Black Stone Minerals (BSM)
Owns and manages U.S. oil and natural-gas mineral and royalty interests.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 29, 2026 | RBC Capital | Target | Target: — | Target: $16 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.7M · Total debt $196.0M · Total assets $1.37B · Shareholders' equity $1.11B
- Revenue
- $122.1M
- Operating income
- $83.2M
- Net income
- $106.4M
HistoryDividendAnnual yield
| Institutions | 21.15% | 44.95M shares | |
|---|---|---|---|
| 210 holders · as of Jun 30, 2026 | |||
| Insiders | 4.11% | 8.74M shares | |
| 16 holders · as of Aug 10, 2026 | |||
| Other | 74.74% | 158.81M shares | |
| remainder | |||
212.50M company shares as of Aug 25, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Morgan StanleyInstitution | 4.19% | 8.90M | as of Jun 30, 2026 |
a business unit of CI Investments Inc.Institution | 3.97% | 8.43M | filed Feb 13, 2020 |
William Marsh Rice UniversityInstitution | 2.67% | 5.66M | as of Jun 30, 2026 |
FMR LLCInstitution | 2.13% | 4.52M | as of Jun 30, 2026 |
Thomas L. Jr CarterInsiderdirector, officer: Executive Chairman | 1.73% | 3.68M | filed May 14, 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 |
- Viper Energy
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- Texas Pacific Land
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- Dorchester Minerals
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Black Stone Minerals | $14.83 | +0.47% | $3.14B | 12.2 | 14.2 | 6.5 | +39.6% |
| Viper Energy | $41.61 | +2.05% | $14.68B | 313.6 | 16.8 | 7.5 | +128.0% |
| Kimbell Royalty Partners | $14.56 | +1.89% | $1.41B | 21.9 | 13.6 | 3.8 | +30.0% |
| Texas Pacific Land | $356.08 | +0.24% | $24.50B | 45.3 | 35.3 | 27.3 | +31.2% |
| Dorchester Minerals | $29.32 | +0.75% | $1.40B | 16.1 | — | 7.3 | +73.1% |
| Median | 33.6 | 16.8 | 7.4 | +52.2% |