Black Stone Minerals price target lowered to $14 from $15 at Piper Sandler

Piper Sandler lowered the firm’s price target on Black Stone Minerals (BSM) to $14 from $15 and keeps a Neutral rating on the shares. Coming out of Q1 2025 earnings, the firm is adjusting its near-term commodity price forecast, maintaining its long-term mid-cycle oil and raising mid-cycle gas to $3.50 from $3.25. In E&P, Piper continues to look for a balance of operational flexibility, deep high-return inventory runways and low reinvestment rates through FY26.