Natgas producer BKV drops after launching stock offering for M&A

Shares of BKV Corp BKV.N down 6.6% post-market to $26.36 as natural gas producer seeks equity to fund an acquisition

Denver, Colorado-based BKV launches 6 mln share offering

It intends to use net offering proceeds to fund the purchase price in connection with previously announced acquisition of a controlling interest in BKV-BPP Power, LLC

Citigroup, Barclays and Mizuho are joint bookrunners

BKV shares rose 2.2% on Mon to $28.22, a record high close, extending YTD gain to about 19%

Co went public in Sept 2024 IPO priced at $18

BKV has about 90 mln shares outstanding

All 7 analysts covering the stock are bullish; their median PT of $32 up from $27 a month ago, per LSEG data