Black Stone Minerals (BSM)
NYSE:BSM
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Black Stone Minerals
(NYSE:BSM)
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Rating:78Outperform
Price Target:
$16.00
▲(17.04% Upside)
Action:ReiteratedDate:05/05/26
The score is driven primarily by strong fundamentals (high profitability, strong cash generation, and low leverage) and favorable shareholder returns/valuation (low P/E and high yield). The rating is tempered by mixed technical momentum and near-term execution/commodity risks noted on the earnings call.
Positive Factors
Conservative balance sheet
Minimal to no debt and a conservatively positioned balance sheet provide durable financial flexibility. Low leverage reduces solvency risk during commodity downturns, supports continued distributions and M&A optionality, and preserves capital allocation choices over the next several years.
Negative Factors
Commodity-driven cyclicality
Revenue and cash flow remain sensitive to volatile oil, gas and NGL prices and to regional pricing dislocations. That structural commodity exposure makes multi-quarter distribution and production forecasts uncertain and requires larger liquidity and balance-sheet resilience to manage downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Minimal to no debt and a conservatively positioned balance sheet provide durable financial flexibility. Low leverage reduces solvency risk during commodity downturns, supports continued distributions and M&A optionality, and preserves capital allocation choices over the next several years.
Read all positive factors
Black Stone Minerals (BSM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.02B
Dividend Yield9.94%
Average Volume (3M)442.08K
Price to Earnings (P/E)9.7
Beta (1Y)0.26
Revenue Growth73.50%
EPS Growth37.42%
CountryUS
Employees115
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)1.28
Shares Outstanding212,333,790
10 Day Avg. Volume478,550
30 Day Avg. Volume442,083
Financial Highlights & Ratios
PEG Ratio0.83
Price to Book (P/B)2.50
Price to Sales (P/S)6.66
P/FCF Ratio9.43
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue8.04
Enterprise Value/Gross Profit10.71
Enterprise Value/Ebitda9.16
Forecast
1Y Price Target
$14.00Price Target Upside2.41% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.91
Revenue Forecast (FY)$444.61M
Black Stone Minerals Business Overview & Revenue Model
Company Description
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,...
How the Company Makes Money
BSM primarily makes money by earning royalties and other production-based payments tied to oil and natural gas volumes produced by third-party operators on acreage where BSM owns mineral and/or royalty interests. Key revenue streams include: (1) R...
Black Stone Minerals Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial performance with a notable quarter-over-quarter production increase (16%), solid cash flow (DCF $76.5M) and continued capital deployment (> $250M since 2023), along with encouraging well results (Congo wells ~30 MMcf/d) and active drilling across multiple basins. Negative elements were primarily short-term and situational: a loss of well control incident at one operator under investigation, significant commodity price volatility that temporarily pressured realizations, and uncertainty about near-term operator responses to pricing. Management maintained 2026 guidance and emphasized confidence in long-term growth, suggesting the positives materially outweigh the near-term headwinds.Positive Updates
Meaningful Quarter-over-Quarter Production Increase
Mineral and royalty production of 35.9 MBoe/d, total production 37.0 MBoe/d, representing a 16% increase in mineral and royalty production versus the prior quarter.
Negative Updates
Loss of Well Control Incident (Revenant)
One of Revenant's wells experienced a loss of well control during the quarter. An investigation is ongoing; outcomes range from salvaging the well to abandonment. The company indicated this could be a short-term 'speed bump' and may impact the first-year development program, though they expect minimal difference over a two-year horizon.
Read all updates
Q1-2026 Updates
Positive
Negative
Meaningful Quarter-over-Quarter Production Increase
Mineral and royalty production of 35.9 MBoe/d, total production 37.0 MBoe/d, representing a 16% increase in mineral and royalty production versus the prior quarter.
Read all positive updates
Company Guidance
Management reiterated the February production guidance and said they view 2026 as a year of production growth versus 2025; in Q1 they reported mineral and royalty production of 35.9 MBoe/d (up 16% sequentially) and total production of 37.0 MBoe/d, net income of $13.3 million, adjusted EBITDA of $87 million, distributable cash flow of $76.5 million (1.2x coverage), and declared a $0.30 quarterly distribution ($1.20 annualized); 54% of oil & gas revenue was from natural gas and NGLs. Commercially, they added $12 million of acreage this quarter bringing Haynesville program deployment since 2023 to more than $250 million, Adamas spud 4 wells and turned online 7 (including Congo wells hitting ~30 MMcf/d), Revenant spud 2 wells (one with a loss-of-well-control under review), there are 13 active rigs across Angelina/Nacogdoches/San Augustine counties, and they are marketing an additional ~300,000 gross mineral acres for Shelby Trough–to–Western Haynesville expansion.Black Stone Minerals Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
84
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 422.33M | 439.43M | 501.10M | 784.28M | 505.73M |
| Gross Profit | 316.27M | 334.95M | 387.05M | 657.87M | 381.85M |
| EBITDA | 347.12M | 319.63M | 470.99M | 530.57M | 248.64M |
| Net Income | 299.93M | 271.33M | 422.55M | 476.48M | 181.99M |
Balance Sheet | |||||
| Total Assets | 1.34B | 1.22B | 1.27B | 1.27B | 1.25B |
| Cash, Cash Equivalents and Short-Term Investments | 1.48M | 2.52M | 70.28M | 4.31M | 8.88M |
| Total Debt | 154.00M | 25.00M | 0.00 | 10.00M | 89.00M |
| Total Liabilities | 207.10M | 89.47M | 49.54M | 61.27M | 184.29M |
| Stockholders Equity | 1.13B | 1.13B | 1.22B | 1.21B | 1.06B |
Cash Flow | |||||
| Free Cash Flow | 298.41M | 384.83M | 501.44M | 412.42M | 242.25M |
| Operating Cash Flow | 310.17M | 389.04M | 521.25M | 424.98M | 256.88M |
| Investing Cash Flow | -118.27M | -112.24M | -19.74M | -1.22M | -14.32M |
| Financing Cash Flow | -192.93M | -344.57M | -435.54M | -428.34M | -235.48M |
Black Stone Minerals Technical Analysis
Negative
13.67
Price Trends
14.86
Negative
14.34
Negative
13.28
Positive
Market Momentum
-0.36
Positive
32.43
Neutral
23.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BSM, the sentiment is Negative. The current price of 13.67 is below the 20-day moving average (MA) of 14.53, below the 50-day MA of 14.86, and above the 200-day MA of 13.28, indicating a neutral trend. The MACD of -0.36 indicates Positive momentum. The RSI at 32.43 is Neutral, neither overbought nor oversold. The STOCH value of 23.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BSM.
Black Stone Minerals Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $3.02B | 9.75 | 27.16% | 9.94% | 73.50% | 37.42% | |
75 Outperform | $7.52B | 4.93 | 14.00% | 4.38% | 17.24% | -15.87% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $4.50B | -2.64 | 3.06% | 5.78% | 18.27% | -67.80% | |
59 Neutral | $3.46B | 8.88 | 10.00% | ― | 47.08% | ― | |
54 Neutral | $2.84B | -1.38 | -29.09% | 8.18% | -6.81% | -197.47% |
* Energy Sector Average
BSM
Black Stone Minerals
14.24
1.27
9.83%
NOG
Northern Oil And Gas
26.80
4.08
17.97%
SM
SM Energy
31.38
11.12
54.89%
CRGY
Crescent Energy Company Class A
13.71
5.88
75.01%
BKV
BKV Corporation
32.10
14.11
78.43%
Black Stone Minerals Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Black Stone Minerals Posts Solid Q4 Results, Maintains Payout
Positive
Feb 24, 2026
On February 23, 2026, Black Stone Minerals reported fourth-quarter 2025 mineral and royalty production of 30.9 MBoe/d and total production of 32.1 MBoe/d, alongside quarterly net income of $72.2 million and Adjusted EBITDA of $76.7 million. The Pa...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.