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No insider purchase over the last 90 days. The latest was filed 02 Jun 2026.
Black Stone Minerals, L.P.: what insiders have been doing
Headquartered in First City Tower, United States, Black Stone Minerals, L.P. belongs to the Energy sector and traces its origins to 1876. Filings by its managers are published through SEC (Form 4). In the past year (18 October 2025 to 18 October 2026), 58 filings came from 17 insiders.
The record shows 4 purchases on the open market worth €1.3M, made by 2 insiders, against 5 sales worth €25.4M by 2 insiders. The net balance comes to €24.1M on the selling side. Unlike grants, an open-market purchase is paid for by the insider, at the market price. Those buying include 1 senior executive and 1 chief executive. One trade stands out by size: a sale of €18.6M from Whitehead James, disclosed on 10 August 2026, or 0.68% of market capitalisation.
With 58 filings in twelve months, the company is more active than the median of 19 filings across the 5,811 companies we follow on the same exchange. The full history, which starts in 2016, counts 25 purchases against 14 sales. In its latest annual report filed with the SEC (10-K, fiscal year ended 31 December 2025), the company reported revenue of 469.9 m USD and net income of 299.9 m USD.
In the case of 3 purchases, another manager of the company was buying within the same 30 days. A cluster is several different insiders buying the same stock within a short window, a pattern studied more closely than a single purchase. The clock since the last published purchase (2 June 2026) now reads 137 days. Filings reach the SEC (Form 4) feed a median of 2 days after the trade. For comparison, the SEC allows two business days to file a Form 4. Selling is not necessarily a view on the stock: liquidity needs and diversification are common motives.
Other companies in the same sector with recent insider buying flagged by our signals: RGC Resources Inc and Empire Petroleum Corp. Every figure here comes from the filings published by SEC (Form 4) and describes the past, not future prices; it is not investment advice.
Insider Decl.
281
Thresholds
n/a
Buy Volume
€9M
25 ops. · all time
Sell Volume
€30M
14 ops. · all time
Who traded when
BuySaleThomas L. Carter Jr.7 buys
Luke Stevens Putman5 sales
D. Mark DeWalch3 buys
James Whitehead2 sales
Clark Carrie Pearson1 sale
Since the insiders bought
- +7.0%Entry US$13.92 · Close at T+90 US$14.90
- +2.6%Entry US$14.01 · Close at T+90 US$14.38
Entry is the close on the day after publication, the first price a reader could act on. Prices in the listing currency. Past moves are not a forecast.
Analyst consensus: bullish or bearish?
Analysts rate Black Stone Minerals, L.P. Hold (neutral), based on 1 analysts. Average price target: US$16.00.
This score ranks the purchase within its own market. A position size is suggested only on the venues of the backtested strategy universe; elsewhere, signals stay on watch. Not investment advice.
Fundamental score
Ranked 840 of 24,148 companies
81.0
score / 100
Value72
Quality90
FCF yld6.1%
Earn yld9.5%
EV/EBITDA9.5x
ROE26%
Gross mgn80%
Net mgn71%
Debt/EBITDA0.5x
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
US$14.79
Analyst consensus
1 analystsHold
US$16.00Target US$16.00(+8%)US$16.00
Income statement
RevenueUS$422.3M
Gross profitUS$336.3M80% margin
EBITDAUS$345.7M82% margin
Net incomeUS$299.9M66.9% margin
Valuation
PER (trailing)12.4x
PER (forward)13.1x
P/Book3.9x
Beta0.12
Balance sheet & cash
Market capUS$3.1B
Total debtUS$156M
Free Cash FlowUS$191.1M
Debt / Equity18%
Profitability & ownership
ROE25.6%
ROA14.0%
% insiders21.4%
% institutions19.4%
Last declaration on 5 October 2026
Declarations281 total
1,658 shares@ US$14.320.0008% mcap4.9% of flowCommon units representing limited partner interestsSEC:0001639921-26-000013:0
1,309 shares@ US$14.320.0006% mcap4.7% of flowCommon units representing limited partner interestsSEC:0001636920-26-000012:0
1,571 shares@ US$14.320.0007% mcap5.5% of flowCommon units representing limited partner interestsSEC:0001709335-26-000010:0
1,309 shares@ US$14.320.0006% mcap0.6% of flowCommon units representing limited partner interestsSEC:0001638259-26-000014:0
1,309 shares@ US$14.320.0006% mcap72.9% of flowCommon units representing limited partner interestsSEC:0002110484-26-000007:0
15,900 shares0Common units representing limited partner interestsSEC:0001639921-26-000011:0
498,343 shares@ US$13.210.21% mcap23.4% of flowCommon units representing limited partner interestsSEC:0001987724-26-000004:0
1,628,762 shares@ US$13.210.68% mcap76.6% of flowCommon units representing limited partner interestsSEC:0001987724-26-000004:1
1,628,762 shares@ US$13.210.68% mcap100.0% of flowCommonSEC144:0001950047-26-007738
498,343 shares@ US$13.210.21% mcap100.0% of flowCommonSEC144:0001950047-26-007741
7,665 sharesCommon units representing limited partner interestsSEC:0001636920-26-000010:0
1,342 sharesCommon units representing limited partner interestsSEC:0001636920-26-000008:0
1,342 sharesCommon units representing limited partner interestsSEC:0001638259-26-000012:0
1,700 sharesCommon units representing limited partner interestsSEC:0001639921-26-000009:0
1,610 sharesCommon units representing limited partner interestsSEC:0001709335-26-000008:0
1,342 sharesCommon units representing limited partner interestsSEC:0002110484-26-000005:0
36,363 shares@ US$13.4760.015% mcap15.4% of flowCommon units representing limited partner interestsSEC:0001638259-26-000010:0
Canonical exit: 27 Aug 2026 (T+90)
36,363 shares@ US$13.62170.015% mcap15.6% of flowCommon units representing limited partner interestsSEC:0001638259-26-000010:1
Canonical exit: 30 Aug 2026 (T+90)
37,650 shares@ US$13.20960.015% mcap15.6% of flowCommon units representing limited partner interestsSEC:0001638259-26-000008:0
Canonical exit: 26 Aug 2026 (T+90)
1,120 shares@ US$13.49990.0004% mcap0.1% of flowCommon units representing limited partner interestsSEC:0001319960-26-000012:0
Canonical exit: 11 Aug 2026 (T+90)
29,386 shares@ US$13.7480.012% mcap7.7% of flowCommon units representing limited partner interestsSEC:0001337171-26-000013:0
29,386 shares@ US$14.45170.013% mcap8.2% of flowCommon units representing limited partner interestsSEC:0001621434-26-000023:0
1,240 shares@ US$15.124.8% of flowCommon units representing limited partner interestsSEC:0001636920-26-000006:0
1,570 shares@ US$15.125.1% of flowCommon units representing limited partner interestsSEC:0001639921-26-000007:0
1,488 shares@ US$15.125.7% of flowCommon units representing limited partner interestsSEC:0001709335-26-000006:0
25 of 281 declarations
About Black Stone Minerals, L.P.
Black Stone Minerals, L.P. (NYSE: BSM) is a U.S.-listed energy company headquartered in Houston, Texas, in the United States. The partnership is one of the largest owners of oil and natural gas mineral interests in the country, with a footprint that management says spans more than 20 million gross acres across 41 states and more than 60 productive basins. Its origins date back to 1876 through predecessor businesses, and over time it evolved into a publicly traded minerals-and-royalties platform focused on long-duration cash generation rather than conventional operated exploration and production.
Black Stone’s business model is built around owning and managing mineral interests and royalty interests, primarily in oil and natural gas properties. The company earns revenue when third-party operators drill and produce on its acreage, which makes the business more asset-light than a traditional upstream operator. Its principal exposures include mineral interests, non-participating royalty interests, and overriding royalty interests, with a smaller contribution from working interests. This structure gives Black Stone direct leverage to commodity prices and activity levels, while avoiding much of the capital intensity and operating risk associated with drilling and field development.
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From a competitive standpoint, Black Stone occupies a strong position in the U.S. minerals space because of the scale and diversification of its asset base. The portfolio is spread across established and emerging plays, giving the company exposure to multiple basins and operator relationships rather than relying on a single region. That breadth is important in the mineral royalty industry, where acreage quality, operator activity, and development timing drive the pace of cash flow. Black Stone also continues to pursue targeted mineral acquisitions, which can supplement organic development and expand its long-term royalty potential.
Recent company communications point to a disciplined strategy and a constructive medium-term outlook. In its 2025 quarterly updates, Black Stone highlighted continued development activity across key areas such as the Shelby Trough, the Louisiana Haynesville, and the Permian, along with a focus on grass-roots mineral acquisitions. Management also noted that lower near-term production growth reflected delayed natural gas-weighted activity, but expects production to improve as development ramps up. For investors, BSM offers a distinctive combination of income orientation, broad U.S. upstream asset exposure, and a royalty-driven model that can be attractive in a cyclical energy market.
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