WhiteHawk Minerals Corp. (WHK)

Price$27.84Cached quoteAs of 2026-09-05 04:43 UTC

AI: Fair-priced

Verified natural-gas royalty company following a recent IPOWHK is WhiteHawk Minerals' NYSE-listed Class A common stock, quoted in USD. Following its June 2026 IPO, it is an operating mineral-and-royalty owner—not a copper miner or the unrelated WhiteHawk Limited listed as WHK in Australia. Its assets principally cover the Marcellus, Utica and Haynesville basins. Latest results cover June 30, released August 12, with the Form 10-Q filed August 13.

Quarterly attributable production reached 70.0 million cubic feet equivalent daily, up 57% year-over-year; natural gas represented 85%. Royalty revenue was $17.8 million, while total revenue of $29.1 million included $6.7 million of unrealized hedging gains.

Attractive indicated income, but adjusted cash is not actual dividend coverageThe indicated $2.00 annualized common dividend implies approximately a 7.8% yield at the verified quotation, calculated. This is a forward indication, not a guaranteed return or trailing cash yield: the first post-IPO dividend declaration was only $0.11 per share, prorated for the initial period.

Quarterly company-defined Cash Available for Distribution was $17.4 million, or $0.63 per share, versus $3.9 million of actual operating cash flow. CAD includes IPO-related financing and tax adjustments and is not cash remaining after acquisitions. The $39.2 million GAAP net loss included substantial debt-extinguishment and internalization charges, making ordinary earnings multiples unhelpful.

Borrowing capacity supports growth, while preferred claims rank ahead of common sharesJune-end cash was $13.2 million against $68.7 million of senior-note principal. Existing Series B preferred stock had a $46.5 million redemption value. The notes bear adjusted SOFR plus 6% and mature in May 2031. These figures predate September's acquisitions and financing—not current consolidated liquidity.

First-half operating cash flow was $6.7 million before $36.8 million of mineral-property purchases. September 25's update increased the revolving borrowing base to $175 million, fully undrawn at that date. This is conditional credit capacity, not cash already held; acquisition growth remains dependent on disciplined financing and asset selection.

Operator dependence and a complex ownership structure warrant cautionWhiteHawk generally avoids drilling and completion expenditure, but third-party operators control development and payment timing. Natural-gas prices, production declines, pipeline constraints, operator distress and mineral-title disputes can reduce royalties. Avoiding drilling costs does not eliminate commodity or counterparty risk.

Private operating-partnership interests may exchange into public Class A shares; paired Class B shares have voting rights but no separate economic entitlement. They should not be counted twice in valuation. June's filing also reported unremediated financial-control weaknesses involving related-party reconciliations and acquisition accounting. These weaknesses warrant caution without establishing that reported figures are misstated.

AI: News

September 25: Mineral acquisitions completed, expanding the royalty portfolioWhiteHawk announced completion of an approximately $111.8 million acquisition package. The largest component, SJM II, closed for $96.8 million after customary adjustments to its originally agreed $105 million purchase price. The headline package value should not be confused with that component's actual closing payment.

The acquired interests cover approximately 700,000 gross unit acres but only 11,810 net royalty acres normalized to a one-eighth royalty. Gross acreage therefore does not represent complete ownership of the underlying production. Additional undeveloped locations provide potential, not guaranteed drilling or earned cash flow; returns remain dependent on operators, prices and well performance.

September 21–23: Completed equity financing introduces dilution and escalating preferred costsThe common-stock placement closed September 21, issuing 2,873,563 Class A shares for approximately $75 million gross. A separate September 23 preferred issuance raised $50 million gross. These are completed financing transactions—not revenue or verified cash remaining after acquisitions.

Series E preferred shares rank ahead of all other stock and pay 10% annually through March 2027, 12% through December 2028 and 14% thereafter. Investors included CEO Daniel Herz. The financing preserves revolving capacity but adds senior cash claims and common-share dilution; insider participation also creates potential conflicts between security classes.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$67.6M	$9.4M	$8.0M
Operating expenses	$51.0M	$7.5M	$5.2M
Operating income	−$14.2M	−$4.4M	−$3.7M
Operating margin	−21.05%	−46.90%	−45.97%
EBITDA	$7.5M	$1.6M	$12.9M
EBITDA margin	11.08%	17.12%	161.57%
Net income	−$3.6M	−$11.6M	$3.8M
Net profit margin	−5.30%	−122.34%	48.13%

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.71%of listed shares

COOPERMAN LEON G3.26M shares · Jun 30, 2026

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Top 20 reported holders of WHK
Holder	% owned
COOPERMAN LEON G	13.71%3.26M shares
HORIZON KINETICS ASSET MANAGEMENT LLC	6.53%1.55M shares
T. Rowe Price Investment Management, Inc.	5.54%1.32M shares
VICTORY CAPITAL MANAGEMENT INC	2.35%558.36K shares
Herz Daniel C / WhiteHawk Minerals LLC	≈2.29%544.62K shares
LOOMIS SAYLES & CO L P	1.77%420.88K shares
EMERALD ADVISERS, LLC	1.75%417.31K shares
FRANKLIN RESOURCES INC	1.60%381.27K shares
CITADEL ADVISORS LLC	1.54%367.16K shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	1.37%326.67K shares
EMERALD MUTUAL FUND ADVISERS TRUST	1.11%263.81K shares
Alyeska Investment Group, L.P.	1.05%250K shares
Conversant Capital LLC	0.84%200K shares
BlueCrest Capital Management Ltd	0.57%135K shares
Russell Investments Group, Ltd.	0.56%132.96K shares
AMERICAN CENTURY COMPANIES INC	0.49%117.66K shares
HITE Hedge Asset Management LLC	0.47%112.24K shares
SEVEN GRAND MANAGERS, LLC	0.42%100K shares
MILLENNIUM MANAGEMENT LLC	0.41%98.24K shares
VANGUARD CAPITAL MANAGEMENT LLC	0.37%87.41K shares

Percentages use 23.8M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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