Thomas Carter Jr. (Insider Trades), CEO, president and chairman of Black Stone Minerals LP (BSM, Financial), acquired 10,800 shares of the company on Nov. 14. The average price per share was $17.83, for a total transaction of $192,564. Black Stone Minerals owns oil and natural gas mineral interests in 40 states and 60 onshore basins in the United States. The company has a market cap of $3.42 billion.
Since the company’s initial public offering in April of 2015, there were a total of 21 insider buys in 2015, amounting to 459,502 shares. In 2016 to date, there were four insider buys totaling 29,189 shares. After the company’s initial public offering was finalized, Carter purchased 114,100 shares in six transactions. Carter’s earliest insider purchase with the company was 25,000 shares at an average per share price of $19.00. The stock has decreased in price by nearly 10% since then. For more information about insider trades with Black Stone, click here.
The company reported total revenue of $99.171 million in the three months ended on Sept. 30. Total revenue in the third quarter of 2016 was down in comparison to the company’s reported total revenue of $137.02 million for the third quarter of the previous year. Net income also decreased from $53.892 million, or 27 cents per share, to $36.219 million, or 24 cents per share, when comparing the third quarters of 2015 and 2016.
Despite the decrease in revenue and net income, Carter commented that the company “had a very strong third quarter and continues to be well positioned with high-quality assets and a sound financial position.”
The company’s board of directors approved cash distributions of 28 cents per common unit and 18 cents per subordinated unit for the third quarter of 2016.
On Oct. 24, the company announced Jeffrey Wood as the new chief financial officer following the departure of Marc Carroll on Nov. 11. Wood has over 20 years of experience as the CFO of Eagle Rock Energy Partners and 11 years of experience at Lehman Brothers Holdings Inc.
During the third quarter of 2016, Jim Simons (Trades, Portfolio) increased his stake in Black Stone. Simons purchased 107,600 shares of the company at an average per share price of $16.35, increasing his stake by 49.34%. Simons acquired the holding for $13.19 per share and doubled the size of his holding from 109,500 shares to 218,100 shares in the first half of 2016. For more information about guru trades with Black Stone, click here.
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