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Black Stone Minerals, L.P.

BSM

Energy · 14.49 +1.2% today

You’ve read what changed. Here’s whether the market is confirming it.

Partial group confirmationMarket checked 1 Oct, 15:55 GMT-4

Market read

Black Stone Minerals, L.P.'s move is being confirmed by its market group.

BSM accounts for 20.9% of the group's measured movement across 2.9 effective names. all 4 measured members are rising in raw terms, but 4 of 4 session-normalized paths align to the upside. Capital-flow agreement is 10%, so confirmation is not yet clean. No verified headline preceded the measured group move.

MOVE ANATOMY

Is this move genuinely shared?

Session-normalized 5m paths
Role in the moveAligned contributor#3 of 4 by movement share
Group movement share20.9%Absolute path energy—not portfolio weight
Relative path+1.22%aligned
Effective breadth2.9 / 4concentrated
Relative alignment4/4upside path · 0 counter-moving
Capital-flow agreement10%not yet clean
SEQUENCE READ

SUN moved materially before BSM. BSM crossed its material path threshold at 11:05 ET. HESM, MNR followed.

EVIDENCE COVERAGE

4 of 4 members in Oil & Gas are active. 0 of 3 disclosed connections are confirming.

What would change this read
  • At least 3 of 4 durable members become active together.
  • Capital-flow agreement rises above 55%.
  • A filing-linked outsider such as EXE begins moving with the group.

Invalidation: The live read weakens if participation falls to 1 of 4 members or fewer.

Watch this read

Research brief

The story so far

Energy · Oil & Gas E&P

BSM accounts for 20.9% of the group's measured movement across 2.9 effective names. all 4 measured members are rising in raw terms, but 4 of 4 session-normalized paths align to the upside. Capital-flow agreement is 10%, so confirmation is not yet clean. No verified headline preceded the measured group move.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • At least 3 of 4 durable members become active together.
  • Capital-flow agreement rises above 55%.
  • A filing-linked outsider such as EXE begins moving with the group.

Company research

Understand the business, not just the ticker

As of Oct 2, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations342
Usable filing statements116
Verified relationships0
Evidence supporting the case
  • Operating margin changed +10.9 percentage points in the latest annual period.
  • Credit and interest rates has repeated favorable evidence across 4 filings.
Evidence challenging the case
  • Latest annual revenue changed -3.9% year over year.
Questions before a position

No credible peer-relative valuation comparison is available yet.

Longer-term price context

Price as of Oct 1, 2026

14.49
6m-1.4%12m+10.3%24m—
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$505.7M+70.5%——
2022-12-31$784.3M+55.1%——
2023-12-31$501.1M-36.1%——
2024-12-31$439.4M-12.3%——
2025-12-31$422.3M-3.9%——

What management says matters

Persistent and emerging business drivers

Energy and commodity pricesmixed · 5 filings
“The increase was primarily due to higher expenditures for acquisitions of oil and natural gas properties and leasehold costs in the six months ended June 30, 2026 compared to the same period of 2025.”
10-Q · Aug 4, 2026 ↗
Credit and interest ratesmixed · 4 filings
“The decreased distributions paid to common unitholders for the six months ended June 30, 2026, compared to the same period of 2025 was partially offset by higher repayments of our Credit Facility.”
10-Q · Aug 4, 2026 ↗
Demand and volumemixed · 3 filings
“Recent price strength at the end of the second quarter was driven by rising electric power demand and increased U.S.”
10-Q · Aug 4, 2026 ↗
Tariffs and trade policynegative · 2 filings
“Oil prices decreased during the nine months ended September 30, 2025 compared to the same period in 2024, primarily due to weakening global demand amid, changes in trade policies, including imposition of tariffs and other import/export restrictions, and escal…”
10-Q · Nov 4, 2025 ↗

Valuation discipline

Descriptive valuation snapshot

Price/sales — · EV/sales —. Comparisons use only industry-matched filing peers.

Scenario scaffold

No usable price/earnings or price/sales multiple (need a fresh price).

Price action

How the market is pricing the story

14.49+1.2% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 1 Oct, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for BSM. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for BSM. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind BSM

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

BSM is currently a Early Follower in the organic co-movement group Oil & Gas. This group is discovered from market behaviour rather than assigned from an industry taxonomy. No verified filing-linked names are available yet.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.