Black Stone Minerals
Owns and manages U.S. oil and natural-gas mineral and royalty interests.
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Profile
Owns and manages oil and natural-gas mineral and royalty interests, earning from energy sales, lease bonuses, and other property income. Its substantially non-cost-bearing asset base is spread across the continental United States.
Owns and manages oil and natural-gas mineral and royalty interests that are substantially non-cost-bearing, while retaining certain non-operated working interests. Revenue comes from oil and natural-gas sales, lease bonuses, and other property income.
The acreage base spans 41 continental U.S. states and the business is reported as one segment. Land, engineering, and geo-technical staff evaluate acquisitions and promote prospects to industry. The model manages land interests rather than operating all wells itself.
Targeted mineral-and-royalty acquisitions supplement the existing land base, particularly around contractual development programs. Production and reserve development depend on third-party operators carrying out activity on the acreage.
Company facts
Key statistics
Year to date +9.2% · Average volume (30d) 423.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Target |
|---|---|---|---|
| May 29, 2026 | RBC Capital | Target | $16 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $0.23 | $0.47 | +104.3% | $108.3M | $149.0M | +37.6% | −1.79% |
| May 4, 2026Q1 FY26 | $0.22 | $0.28 | +27.3% | $107.4M | $59.4M | −44.7% | −3.86% |
| Feb 23, 2026Q4 FY25 | $0.27 | $0.31 | +14.8% | $98.4M | $118.7M | +20.6% | +2.49% |
| Nov 3, 2025Q3 FY25 | $0.28 | $0.40 | +42.9% | $98.1M | $77.9M | −20.6% | +1.83% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $115.3M | $106.7M | $77.9M | $95.2M | $188.5M | $122.1M | |
| Gross profit | $93.8M | $85.5M | $51.8M | $65.4M | $162.6M | $99.3M | |
| Operating income | $17.2M | $122.3M | $39.5M | $51.3M | $145.7M | $83.2M | |
| Net income | $15.9M | $120.0M | $91.7M | $72.2M | $13.3M | $106.4M | |
| Diluted EPS | $0.04 | $0.53 | $0.40 | $0.31 | $0.03 | $0.47 | |
| Gross margin | 81.4% | 80.1% | 66.5% | 68.7% | 86.3% | 81.3% | |
| Operating margin | 14.9% | 114.6% | 50.7% | 53.9% | 77.3% | 68.1% |
Fiscal years (4-quarter sums)FY21 $505.7M · FY22 $784.3M · FY23 $501.1M · FY24 $439.4M · FY25 $395.0M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.7M · Total debt $196.0M · Total assets $1.37B · Shareholders' equity $1.11B
Dividends
Last raised to $0.32 from $0.30 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 6, 2026 | Aug 6 | Aug 13 | $0.32 | raised from $0.30 |
| May 8, 2026 | May 8 | May 15 | $0.30 | |
| Feb 18, 2026 | Feb 18 | Feb 25 | $0.30 | |
| Nov 6, 2025 | Nov 6 | Nov 13 | $0.30 | |
| Aug 7, 2025 | Aug 7 | Aug 14 | $0.30 | cut from $0.375 |
| May 8, 2025 | May 8 | May 15 | $0.375 | |
| Feb 18, 2025 | Feb 18 | Feb 25 | $0.375 | |
| Nov 8, 2024 | Nov 8 | Nov 15 | $0.375 |
Ownership
Shares outstanding 212.50M · Float 171.14M · 80.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Morgan Stanley | 11.02M | 5.20% | 13G | Aug 20, 2026 |
| William Marsh Rice University | 5.66M | 2.67% | 13F | Jul 23, 2026 |
| FMR LLC | 4.52M | 2.13% | 13F | Aug 13, 2026 |
| Bank of America Corp /DE/ | 2.08M | 0.98% | 13F | Aug 14, 2026 |
| Penn Davis Mcfarland Inc | 1.96M | 0.92% | 13F | Jul 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | James Whitehead | director | −2,127,105 | $13.21 |
| May 29, 2026 | D. Mark DeWalch | director | +36,363 | $13.48 |
| Jun 1, 2026 | D. Mark DeWalch | director | +36,363 | $13.62 |
| May 28, 2026 | D. Mark DeWalch | director | +37,650 | $13.21 |
| May 13, 2026 | Thomas L. Jr Carter | director, officer: Executive Chairman | +1,120 | $13.50 |
Peers
- Viper Energy
Permian-focused mineral and royalty owner with a scaled acquisition platform
- Kimbell Royalty Partners
Diversified U.S. oil-and-gas mineral and royalty owner across major basins
- Texas Pacific Land
Permian landowner with perpetual and acquired oil-and-gas royalty interests
- Dorchester Minerals
Multi-state oil-and-gas mineral, royalty, and overriding royalty owner
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Black Stone Minerals | $14.75 | 0.00% | $3.13B | 12.2 | 14.1 | 6.5 | +39.6% |
| Viper Energy | $44.18 | 0.00% | $15.91B | 339.8 | 18.6 | 8.1 | +135.9% |
| Kimbell Royalty Partners | $15.46 | +3.85% | $1.47B | 22.8 | 14.7 | 4.0 | +30.0% |
| Texas Pacific Land | $363.30 | −0.29% | $25.13B | 46.5 | 39.3 | 28.0 | +31.2% |
| Dorchester Minerals | $28.58 | −0.51% | $1.38B | 15.8 | — | 7.2 | +73.1% |
| Median | 34.6 | 18.6 | 7.6 | +52.2% |