Stifel Starts Black Stone Minerals (BSM) at Buy
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Stifel initiates coverage on Black Stone Minerals (NYSE: BSM) with a Buy rating and a price target of $19.00.
Analyst Brian Brungardt, Jr. commented, "Black Stone Minerals LP (BSM) offers investors a geographically well diversified option for those seeking direct commodity exposure. Additionally, through the use of escalating minimum quarterly distributions (“MQD”) and subordinated units, we anticipate the partnership will be able to achieve the targeted 9% annual DPU growth through 2019. With units trading at a current yield of approximately 6.9% and an EV/NTM EBITDA multiple of 12.0x, we view the units attractively positioned and, in turn, are initiating coverage with a Buy rating and establishing a target price of $19.00"
Shares of Black Stone Minerals closed at $16.75 yesterday.
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