Black Stone Minerals, L.P. (NYSE:BSM) Sees Significant Decrease in Short Interest

Black Stone Minerals, L.P. (NYSE:BSM) was the recipient of a large decrease in short interest during the month of June. As of June 15th, there was short interest totalling 4,570,000 shares, a decrease of 11.6% from the May 31st total of 5,170,000 shares. Currently, 2.8% of the shares of the company are sold short. Based on an average daily volume of 447,100 shares, the days-to-cover ratio is presently 10.2 days.

Black Stone Minerals Price Performance

Shares of NYSE BSM traded down $0.03 during mid-day trading on Wednesday, hitting $15.82. The company’s stock had a trading volume of 275,947 shares, compared to its average volume of 471,892. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 10.27 and a beta of 0.93. Black Stone Minerals has a one year low of $14.88 and a one year high of $18.55. The company’s fifty day simple moving average is $15.96 and its 200-day simple moving average is $15.94.

Black Stone Minerals (NYSE:BSM) last issued its earnings results on Monday, May 6th. The oil and gas producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.08). Black Stone Minerals had a net margin of 66.29% and a return on equity of 38.71%. The business had revenue of $105.49 million during the quarter, compared to the consensus estimate of $119.50 million. On average, sell-side analysts predict that Black Stone Minerals will post 1.47 EPS for the current year.

Black Stone Minerals Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 10th were issued a dividend of $0.375 per share. The ex-dividend date was Thursday, May 9th. This represents a $1.50 annualized dividend and a yield of 9.48%. Black Stone Minerals’s dividend payout ratio (DPR) is currently 97.40%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BSM shares. Piper Sandler increased their price objective on shares of Black Stone Minerals from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, March 7th. KeyCorp started coverage on shares of Black Stone Minerals in a research note on Thursday, June 27th. They issued a “sector weight” rating for the company. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $19.33.

Institutional Trading of Black Stone Minerals

Hedge funds have recently bought and sold shares of the stock. Bogart Wealth LLC acquired a new stake in Black Stone Minerals during the 1st quarter worth approximately $26,000. HBC Financial Services PLLC bought a new position in shares of Black Stone Minerals in the fourth quarter valued at $31,000. Newbridge Financial Services Group Inc. grew its stake in shares of Black Stone Minerals by 279.5% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,036 shares of the oil and gas producer’s stock valued at $48,000 after buying an additional 2,236 shares in the last quarter. Arlington Trust Co LLC bought a new position in shares of Black Stone Minerals in the fourth quarter valued at $100,000. Finally, SG Americas Securities LLC bought a new position in shares of Black Stone Minerals in the first quarter valued at $102,000. 14.49% of the stock is currently owned by institutional investors and hedge funds.

About Black Stone Minerals

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.