Chase Investment Counsel Corp Sells 24,044 Shares of Black Stone Minerals, L.P. (NYSE:BSM)

Chase Investment Counsel Corp trimmed its position in Black Stone Minerals, L.P. (NYSE:BSM) by 37.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,788 shares of the oil and gas producer’s stock after selling 24,044 shares during the period. Chase Investment Counsel Corp’s holdings in Black Stone Minerals were worth $635,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BSM. Investment Management Associates Inc. ADV grew its holdings in shares of Black Stone Minerals by 0.3% during the third quarter. Investment Management Associates Inc. ADV now owns 1,032,414 shares of the oil and gas producer’s stock valued at $17,788,000 after buying an additional 3,102 shares during the last quarter. Raymond James & Associates increased its holdings in Black Stone Minerals by 34.7% during the 3rd quarter. Raymond James & Associates now owns 471,001 shares of the oil and gas producer’s stock worth $8,115,000 after purchasing an additional 121,415 shares in the last quarter. ING Groep NV raised its stake in shares of Black Stone Minerals by 50.8% in the third quarter. ING Groep NV now owns 384,800 shares of the oil and gas producer’s stock worth $6,630,000 after purchasing an additional 129,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Black Stone Minerals in the fourth quarter valued at approximately $5,869,000. Finally, HighTower Advisors LLC boosted its position in shares of Black Stone Minerals by 18.5% during the third quarter. HighTower Advisors LLC now owns 361,904 shares of the oil and gas producer’s stock valued at $6,239,000 after buying an additional 56,468 shares during the last quarter. 14.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on BSM. Piper Sandler upped their target price on shares of Black Stone Minerals from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Thursday, March 7th. Stifel Nicolaus reduced their target price on Black Stone Minerals from $21.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, January 23rd.

Insider Activity at Black Stone Minerals

In related news, Director D Mark Dewalch purchased 3,250 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was purchased at an average cost of $15.47 per share, with a total value of $50,277.50. Following the completion of the acquisition, the director now directly owns 320,436 shares of the company’s stock, valued at $4,957,144.92. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 19.60% of the stock is owned by company insiders.

Black Stone Minerals Price Performance

Shares of Black Stone Minerals stock traded up $0.04 on Monday, reaching $16.14. 124,513 shares of the company traded hands, compared to its average volume of 490,821. The firm has a market capitalization of $3.39 billion, a PE ratio of 8.61 and a beta of 0.92. The company has a 50 day moving average of $15.73 and a 200 day moving average of $16.41. Black Stone Minerals, L.P. has a 52 week low of $14.80 and a 52 week high of $18.55.

Black Stone Minerals (NYSE:BSM) last issued its earnings results on Tuesday, February 20th. The oil and gas producer reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.15. Black Stone Minerals had a return on equity of 42.38% and a net margin of 70.46%. The firm had revenue of $190.84 million for the quarter, compared to analyst estimates of $142.67 million. During the same period in the previous year, the company posted $0.71 earnings per share. As a group, analysts anticipate that Black Stone Minerals, L.P. will post 1.44 earnings per share for the current year.

Black Stone Minerals Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be paid a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 9.29%. The ex-dividend date of this dividend is Thursday, May 9th. Black Stone Minerals’s payout ratio is currently 101.60%.

Black Stone Minerals Company Profile

Black Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.8 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.6 million gross acres located in 41 states in the United States.