# Black Stone Minerals, L.P. (BSM)

> Source: Nexqual · https://nexqual.com/BSM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Black Stone Minerals, L.P. (BSM), nexqual.com/BSM" · informational, not investment advice.

**Price:** USD 14.71 (+0.82% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 14.59 · day 14.53–14.84 · 52w 12.92–15.49 · market cap $3.13B · NYQ

## Key facts
- 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)
| 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)
P/E 11.0x · P/S 6.0x · Earnings yield 9.06%

## Superinvestors (SEC 13F-HR, Q2 2026)
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)
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)
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
Consensus Hold (mean 3.00 on a 1–5 scale), 3 analysts; mean target USD 16 (low 16, high 16).

## Total return (dividends reinvested)
|  | 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) |

## Peers (Oil & Gas E&P)
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%

## More
Full page: https://nexqual.com/BSM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BSM's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1621434/000162143426000018/bsm-20251231.htm):

| 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"), w…" |

Other companies that name BSM in their own reports (relationship from BSM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ALLIANCE RESOURCE PARTNERS LP (ARLP) | 10-K 2026-02-26 | "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…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Customer concentration

Period ended 2025-12-31: 14% of revenue from unnamed direct customers (10-K, filed 2026-02-24).

## Company outlook (8-K filed 2026-08-04)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.27 | $0.26 | +3.9% | $115.1M | 2 |
| Next quarter (ends 2026-12-31) | $0.19 | $0.25 | -24.0% | $103.0M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.11 | $1.04 | +6.7% | $433.3M | 2 |
| Next fiscal year (ends 2027-12-31) | $1.14 | $1.17 | -2.6% | $478.9M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-11-02): ±7.5%; last 8 reports averaged ±2.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 17.7% | ±7.5% |
| 2027-04-16 | 175 | 17.4% | ±13.9% |