RBC Capital initiated coverage of Black Stone Minerals with a Sector Perform rating and a $16 price target, citing the company's 76% gas-weighted portfolio as a factor in its discounted valuation relative to peers. The firm noted that natural gas market fundamentals are likely to constrain Black Stone's growth potential. During the first-quarter 2026 earnings call, Co-CEO Taylor DeWalch highlighted increased natural gas activity in the Louisiana Haynesville and Shelby Trough regions and strong oil production from the Permian Basin. DeWalch also said the company expects production growth in 2026 compared with 2025 and remains on track to meet its February production guidance. Co-CEO Fowler Carter added that Black Stone acquired an additional $12 million of mineral and royalty acreage during the quarter, bringing total capital deployed through its investment program since 2023 to over $250 million.
Black Stone Minerals LPRBC Capital initiated coverage with a Sector Perform rating and $16 price target, citing gas-weighted portfolio discount and constrained growth potential.