Evaluating Black Stone Minerals' Valuation Amid Recent Share Price Gains

Black Stone Minerals (BSM) shares have seen a modest increase in recent trading, with the company's share price up 4.9% over the past 90 days. The company has a five-year total return of over 200%, but the current momentum is more muted. The most popular narrative suggests the stock is trading at a 2.6% premium, with ongoing operator diversification and projected growth from new drilling partners driving the valuation. However, production delays and reliance on third-party operators remain potential risks to the growth outlook.