Black Stone Minerals Posts $52.4M Third-Quarter Net Income
BSM sits 15% above its 52-week low of $12.93 on elevated volume (1.9× avg).
Summary
Black Stone Minerals reported third-quarter net income of $52.4 million, with revenue of $99.7 million and EPS of 21 cents, and adjusted EBITDA of $104.1 million. That compares with a Q2 where higher oil prices lifted revenue 14% but net income slipped on lower hedging gains. The print lands after the company already raised its Q3 distribution to $0.35 per unit on October 21, about 9% above the prior quarter and roughly 17% above the year-ago payout, so the payout was pre-announced and the earnings figure is the new information. Shares sit near the 52-week high of $15.49, so the bar for this quarter was high. Watch for the full 10-Q and any production or hedging detail that explains the earnings level.
At the time of this announcement, BSM was trading at $14.89 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.1B. The 52-week trading range was $12.93 to $15.49. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.