Dorchester Minerals
Collects income from mineral and royalty interests across U.S. oil-and-gas properties.
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Profile
Owns mineral and royalty interests and a net-profits interest tied to U.S. oil-and-gas properties. Its partnership agreement directs available cash to quarterly distributions, making third-party production and commodity economics central to cash generation.
Owns producing and nonproducing mineral, royalty, overriding-royalty, net-profits, and leasehold interests in oil-and-gas properties across the United States. It also receives monthly payments through a net-profits interest in properties held by its operating partnership.
Rather than operating wells, the partnership collects revenue generated by third-party activity on its underlying properties. Its portfolio spans hundreds of counties and parishes across many states, including additions in Colorado.
The partnership agreement calls for quarterly distributions of available cash, subject to its stated definition and acquisition reserves. Cash generation therefore depends on the level and economics of oil-and-gas production from the properties in which it holds interests.
Company facts
Key statistics
Year to date +23.6% · Average volume (30d) 230.0K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | — | $0.62 | — | — | $56.1M | — | +1.01% |
| May 6, 2026Q1 FY26 | — | $0.59 | — | — | $58.9M | — | −0.08% |
| Feb 24, 2026Q4 FY25 | — | $0.32 | — | — | $41.9M | — | −0.20% |
| Nov 6, 2025Q3 FY25 | — | $0.23 | — | — | $35.4M | — | −1.79% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $43.2M | $32.4M | $35.4M | $41.9M | $58.9M | $56.1M | |
| Gross profit | $22.0M | $15.2M | $31.1M | $19.5M | $33.4M | $56.1M | |
| Operating income | $17.6M | $12.3M | $28.2M | $16.2M | $29.1M | $30.9M | |
| Net income | $17.6M | $11.9M | $10.8M | $17.0M | $29.1M | $30.9M | |
| Diluted EPS | $0.36 | $0.25 | $0.23 | $0.36 | $0.60 | $0.62 | |
| Gross margin | 50.9% | 46.8% | 87.8% | 46.5% | 56.7% | 100.0% | |
| Operating margin | 40.9% | 38.1% | 79.5% | 38.7% | 49.5% | 55.1% |
Fiscal years (4-quarter sums)FY21 $93.4M · FY22 $170.8M · FY23 $163.8M · FY24 $161.5M · FY25 $152.8M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $72.5M · Total debt $3.5M · Total assets $314.0M · Shareholders' equity $303.7M
Dividends
Last raised to $1.2729 from $0.475 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 3, 2026 | Aug 3 | Aug 13 | $1.2729 | raised from $0.475 |
| May 4, 2026 | May 4 | May 14 | $0.475 | cut from $0.7557 |
| Feb 2, 2026 | Feb 2 | Feb 12 | $0.7557 | raised from $0.6899 |
| Nov 3, 2025 | Nov 3 | Nov 13 | $0.6899 | raised from $0.6202 |
| Aug 4, 2025 | Aug 4 | Aug 14 | $0.6202 | cut from $0.7258 |
| May 5, 2025 | May 5 | May 15 | $0.7258 | cut from $0.7394 |
| Feb 3, 2025 | Feb 3 | Feb 13 | $0.7394 | cut from $0.9958 |
| Oct 28, 2024 | Oct 28 | Nov 7 | $0.9958 | raised from $0.7021 |
Ownership
Shares outstanding 48.26M · Float 43.90M · 91.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Davidson Kempner Capital Management LP | 3.51M | 7.50% | 13G | Oct 11, 2024 |
| John R. Howard, Jr. | 2.54M | 5.36% | 13D/A | Nov 25, 2024 |
| Morgan Stanley | 1.04M | 2.15% | 13F | Aug 13, 2026 |
| Adams Asset Advisors, LLC | 910.9K | 1.89% | 13F | Jul 14, 2026 |
| Horizon Kinetics Asset Management LLC | 852.7K | 1.77% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Leslie A. Moriyama | officer: Chief Financial Officer | +5,197 | $28.30 |
| Jun 1, 2026 | Dorchester Minerals Operating LP | other: Entity Under Common Control | +7,500 | $27.56 |
| May 20, 2026 | Dorchester Minerals Operating LP | other: Entity Under Common Control | +7,500 | $28.30 |
| May 12, 2026 | Bradley J. Ehrman | officer: Chief Executive Officer | +4,000 | $26.78 |
| Feb 11, 2026 | Dorchester Minerals Operating LP | other: Entity Under Common Control | +10,000 | $25.29 |
Peers
- Kimbell Royalty Partners
Nationwide mineral-and-royalty owner with an overlapping 28-state footprint
- Black Stone Minerals
Large, diversified owner and manager of U.S. mineral and royalty interests
- Viper Energy
Large Permian-focused buyer and holder of oil-and-gas mineral royalties
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Dorchester Minerals | $28.58 | −0.51% | $1.38B | 15.8 | — | 7.2 | +73.1% |
| Kimbell Royalty Partners | $15.46 | +3.85% | $1.47B | 22.8 | 14.7 | 4.0 | +30.0% |
| 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% |
| Median | 22.8 | 14.7 | 6.5 | +39.6% |