NEW YORK (TheStreet) -- Shares of Blackstone (BX) - Get Report were inching higher at the start of trading on Friday as the company said it will invest about $1.5 billion in the Permian basin in Texas and New Mexico, Reuters reported.

Blackstone will partner with an affiliate of oil and gas company Jetta Operating to form Jetta Permian. Blackstone and Jetta's partners will commit $1 billion of capital.

Jetta Permian will target assets and leasehold in the Delaware Basin located in west Texas and southern New Mexico, according to a statement late yesterday.

Additionally, Blackstone said it will spend $500 million on future acquisitions through its recently created oil and gas company Guidon Energy, Reuters noted. in April, Guidon purchased roughly 22,000 gross acres in Texas.

Blackstone is a New York-based alternative asset manager.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its increase in net income, expanding profit margins and growth in earnings per share.

But the team also finds weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and premium valuation.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: BX

Image placeholder title