Black Stone Minerals, L.P. (BSM) vs Northern Oil and Gas, Inc. (NOG)

Black Stone Minerals, L.P. and Northern Oil and Gas, Inc. are both Oil & Gas E&P companies. Black Stone Minerals, L.P. is the larger, with a market value of $3.1B against $2.7B — 1.1× the size. Northern Oil and Gas, Inc. has negative trailing earnings, so its P/E is not meaningful; Black Stone Minerals, L.P. trades at 12.4×. Black Stone Minerals, L.P. grew revenue faster over the last twelve months: 5.07% against −25.6%. Black Stone Minerals, L.P. has the higher net margin (55.3% vs −25.4%) and the higher return on invested capital (14.1% vs −6.22%). Both pay a dividend; Black Stone Minerals, L.P. yields more (8.12% vs 6.63%). Across the 21 metrics below, Black Stone Minerals, L.P. leads on 17 and Northern Oil and Gas, Inc. on 4.

Valuation

Metric BSM NOG Oil & Gas E&P median
P/E 12.42 n/m 11.01
P/S 6.95 1.50 1.98
P/B 3.93 1.44 1.30
Price to free cash flow 10.41 n/m 10.68
EV/EBITDA 10.13 16.45 5.09
EV/Sales 7.38 2.91 2.63
Earnings yield 8.05% (18.89%) 5.78%
Free cash flow yield 9.61% (10.23%) 4.91%

Profitability

Metric BSM NOG Oil & Gas E&P median
Gross margin 100.00% 66.68% 80.41%
Operating margin 64.34% (24.10%) 21.39%
Net margin 55.30% (25.35%) 14.17%
Free cash flow margin 66.81% (15.34%) 8.18%
Return on equity 31.47% (22.05%) 10.05%
Return on assets 19.30% (8.43%) 5.81%
Return on invested capital 14.13% (6.22%) 6.32%

Growth

Metric BSM NOG Oil & Gas E&P median
Revenue growth (TTM) 5.07% (25.62%) 9.94%
EPS growth (last fiscal year) 11.30% (92.41%) (10.50%)
Revenue growth, 5-year CAGR 6.51% 35.00% 18.67%
Net income growth, 5-year CAGR 21.82% 0.00% 0.00%

Health

Metric BSM NOG Oil & Gas E&P median
Debt to equity 0.18 1.37 0.28
Current ratio 3.76 0.80 0.96
Net debt to EBITDA 0.44 2.07 0.89

Dividend

Metric BSM NOG Oil & Gas E&P median
Dividend yield 8.12% 6.63% 3.29%
Payout ratio 1.01 — 0.35

Size

Metric BSM NOG Oil & Gas E&P median
Market cap 3.14b 2.74b 1.04b

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