Black Stone Minerals (NYSE:BSM) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Black Stone Minerals (NYSE:BSM) from a buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “Black Stone Minerals, L.P. is the owner of oil and natural gas mineral primarily in the United States. Black Stone Minerals, L.P. is based in Houston, United States. “

Other analysts also recently issued reports about the company. Royal Bank of Canada restated a hold rating and issued a $8.00 price objective on shares of Black Stone Minerals in a report on Thursday, April 30th. Piper Sandler downgraded Black Stone Minerals from an overweight rating to a neutral rating and decreased their price objective for the company from $18.00 to $13.00 in a report on Friday, February 21st. ValuEngine upgraded Black Stone Minerals from a strong sell rating to a sell rating in a report on Friday, May 1st. KeyCorp initiated coverage on Black Stone Minerals in a report on Wednesday, January 22nd. They issued a sector weight rating and a $11.50 price objective for the company. Finally, Raymond James decreased their price objective on Black Stone Minerals from $12.00 to $11.00 and set an outperform rating for the company in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $11.56.

Shares of NYSE:BSM traded down $0.09 during trading on Wednesday, hitting $6.64. 123,029 shares of the company were exchanged, compared to its average volume of 460,430. The business’s 50 day moving average is $5.92 and its 200-day moving average is $9.43. The company has a market capitalization of $1.39 billion, a P/E ratio of 6.12 and a beta of 1.36. The company has a quick ratio of 14.80, a current ratio of 14.80 and a debt-to-equity ratio of 0.48. Black Stone Minerals has a 1-year low of $4.04 and a 1-year high of $16.95.

Black Stone Minerals (NYSE:BSM) last announced its quarterly earnings results on Monday, May 4th. The oil and gas producer reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.16. The company had revenue of $183.05 million during the quarter, compared to the consensus estimate of $102.42 million. Black Stone Minerals had a net margin of 42.39% and a return on equity of 26.79%. As a group, sell-side analysts anticipate that Black Stone Minerals will post 0.78 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were issued a dividend of $0.08 per share. The ex-dividend date was Wednesday, May 13th. This represents a $0.32 dividend on an annualized basis and a yield of 4.82%. Black Stone Minerals’s payout ratio is currently 27.59%.

A number of institutional investors have recently modified their holdings of BSM. Mayo Clinic bought a new position in shares of Black Stone Minerals during the 4th quarter worth about $72,475,000. EdgePoint Investment Group Inc. boosted its position in shares of Black Stone Minerals by 30.7% during the 1st quarter. EdgePoint Investment Group Inc. now owns 3,618,261 shares of the oil and gas producer’s stock worth $16,933,000 after purchasing an additional 849,562 shares in the last quarter. Morgan Stanley boosted its position in shares of Black Stone Minerals by 26.8% during the 1st quarter. Morgan Stanley now owns 3,175,599 shares of the oil and gas producer’s stock worth $14,862,000 after purchasing an additional 671,509 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Black Stone Minerals by 210.5% during the 4th quarter. Bank of Montreal Can now owns 673,200 shares of the oil and gas producer’s stock worth $8,563,000 after purchasing an additional 456,400 shares in the last quarter. Finally, ING Groep NV bought a new position in shares of Black Stone Minerals during the 4th quarter worth about $2,421,000. Hedge funds and other institutional investors own 25.60% of the company’s stock.

About Black Stone Minerals

Black Stone Minerals, L.P. owns and manages oil and natural gas mineral interests in the United States. The company owns mineral interests in approximately 16.8 million acres, nonparticipating royalty interests in 1.9 million acres, and overriding royalty interests in 2.1 million acres located in 41 states and 64 onshore basins in the continental United States.

Further Reading: Does the discount rate affect the economy?

Get a free copy of the Zacks research report on Black Stone Minerals (BSM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Black Stone Minerals (NYSE:BSM)

Receive News & Ratings for Black Stone Minerals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Black Stone Minerals and related companies with MarketBeat.com's FREE daily email newsletter.