Natgas producer BKV down after starting stock sale

Royal Bank of Canada

10/03/2026 21:34

** Natural gas producer BKV Corp's BKV.N shares down 1.9% post-market to $28.38 after equity offering news

** Denver, Colorado-based firm launches ~9.7 mln share offering with RBC as sole underwriter

** BKV to sell 5.55 mln shares and Bedrock Energy Partners (BEP)  to part with ~4.1 mln shares

** With the sale, BEP would fully divest its holdings in BKV, per the prospectus

** BKV, which has ~102.4 mln shares outstanding, completed its $370 mln acquisition of BEP's Barnett Shale assets in Sept

** BKV shares fell 5.1% to close at $28.94 on Tues, reducing YTD gain to 6.6%. Stock hit record intraday high of $32.81 on Mar 2

** All 10 analysts covering the stock are bullish; median PT $35.50, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))