Brigham Minerals, Inc. (NYSE:MNRL) Plans Dividend Increase – $0.77 Per Share

Brigham Minerals, Inc. (NYSE:MNRLGet Rating) announced a None dividend on Thursday, August 4th, Zacks reports. Shareholders of record on Friday, August 19th will be paid a dividend of 0.77 per share on Friday, August 26th. The ex-dividend date is Thursday, August 18th. This is a boost from Brigham Minerals’s previous None dividend of $0.60.

Brigham Minerals has a payout ratio of 97.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Brigham Minerals to earn $1.96 per share next year, which means the company may not be able to cover its $2.40 annual dividend with an expected future payout ratio of 122.4%.

Brigham Minerals Trading Up 3.3 %

NYSE:MNRL opened at $26.31 on Friday. Brigham Minerals has a 12 month low of $16.51 and a 12 month high of $33.64. The firm has a fifty day simple moving average of $26.86 and a 200-day simple moving average of $25.57. The company has a current ratio of 3.55, a quick ratio of 3.55 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $1.59 billion, a P/E ratio of 12.77 and a beta of 1.89.

Brigham Minerals (NYSE:MNRLGet Rating) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.70 by $0.08. Brigham Minerals had a net margin of 41.17% and a return on equity of 14.84%. The business had revenue of $90.88 million during the quarter, compared to the consensus estimate of $81.38 million. During the same period in the previous year, the firm posted $0.25 earnings per share. The business’s revenue for the quarter was up 27.2% compared to the same quarter last year. On average, equities research analysts anticipate that Brigham Minerals will post 2.56 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MNRL shares. KeyCorp boosted their target price on shares of Brigham Minerals from $25.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, April 11th. Wells Fargo & Company boosted their target price on shares of Brigham Minerals from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Monday, May 23rd. Raymond James boosted their target price on shares of Brigham Minerals from $41.00 to $44.00 in a research report on Tuesday, May 24th. Piper Sandler decreased their target price on shares of Brigham Minerals from $32.00 to $31.00 and set an “overweight” rating for the company in a research report on Friday, July 22nd. Finally, TheStreet upgraded shares of Brigham Minerals from a “c+” rating to a “b” rating in a research report on Monday, April 18th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Brigham Minerals has a consensus rating of “Buy” and a consensus price target of $34.20.

Insider Buying and Selling at Brigham Minerals

In other Brigham Minerals news, Director Pbra, Llc sold 389,626 shares of Brigham Minerals stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $29.37, for a total value of $11,443,315.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Pbra, Llc sold 389,626 shares of the business’s stock in a transaction dated Thursday, May 26th. The shares were sold at an average price of $29.37, for a total transaction of $11,443,315.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert M. Roosa sold 6,250 shares of the business’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $31.94, for a total transaction of $199,625.00. Following the sale, the chief executive officer now directly owns 406,965 shares of the company’s stock, valued at approximately $12,998,462.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 826,002 shares of company stock valued at $24,653,275. Corporate insiders own 3.92% of the company’s stock.

Institutional Trading of Brigham Minerals

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in Brigham Minerals by 32.8% during the first quarter. Wellington Management Group LLP now owns 4,126,056 shares of the company’s stock worth $105,421,000 after acquiring an additional 1,019,459 shares during the last quarter. Bank of America Corp DE boosted its position in Brigham Minerals by 89.1% during the first quarter. Bank of America Corp DE now owns 839,015 shares of the company’s stock worth $21,437,000 after acquiring an additional 395,412 shares during the last quarter. State Street Corp boosted its position in Brigham Minerals by 26.4% during the first quarter. State Street Corp now owns 1,571,586 shares of the company’s stock worth $40,154,000 after acquiring an additional 328,529 shares during the last quarter. Vanguard Group Inc. boosted its position in Brigham Minerals by 9.3% during the first quarter. Vanguard Group Inc. now owns 2,584,640 shares of the company’s stock worth $66,037,000 after acquiring an additional 219,754 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Brigham Minerals by 53.7% during the first quarter. Dimensional Fund Advisors LP now owns 540,664 shares of the company’s stock worth $13,813,000 after acquiring an additional 188,817 shares during the last quarter. Hedge funds and other institutional investors own 68.81% of the company’s stock.

About Brigham Minerals

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Brigham Minerals, Inc owns and operates a portfolio of mineral and royalty interests in the continental United States. The company primarily holds mineral and royalty interests in the Delaware and Midland Basins in West Texas and New Mexico; the South Central Oklahoma Oil Province and Sooner Trend Anadarko Basin Canadian and Kingfisher Counties plays in the Anadarko Basin of Oklahoma; the Denver-Julesburg Basin in Colorado; and Wyoming and the Williston Basin in North Dakota.

See Also

Dividend History for Brigham Minerals (NYSE:MNRL)

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