KeyBanc analyst Tim Rezvan downgraded Black Stone Minerals to Sector Weight from Overweight without a price target. The analyst sees risk in the company’s Haynesville Shale exposure and believes the "catch-up" trade in the shares played out last year, with a 63% price rally reflecting improving sentiment as natural gas production bounced from the trough seen in Q1 of 2022. The firm acknowledges Black Stone’s "attractive" natural gas hedges in place but believes there is greater downside risk to activity, production, and distributions for natural gas-exposed minerals entities.
Published first on TheFly
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