety with excellent financial health and conservative capital structure. • Cash position: $42.5 million in cash and short-term investments with minimal debt, providing substantial liquidity buffer • Debt levels: Debt-to-equity ratio of only 0.003, indicating virtually no financial leverage or solvency risk • Cash generation: Strong free cash flow of $132.6 million in 2024, with operating cash flow consistently exceeding net income • Current ratio: 16.0x current ratio indicates excellent short-term liquidity and ability to meet obligations • Valuation metrics: Trading at 15.1x trailing earnings and 10.0x EV/EBITDA, reasonable for a commodity-leveraged business • Dividend sustainability: High free cash flow generation supports current distribution levels even during commodity downturns • Asset backing: Substantial mineral rights portfolio provides tangible asset value, though difficult to precisely value • Other considerations: Commodity price volatility creates earnings uncertainty, but strong balance sheet provides downside protection during industry cycles
Recent development
Based on the financial data, Dorchester Minerals has focused on disciplined capital allocation and maintaining financial flexibility during recent commodity cycles. The company has consistently generated strong free cash flows, with 2024 producing $132.6 million compared to $139.8 million in 2023, demonstrating resilient cash generation despite commodity price volatility. The partnership has maintained a conservative approach to debt, keeping leverage minimal with debt-to-equity ratios consistently below 1%. This financial discipline has allowed Dorchester to preserve cash during downturns while remaining positioned to capitalize on acquisition opportunities when attractive mineral rights become available. Revenue performance has shown the typical cyclical patterns of the oil and gas industry, with 2024 full-year revenue of $161.5 million compared to $163.8 million in 2023 and $170.8 million in 2022. The company's quarterly results demonstrate significant volatility, with Q3 2024 generating $53.5 million in revenue compared to $37.4 million in Q2 2024, reflecting the impact of commodity price fluctuations and production timing. Dorchester has continued building its cash position, growing from $40.8 million at the end of 2022 to $42.5 million by Q4 2024, providing flexibility for potential acquisitions or enhanced distributions to unitholders. The company's strategy appears focused on maintaining this strong balance sheet while optimizing returns from its existing mineral rights portfolio rather than pursuing aggressive expansion.
DMLP company profile · for informational purposes only — not investment advice.
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