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black stone results
Posted: Tue Aug 04, 2020 8:59 am
by k1f
Black Stone Minerals EPS misses by $0.24, misses on revenue
Aug. 3, 2020 5:10 PM ET|About: Black Stone Minerals, L.P. (BSM)|By: Vandana Singh, SA News Editor
Black Stone Minerals (NYSE:BSM): Q2 GAAP EPS of -$0.07 misses by $0.24.
Revenue of $38.53M (-76.5% Y/Y) misses by $45.04M.
Distributable cash flow was $64.
(Seeking Alpha)
Re: black stone results
Posted: Tue Aug 04, 2020 10:39 am
by dan_s
Stifel's take:
Black Stone Minerals, L.P. (BSM, $7.30, Buy; Target $11.00)
Announces strong gas production and materially reduces its balance sheet risk - Derrick Whitfield
We view this release as slightly positive. The positives include: i) a total equivalent production beat, ii) significant balance sheet improvement by repaying $170mm of borrowings outstanding, and iii) an EBITDA beat. The only negative was lower than expected quarterly oil production and oil guidance (13.9% and 6.7%, respectively). We caution investors to note that 2020 oil consensus is skewed higher by one estimate. Net-net, we expect the company's progress on de-risking its balance sheet and driving activity to its growth asset (Shelby Trough acreage) will outweigh the miss on oil. Further, we expect positive production revisions for 2021 based on the company's Aethon Energy and XTO Energy agreements.