Dorchester Minerals, L.P. (DMLP)

Over the past six months, Dorchester Minerals LP's stock price has declined. DMLP was down 2.15% over the past 30 days and down 27.95% over the past 12 months. The stock has fallen by -21.90% over the last six months. Recent events impacting the stock include earnings reports, dividend declarations, acquisition of mineral interests, insider trading, market conditions, and a volume spike. The company's Q3 2025 operating revenues plummeted 34% year-over-year to $35,416,000, and net income dropped 69% to $11,173,000, primarily due to commodity price volatility. Dorchester Minerals increased its quarterly dividend to $0.6899, representing a 12.9% to 13.0% yield, but with a high payout ratio of 255.56%. On September 2, 2025, Dorchester Minerals announced the acquisition of mineral interests totaling approximately 3,050 net royalty acres in Adams County, Colorado. On November 25, 2025, CEO Bradley Ehrman and CFO Leslie Moriyama purchased shares of DMLP stock. The company has been grappling with weak external factors, including softer energy prices due to stubborn inflation and weaker consumer demand. On November 27, 2025, shares experienced a large intraday volume spike, increasing 175% to 347,430 shares traded.

The primary revenue streams for Dorchester Minerals, L.P. are directly exposed to commodity price volatility, implying that demand for their products is subject to the broader seasonality and market dynamics of the oil and gas industry. The company's financial performance is directly tied to the price and demand for oil and natural gas, which can experience seasonal fluctuations. Energy prices weakened in the second quarter of 2025 due to various market factors.

Dorchester Minerals, L.P. is a publicly traded partnership that acquires, owns, and administers producing and non-producing mineral, royalty, and leasehold interests in oil and natural gas properties across the United States. The company operates in the Energy sector, specifically in the Oil & Gas Exploration and Production industry. DMLP's asset-light business model generates revenue from royalty properties income and net profits interests, which are fixed percentages of gross revenue from oil and gas sales.

As of Q4 2023, Dorchester Minerals owns mineral and royalty interests across 644 counties in 26 U.S. states, with total net mineral acres of 297,345. The company's portfolio is concentrated in key producing regions, including the Permian Basin (42% of portfolio allocation), Eagle Ford Shale (28%), and Bakken Formation (15%). Specific states mentioned include Louisiana, New Mexico, Colorado, and Texas.

Dorchester Minerals, L.P. is recognized for its high-yield, low-debt model, which appeals to income-focused investors. Its asset-light business model, diversified portfolio, and experienced leadership are seen as strengths positioning it for long-term success. In the past year, the company's reputation has been generally stable, with a focus on its consistent cash distributions to unitholders. However, concerns have been raised regarding the sustainability of its high dividend payout ratio. The passing of C.W. "Bill" Russell, a dedicated member of its Board of Managers and Advisory Committee since 2004, was announced on November 4, 2025.

Dorchester Minerals LP's ownership structure is a mix of institutional, insider, and retail investors. Retail investors hold the largest share, at approximately 70.79% or 83.14%. Institutional shareholders own between 12.57% and 20.09% of the company's stock, while insiders hold between 0.57% and 11.51%. Major institutional owners include Morgan Stanley, Horizon Kinetics Asset Management LLC, and Invesco. The largest individual shareholder is Lucent Technologies Inc Master Pension Trust, owning 2.82 million shares, representing 5.85% of the company.