591,282 Shares in BKV Corporation $BKV Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 591,282 BKV shares worth approximately $16.2 million in the second quarter, representing about 0.54% of the natural-gas company. Several other institutional investors, including BlackRock and William Blair, also initiated or increased positions.
• Analysts maintain a generally positive outlook, with BKV holding a consensus “Moderate Buy” rating and an average price target of $33.56, despite some recent target-price reductions.
• BKV exceeded quarterly expectations, reporting $0.46 in earnings per share versus the $0.25 consensus estimate and revenue of $465.5 million versus $355.3 million expected. The stock opened at $23.11, below its 52-week high of $32.81.

Bank of America Corp DE bought a new stake in BKV Corporation (NYSE:BKV - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 591,282 shares of the company's stock, valued at approximately $16,177,000. Bank of America Corp DE owned approximately 0.54% of BKV at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of BKV in the 2nd quarter valued at $74,241,000. Cooper Creek Partners Management LLC grew its position in BKV by 24.7% during the 1st quarter. Cooper Creek Partners Management LLC now owns 2,103,230 shares of the company's stock worth $59,984,000 after acquiring an additional 416,281 shares during the last quarter. William Blair Investment Management LLC acquired a new position in BKV in the 2nd quarter worth about $32,689,000. Bank of New York Mellon Corp acquired a new position in BKV in the 2nd quarter worth about $15,261,000. Finally, Oxbow Advisors LLC bought a new position in BKV in the second quarter valued at about $3,701,000.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BKV shares. Citigroup cut their price target on BKV from $36.00 to $33.00 and set a "buy" rating on the stock in a research note on Thursday, June 11th. Wall Street Zen raised BKV from a "strong sell" rating to a "sell" rating in a research note on Saturday, September 19th. Jefferies Financial Group reiterated a "buy" rating and issued a $34.00 price objective on shares of BKV in a report on Friday, July 10th. Barclays cut their target price on shares of BKV from $36.00 to $35.00 and set an "overweight" rating on the stock in a research report on Tuesday, September 15th. Finally, Zacks Research raised shares of BKV from a "strong sell" rating to a "hold" rating in a report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.56.

Insider Transactions at BKV

In related news, insider Lindsay B. Larrick sold 10,000 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $26.16, for a total value of $261,600.00. Following the completion of the sale, the insider directly owned 83,925 shares of the company's stock, valued at $2,195,478. The trade was a 10.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Tameron sold 4,321 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $26.56, for a total value of $114,765.76. Following the transaction, the chief financial officer directly owned 58,524 shares in the company, valued at approximately $1,554,397.44. This trade represents a 6.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 28,198 shares of company stock valued at $733,271 in the last 90 days. 2.51% of the stock is currently owned by corporate insiders.

BKV Stock Performance

NYSE:BKV opened at $23.11 on Friday. The company has a market capitalization of $2.53 billion, a PE ratio of 8.44 and a beta of 1.06. The company has a 50 day simple moving average of $24.76 and a two-hundred day simple moving average of $26.58. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.10 and a current ratio of 1.15. BKV Corporation has a fifty-two week low of $20.08 and a fifty-two week high of $32.81.

BKV (NYSE:BKV - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.21. BKV had a return on equity of 6.67% and a net margin of 17.73%.The company had revenue of $465.54 million for the quarter, compared to the consensus estimate of $355.25 million. Research analysts anticipate that BKV Corporation will post 1.62 earnings per share for the current year.

About BKV

BKV Corporation is an energy company focused on the development, production and marketing of natural gas and related energy products. Its operations include upstream exploration and production, as well as midstream activities that support the gathering, processing and transportation of natural gas.

The company has also pursued lower-carbon energy initiatives, including carbon capture, utilization and storage projects designed to reduce emissions associated with natural gas production. BKV's activities are primarily concentrated in major U.S.

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