BKV (NYSE:BKV) Shares Gap Up After Better-Than-Expected Earnings

Key Points

• BKV Corporation's stock price gapped up from $20.06 to $21.62 before market opening, currently trading at $21.12.
• Analysts have a positive outlook on BKV, with target price upgrades from Evercore ISI and Barclays, leading to an average target price of $28.25.
• Insider transactions reveal decreased positions with notable sales of 116,448 shares valued at $2,635,451 in the last quarter.

BKV Corporation (NYSE:BKV - Get Free Report) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $20.06, but opened at $21.62. BKV shares last traded at $21.12, with a volume of 52,354 shares traded.

The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.24. The business had revenue of $322.04 million during the quarter, compared to analyst estimates of $224.05 million. BKV had a positive return on equity of 3.21% and a negative net margin of 2.69%.

Wall Street Analysts Forecast Growth

BKV has been the subject of several research reports. Barclays upped their target price on BKV from $29.00 to $30.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Evercore ISI increased their price objective on BKV from $20.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $28.25.

Insider Activity

In related news, insider Ethan Ngo sold 64,998 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $23.00, for a total value of $1,494,954.00. Following the completion of the sale, the insider owned 112,675 shares of the company's stock, valued at $2,591,525. This trade represents a 36.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Lindsay B. Larrick sold 10,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $21.62, for a total value of $216,200.00. Following the completion of the sale, the insider directly owned 200,528 shares of the company's stock, valued at $4,335,415.36. The trade was a 4.75% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 126,448 shares of company stock valued at $2,851,651. 4.11% of the stock is currently owned by company insiders.

Institutional Trading of BKV

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System purchased a new stake in BKV in the fourth quarter worth $26,000. Police & Firemen s Retirement System of New Jersey lifted its stake in BKV by 37.9% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 4,246 shares of the company's stock worth $102,000 after acquiring an additional 1,166 shares during the period. Bank of New York Mellon Corp lifted its stake in BKV by 21.2% in the first quarter. Bank of New York Mellon Corp now owns 35,453 shares of the company's stock worth $745,000 after acquiring an additional 6,209 shares during the period. Quantbot Technologies LP purchased a new stake in BKV in the first quarter worth $1,605,000. Finally, Geode Capital Management LLC purchased a new stake in BKV in the fourth quarter worth $7,728,000.

BKV Price Performance

The business has a 50 day moving average of $22.09 and a 200 day moving average of $21.14. The company has a market cap of $1.81 billion and a PE ratio of -107.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.56 and a quick ratio of 0.39.

About BKV

BKV Corporation engages in the acquisition, operation, and development of natural gas and NGL properties. It is also involved in the gathering, processing, and transportation of natural gas. The company was founded in 2015 and is based in Denver, Colorado with additional offices in Tunkhannock, Pennsylvania and Fort Worth, Texas.