Black Stone Minerals, L.P. (BSM) Stock Price & Analysis
Black Stone Minerals, L.P. (BSM) closed at USD 14.71 on Thursday, October 22, 2026, up 0.82% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 14.59; the Oct 22, 2026 session ranged USD 14.53–14.84 on volume of 593,713 shares. Market capitalization is $3.13B, with a 52-week range of USD 12.92–15.49 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:24 UTC.
Also available as compact Markdown for AI agents: nexqual.com/BSM.md
Key facts (BSM)
- Last four reported quarters (through Jun 30, 2026): revenue $524M, net income $284M (54.1% margin) (SEC filings).
- Valuation: P/E 11.0x.
- 2 of 80 tracked superinvestors hold BSM (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $29.1M; 3 not under a Rule 10b5-1 plan ($28.7M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $2.4M; 2 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (3 analysts), mean target USD 16 (range 16–16).
- Total return with dividends: 1Y +22.6% vs S&P 500 +14.9%; 5Y +99.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.27, revenue estimate $115M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (BSM)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $506M | $784M | $592M | $439M | $470M | $524M |
| Operating income | $187M | $482M | $424M | $273M | $308M | $296M |
| Net income | $182M | $476M | $423M | $271M | $300M | $284M |
| Operating margin | 37.0% | 61.5% | 71.5% | 62.2% | 65.6% | 56.4% |
| Net margin | 36.0% | 60.8% | 71.4% | 61.7% | 63.8% | 54.1% |
| Revenue growth | +47.6% | +55.1% | -24.5% | -25.8% | +6.9% | — |
| Cash + short-term investments | $8.9M | $4.3M | $70.3M | $2.5M | $1.5M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (BSM)
P/E 11.0x · P/S 6.0x · Earnings yield 9.06%
Superinvestors (SEC 13F-HR, Q2 2026) (BSM)
2 of 80 tracked investors hold BSM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Tweedy Browne | 0.09% | $1.2M | Added +8.0% | |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $409K | Reduced -2.4% |
Insider sales (SEC Form 4, open-market, last ~7 months) (BSM)
1 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-06 | Whitehead James | Director | 2,127,105 | $28.1M | 34.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-12 | Longmaid Ashley J | Director | 11,128 | $150K | 7.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Putman Luke Stevens | SVP, General Counsel, and Sec | 29,386 | $404K | 4% | Yes (adopted December 4, 2025) | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-06 | Putman Luke Stevens | SVP, General Counsel, and Sec | 29,386 | $425K | 3.9% | No | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Insider purchases (SEC Form 4, open-market, last ~7 months) (BSM)
4 purchases, $2.4M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-29…2026-06-01 | Dewalch D Mark | Director | 72,726 | $985K | 13.55 | Too little history (no open-market trades in 2025) |
| 2026-05-28 | Dewalch D Mark | Director | 37,650 | $497K | 13.21 | Too little history (no open-market trades in 2025) |
| 2026-05-13 | Carter Thomas L Jr | Executive Chairman | 1,120 | $15K | 13.5 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-08…2026-05-12 | Carter Thomas L Jr | Executive Chairman | 67,758 | $909K | 13.42 | Opportunistic (traded every year 2023–2025, no repeating month) |
Analysts (BSM)
Consensus Hold (mean 3.00 on a 1–5 scale), 3 analysts; mean target USD 16 (low 16, high 16).
Total return (dividends reinvested) (BSM)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +22.6% | +99.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +22.6% | +14.8% |
| Volatility (annualized) | 20.2% | 25.6% |
| Max drawdown | -13.4% (Mar 2026→May 2026) | -22.4% (Oct 2022→Mar 2023) |
BSM revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Oil and condensate sales | $75.2M | 61.5% | +34.7% |
| Natural gas and natural gas liquids sales | $40.3M | 33.0% | -12.8% |
| Lease bonus and other income | $6.7M | 5.5% | +42.0% |
| Total revenue | $122.1M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
BSM suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Caturus Energy | “In November 2025, we entered into a 220,000 gross acre development agreement with Caturus, which aims to push the Shelby Trough westward towards the Western Haynesville.” |
| Partner | Annual Meeting of | “Information required by this item and not otherwise provided below is incorporated by reference to the material appearing in our Proxy Statement for the 2026 Annual Meeting of Limited Partners ("2026 Proxy Statement"), which will be filed with the SEC not later than 120 days after December 31, 2025.” |
Quoted from the company's 10-K filed Feb 24, 2026.
Companies that name BSM in their SEC reports
| Relationship to BSM | Company | Filing | Sentence |
|---|---|---|---|
| partner | ALLIANCE RESOURCE PARTNERS LP (ARLP) | 10-K Feb 26, 2026 | “For 2025, the peer group consisted of the following companies: Alpha Metallurgical Resources, Inc., Black Stone Minerals, L.P., CORE Natural Resources, Inc., Dorchester Minerals, L.P., Kimbell Royalty Partners, LP, Natural Resource Partners L.P., Peabody, Sitio Royalties Corp., and Warrior Met Coal, Inc. In assessing the competitiveness of our executive compensation program for 2025, the Compensation Committee, wi…” |
BSM customer concentration
In the period ended Dec 31, 2025, a single direct customer accounted for 14% of revenue, per the company's 10-K filed Feb 24, 2026. The company does not name it.
BSM company outlook (results filed Aug 4, 2026)
- “Of these wells, 6 gross (0.6 net) have turned to sales as of July 31, 2026, and 8 gross (0.7 net) are expected to turn to sales during the remainder of 2026.”
- “Adamas expects to drill 17 wells in the next program year that began in July 2026.”
- “Three wells were turned to sales during the quarter with the remaining expected to come online in the second half of 2026 and first half of 2027.”
- “Hedge Position Black Stone has commodity derivative contracts in place covering portions of its anticipated production for 2026, and 2027.”
Quoted word-for-word from the SEC 8-K results press release.
BSM analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.27 | $0.26 | +3.9% | $115.1M | 2 |
| Next quarter (ends Dec 2026) | $0.19 | $0.25 | -24.0% | $103.0M | 1 |
| Current fiscal year (ends Dec 2026) | $1.11 | $1.04 | +6.7% | $433.3M | 2 |
| Next fiscal year (ends Dec 2027) | $1.14 | $1.17 | -2.6% | $478.9M | 2 |
Key Statistics (as of October 23, 2026 at 09:24 UTC)
| Price | USD 14.71 |
|---|---|
| Change | ▲ 0.82% (up) |
| Previous Close | USD 14.59 |
| Open | USD 14.77 |
| Day Range | USD 14.53 – 14.84 |
| 52-Week Range | USD 12.92 – 15.49 |
| Volume | 593,713 shares |
| Market Cap | $3.13B |
| Exchange | NYQ |
Technical Analysis (BSM)
Nexqual's technical model rates BSM "NEUTRAL" based on 3 bullish and 2 bearish signals across 127 daily candles, as of October 23, 2026 at 09:24 UTC.
| Overall Signal | NEUTRAL |
|---|---|
| RSI (14) | 50.36 (neutral) |
| vs SMA50 | Below (USD 14.74) |
| MACD | 0.02 (positive) |
Analyst Ratings (BSM)
Wall Street analysts rate BSM "Hold" based on 3 analysts, with a mean price target of USD 16 (range USD 16–16), per Nexqual as of October 23, 2026 at 09:24 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 3 |
| Mean Target | USD 16 |
| High Target | USD 16 |
| Low Target | USD 16 |
| Buy / Hold / Sell | 0 / 3 / 0 |
Earnings (BSM)
| Next Earnings Date | 2026-11-02 |
|---|---|
| EPS Estimate | USD 0.27 |
| Revenue Estimate | $115.12M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.3 vs est 0.25 ▲ beat |
| 2026-03-31 | USD 0.28 vs est 0.23 ▲ beat |
| 2025-12-31 | USD 0.22 vs est 0.27 ▼ miss |
| 2025-09-30 | USD 0.3 vs est 0.29 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:24 UTC.
Financials & Fundamentals (BSM)
| Total Revenue | $423.60M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +13.20% |
| Gross Margin | +89.59% |
| Operating Margin | +95.36% |
| Profit Margin | +66.95% |
| ROE | +25.59% |
| Debt / Equity | 0.18 |
| Current Ratio | 3.76 |
| Total Cash | $1.67M |
| Total Debt | $196.00M |
Source: Nexqual, October 23, 2026 at 09:24 UTC.
Financial Health Score (BSM)
Nexqual rates Black Stone Minerals, L.P.'s overall financial health "Strong" across five dimensions, as of October 23, 2026 at 09:24 UTC.
| Growth | Solid — Revenue +8% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 90% (last 12 months) |
| Balance Sheet | Strong — $2M cash vs $196M debt |
| Cash Flow | Solid — Operating cash flow $310M (FY ended Dec 2025, 10-K) |
| Efficiency | Strong — ROE 26%, ROA 14.0% |
Ownership (BSM)
| Insider Ownership | +21.36% |
|---|---|
| Institutional Ownership | +19.43% |
| Shares Outstanding | 212.71M |
| Float | 164.30M |
| Short % of Float | +1.59% |
Source: Nexqual, October 23, 2026 at 09:24 UTC.
Leadership (BSM)
Black Stone Minerals, L.P. is led by H. Taylor DeWalch, Co-CEO, President & Director of Black Stone Minerals GP L.L.C., per Nexqual as of October 23, 2026 at 09:24 UTC.
| Co-CEO, President & Director of Black Stone Minerals GP L.L.C. | H. Taylor DeWalch |
|---|---|
| Executive Chairman of the Board of Black Stone Minerals GP L.L.C. | Thomas L. Carter |
| Co-CEO, President and Director of Black Stone Minerals GP L.L.C. | Fowler T. Carter |
| Senior VP, Treasurer & CFO of Black Stone Minerals GP L.L.C. | Chris R. Bonner |
| Director of Corporate Accounting, Controller & PAO of Black Stone Minerals GP, L.L.C. | Erin Leah Phillips |
Major Backers & Investors (BSM)
Notable institutional backers of Black Stone Minerals, L.P. include Morgan Stanley, William Marsh Rice University, FMR, LLC, according to Nexqual as of October 23, 2026 at 09:24 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Morgan Stanley | 4.18% |
| William Marsh Rice University | 2.66% |
| FMR, LLC | 2.12% |
| Fidelity | 2.11% |
| Bank of America Corporation | 0.98% |
| Penn Davis Mcfarland Inc | 0.92% |
| Investment Management Associates Inc /ADV | 0.87% |
| Natixis | 0.74% |
Source: Nexqual, October 23, 2026 at 09:24 UTC.
Legal & Regulatory Risks from Black Stone Minerals, L.P.'s Latest 10-K (filed 2026-02-24)
- We may be secondarily liable for damage to the environment caused by our operators.
- We may not have coverage if we are unaware of a sudden and accidental pollution event and unable to report the "occurrence" to our insurance providers within the time frame required under our insurance policy.
- Increased attention to environmental, social and governance (ESG) matters may impact our business.
- We rely on a few key individuals whose absence or loss could adversely affect our business.
Source: SEC EDGAR 10-K, Item 1A, official filing.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| BTE | Baytex Energy Corp | USD 5.32 | ▼ 1.48% |
| CRK | Comstock Resources, Inc. | USD 13.97 | ▲ 1.45% |
| CRC | California Resources Corporatio | USD 52.96 | ▼ 1.08% |
| CRGY | Crescent Energy Company | USD 13.33 | ▼ 1.26% |
| CNX | CNX Resources Corporation | USD 35.73 | ▲ 1.62% |
| MUR | Murphy Oil Corporation | USD 42.37 | ▼ 1.37% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:24 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt