Black Stone Minerals (NYSE:BSM) Shares Cross Above 50 Day Moving Average of $15.85

Black Stone Minerals, L.P. (NYSE:BSM) shares passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $15.85 and traded as high as $16.68. Black Stone Minerals shares last traded at $16.67, with a volume of 757,491 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on BSM shares. Stifel Nicolaus lowered their price target on Black Stone Minerals from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, January 23rd. Piper Sandler lifted their target price on shares of Black Stone Minerals from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, March 7th.

Black Stone Minerals Price Performance

The firm’s 50 day moving average price is $15.85 and its 200-day moving average price is $16.34. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 8.91 and a beta of 0.91.

Black Stone Minerals (NYSE:BSM) last posted its quarterly earnings results on Tuesday, February 20th. The oil and gas producer reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.15. Black Stone Minerals had a net margin of 70.46% and a return on equity of 42.38%. The company had revenue of $190.84 million for the quarter, compared to analyst estimates of $142.67 million. During the same period last year, the business posted $0.71 EPS. Analysts expect that Black Stone Minerals, L.P. will post 1.44 EPS for the current year.

Black Stone Minerals Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be given a $0.375 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 9.00%. Black Stone Minerals’s dividend payout ratio is currently 101.60%.

Insider Activity

In other news, Director D Mark Dewalch bought 3,250 shares of Black Stone Minerals stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average cost of $15.47 per share, with a total value of $50,277.50. Following the completion of the transaction, the director now directly owns 320,436 shares in the company, valued at $4,957,144.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 19.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BSM. HighTower Advisors LLC lifted its position in shares of Black Stone Minerals by 18.5% during the 3rd quarter. HighTower Advisors LLC now owns 361,904 shares of the oil and gas producer’s stock worth $6,239,000 after buying an additional 56,468 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Black Stone Minerals in the 4th quarter valued at $5,869,000. Citigroup Inc. boosted its stake in shares of Black Stone Minerals by 9,778.6% in the 3rd quarter. Citigroup Inc. now owns 39,218 shares of the oil and gas producer’s stock valued at $676,000 after purchasing an additional 38,821 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Black Stone Minerals by 1,296.7% in the 4th quarter. International Assets Investment Management LLC now owns 223,647 shares of the oil and gas producer’s stock worth $3,569,000 after purchasing an additional 207,634 shares during the last quarter. Finally, ING Groep NV lifted its holdings in Black Stone Minerals by 50.8% during the 3rd quarter. ING Groep NV now owns 384,800 shares of the oil and gas producer’s stock valued at $6,630,000 after purchasing an additional 129,600 shares during the last quarter. Institutional investors own 14.49% of the company’s stock.

Black Stone Minerals Company 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.