BKV (BKV)


Market Price (8/17/2026): $26.74 | Market Cap: $2.9 BilSector: Energy | Industry: Oil & Gas Exploration & Production

BKV (BKV)


Market Price (8/17/2026): $26.74
Market Cap: $2.9 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%

Low stock price volatility
Vol 12M is 42%

Megatrend and thematic drivers
Megatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US LNG, US Oilfield Technologies, Show more.

Weak multi-year price returns
3Y Excs Rtn is -26%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -41%

Key risks
BKV key risks include [1] substantial derivative losses contributing to recent net losses and [2] historically high operating expenses that have pressured profitability.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%
3 Low stock price volatility
Vol 12M is 42%
4 Megatrend and thematic drivers
Megatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US LNG, US Oilfield Technologies, Show more.
5 Weak multi-year price returns
3Y Excs Rtn is -26%
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -41%
7 Key risks
BKV key risks include [1] substantial derivative losses contributing to recent net losses and [2] historically high operating expenses that have pressured profitability.

BKV in ETFs

Weight = BKV's share of each fund

VTI0.00%
ITOT0.00%
IWM0.03%
XOP0.83%
AVUV0.07%
DFAS0.05%
ESML0.04%
IWO0.04%
+6 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/10/2026

BKV (BKV) stock has lost about 15% since 4/30/2026 because of the following key factors:

1. Decline in GAAP Net Income and Diluted EPS

Despite strong adjusted financial metrics, BKV reported a significant year-over-year decrease in its GAAP net income and diluted earnings per share (EPS) for fiscal Q2 2026 (ended June 30, 2026). Net income attributable to BKV fell approximately 30% to $75.8 million, down from $107.8 million in the prior year's comparable quarter. Diluted EPS also saw a substantial decline of 47.2% to $0.67, compared to $1.27 a year earlier. This decline was primarily attributed to a smaller unrealized derivative gain of $45.5 million in fiscal Q2 2026, significantly lower than the $111.1 million recorded in fiscal Q2 2025.

2. Weakness in the Power Segment Due to Lower Wholesale Prices

BKV's Power segment experienced headwinds from lower wholesale prices in fiscal Q2 2026, negatively impacting its revenue and operating income. This occurred despite an increase in generation from its Temple plants, which rose 16% year-over-year to 2,222 GWh in the quarter. The impact of these lower wholesale prices offset some of the operational momentum in this segment.

Show more
Updated on 8/10/2026

BKV (BKV) stock has lost about 15% since 4/30/2026 because of the following key factors:

1. Decline in GAAP Net Income and Diluted EPS

Despite strong adjusted financial metrics, BKV reported a significant year-over-year decrease in its GAAP net income and diluted earnings per share (EPS) for fiscal Q2 2026 (ended June 30, 2026). Net income attributable to BKV fell approximately 30% to $75.8 million, down from $107.8 million in the prior year's comparable quarter. Diluted EPS also saw a substantial decline of 47.2% to $0.67, compared to $1.27 a year earlier. This decline was primarily attributed to a smaller unrealized derivative gain of $45.5 million in fiscal Q2 2026, significantly lower than the $111.1 million recorded in fiscal Q2 2025.

2. Weakness in the Power Segment Due to Lower Wholesale Prices

BKV's Power segment experienced headwinds from lower wholesale prices in fiscal Q2 2026, negatively impacting its revenue and operating income. This occurred despite an increase in generation from its Temple plants, which rose 16% year-over-year to 2,222 GWh in the quarter. The impact of these lower wholesale prices offset some of the operational momentum in this segment.

3. Depressed Natural Gas Price Environment

The broader macroeconomic environment for natural gas prices remained subdued throughout the period, putting downward pressure on BKV as a natural gas producer. The U.S. Energy Information Administration (EIA) trimmed its Q2 2026 Henry Hub spot gas price forecast to an average of $3.01/MMBtu as of April 7, 2026, and projected a full-year 2026 average of $3.67/MMBtu. A subsequent EIA forecast on July 7, 2026, anticipated Henry Hub prices to average approximately $3.60/MMBtu for both 2026 and 2027, which is about 10% below the average from 2016 through 2025. These consistently lower price expectations likely contributed to investor concern.

4. Substantial Insider Selling Activity

Significant insider selling activity has been observed in BKV shares over the past year. In the last 12 months, the aggregate amount of insider selling totaled $125.7 million. Over the last 24 months, insider sales exceeded $8.7 million, with notable individual transactions from executives such as Ethan Ngo ($3,284,214.86), Eric S Jacobsen ($2,763,890.50), and Lindsay B Larrick ($2,291,425.00). While individual transactions since April 30, 2026, did not individually exceed $5 million, the sustained and substantial aggregate selling by company insiders can signal a lack of confidence and negatively influence investor sentiment.

5. Persistent Valuation Concerns and Analyst Adjustments

Despite BKV's reported operational beats in fiscal Q2 2026, concerns about its valuation persisted, contributing to the stock's downward trend. InvestingPro analysis in early June 2026 indicated that BKV appeared overvalued, suggesting a fair value of $22.54. Furthermore, while analysts generally maintained "Buy" ratings, Truist lowered its price target for BKV from $34 to $33 on August 10, 2026, citing adjustments for commodity pricing and updates to its exploration and production models. Some analyses also highlighted BKV's "unprofitable and cash-flow-negative" status based on certain metrics, which likely contributed to investor wariness.

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Stock Movement Drivers

Fundamental Drivers

The -15.2% change in BKV stock from 4/30/2026 to 8/16/2026 was primarily driven by a -34.8% change in the company's P/E Multiple.
(LTM values as of)43020268162026Change
Stock Price ($)31.5326.73-15.2%
Change Contribution By: 
Total Revenues ($ Mil)1,0051,16315.7%
Net Income Margin (%)17.2%23.0%33.4%
P/E Multiple16.810.9-34.8%
Shares Outstanding (Mil)92109-15.8%
Cumulative Contribution-15.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/16/2026
ReturnCorrelation
BKV-15.2% 
Market (SPY)8.0%-13.3%
Sector (XLE)3.8%58.6%

Fundamental Drivers

The -10.2% change in BKV stock from 1/31/2026 to 8/16/2026 was primarily driven by a -80.4% change in the company's P/E Multiple.
(LTM values as of)13120268162026Change
Stock Price ($)29.7526.73-10.2%
Change Contribution By: 
Total Revenues ($ Mil)9131,16327.4%
Net Income Margin (%)5.0%23.0%364.1%
P/E Multiple55.810.9-80.4%
Shares Outstanding (Mil)85109-22.5%
Cumulative Contribution-10.2%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/16/2026
ReturnCorrelation
BKV-10.2% 
Market (SPY)12.5%-3.8%
Sector (XLE)22.1%55.5%

Fundamental Drivers

The 29.5% change in BKV stock from 7/31/2025 to 8/16/2026 was primarily driven by a 63.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120258162026Change
Stock Price ($)20.6426.7329.5%
Change Contribution By: 
Total Revenues ($ Mil)7111,16363.5%
P/S Multiple2.52.52.3%
Shares Outstanding (Mil)85109-22.6%
Cumulative Contribution29.5%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/16/2026
ReturnCorrelation
BKV29.5% 
Market (SPY)23.9%10.6%
Sector (XLE)45.4%53.4%

Fundamental Drivers

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Market Drivers

7/31/2023 to 8/16/2026
ReturnCorrelation
BKV  
Market (SPY)75.6%34.8%
Sector (XLE)54.7%55.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BKV Return---32%14%-5%44%
Peers Return104%46%6%44%7%13%450%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
BKV Win Rate---75%58%62% 
Peers Win Rate65%65%52%65%55%62% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
BKV Max Drawdown-----40%-28% 
Peers Max Drawdown-24%-31%-20%-22%-21%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: EQT, RRC, AR, WMB, KMI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/14/2026 (YTD)

How Low Can It Go

EventBKVS&P 500
2025 US Tariff Shock
  % Loss-36.7%-18.8%
  % Gain to Breakeven57.9%23.1%
  Time to Breakeven213 days79 days

Compare to EQT, RRC, AR, WMB, KMI

In The Past

BKV's stock fell -36.7% during the 2025 US Tariff Shock. Such a loss loss requires a 57.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventBKVS&P 500
2025 US Tariff Shock
  % Loss-36.7%-18.8%
  % Gain to Breakeven57.9%23.1%
  Time to Breakeven213 days79 days

Compare to EQT, RRC, AR, WMB, KMI

In The Past

BKV's stock fell -36.7% during the 2025 US Tariff Shock. Such a loss loss requires a 57.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About BKV (BKV)

BKV is a forward-thinking, growth-driven energy company primarily focused on producing natural gas and natural gas liquids (NGLs) from its owned and operated upstream properties. The company holds significant acreage, particularly in the Barnett Shale in Texas, where it is the largest natural gas producer, and in the Marcellus Shale in Northeastern Pennsylvania. BKV differentiates itself with a strong commitment to achieving net zero Scope 1 and 2 emissions by the early 2030s, and net zero Scope 1, 2, and 3 emissions by the late 2030s, employing a "closed-loop" and vertically integrated approach to its operations.

BKV's business model is supported by four core lines: natural gas production, natural gas midstream services, power generation, and carbon capture, utilization, and sequestration (CCUS). Its midstream assets gather, process, and transport natural gas for both BKV's own production and third parties. Through a joint venture, the company owns modern combined cycle gas power plants in Texas, selling electricity into the ERCOT market, and also has a retail marketing business, BKV Energy, serving commercial, industrial, and residential customers in Texas. The CCUS business captures and sequesters CO2, generating carbon credits that are used to offset BKV's own emissions and to create "Carbon Sequestered Gas," a premium, third-party certified, carbon-neutral natural gas product.

AI Analysis | Feedback

1. Like Occidental Petroleum, but a natural gas producer aggressively building out carbon capture and power generation to achieve net-zero emissions.

2. The Impossible Foods of natural gas, developing 'carbon-sequestered gas' through its integrated production, power, and carbon capture businesses.

AI Analysis | Feedback

  • Natural Gas and NGL Production: Produces natural gas and natural gas liquids from owned and operated upstream assets in the Barnett and Marcellus Shales.
  • Natural Gas Midstream Services: Provides gathering, processing, and transportation of natural gas for its upstream assets and third-party producers.
  • Power Generation and Retail Sales: Generates electricity through modern power plants and sells it to commercial, industrial, and residential customers in Texas.
  • Carbon Capture, Utilization, and Sequestration (CCUS): Captures and sequesters CO2 emissions, develops CCUS projects, and generates tradable carbon credits.
  • Carbon Sequestered Gas: Offers a premium natural gas product by bundling Responsibly Sourced Gas with carbon credits to offset associated emissions.

AI Analysis | Feedback

BKV primarily sells to other companies. Based on the provided description, the following customer companies are identified:

  • ENGIE Energy Marketing NA, Inc. (a subsidiary of ENGIE S.A., symbol: ENGIY) - Purchases up to 10,000 MMBtu/d of Carbon Sequestered Gas.
  • Kiewit Infrastructure South Co. (a subsidiary of Kiewit Corporation, which is privately held and has no public symbol) - Purchases up to 100 MMBtu/d of Carbon Sequestered Gas.

In addition to these named customers, BKV also serves various categories of unnamed corporate customers across its business lines, including:

  • Third-party natural gas producers (for natural gas gathering, processing, and transportation services).
  • Utilities, industrial users, and energy marketers on the ERCOT power network (for wholesale power generation).
  • Commercial and industrial retail electricity customers in Texas (served by its BKV Energy brand).
  • Other energy and industrial sources (for its Carbon Capture, Utilization and Sequestration business).
  • Potential unrelated third parties (for sales of carbon credits).

AI Analysis | Feedback

  • Project Canary

AI Analysis | Feedback

Here is the management team for BKV:

Chris Kalnin, Chief Executive Officer

Christopher (Chris) Kalnin is the Founder and Chief Executive Officer of BKV Corporation, which he started in June 2015 with the vision to create a successful natural gas E&P company. Prior to founding BKV, he served as Vice President of Strategic Business Operations and Planning at Level 3 Communications (now Lumen/CenturyLink). He also worked as a strategic advisor to the CEO at Thailand's national oil and gas company PTT Exploration and Production (PTTEP) and as a consultant with McKinsey & Company. He began his career as a Financial Analyst with Credit Suisse First Boston.

David Tameron, Chief Financial Officer

David Tameron is the Chief Financial Officer at BKV Corporation, a role he assumed on April 1, 2025. He brings over two decades of Wall Street and energy industry experience to this position. Before becoming CFO, he served as BKV's Vice President of Strategic Finance and Investor Relations for three years. Prior to joining BKV in August 2022, Tameron spent 25 years in corporate banking leadership roles on Wall Street, including two decades as a Sell-Side Analyst within the exploration and production (E&P) sector. His experience also includes roles as Managing Director of Denver-based Corporate Banking and Managing Director, Institutional Equity Research, both at Wells Fargo & Company. He also previously worked at ExxonMobil and in the private M&A sector.

Eric Jacobsen, President, Upstream

Eric Jacobsen is the President, Upstream at BKV Corporation. He is also listed as Chief Operating Officer in some sources. Eric brings relationships with emitters and project contacts, which helps accelerate the appraisal of new carbon capture projects.

Lindsay Larrick, Chief Legal Officer

Lindsay Larrick serves as the Chief Legal Officer for BKV Corporation.

Dilanka Seimon, Chief Commercial Officer

Dilanka Seimon is the Chief Commercial Officer at BKV Corporation.

AI Analysis | Feedback

  • Reliance on the successful development and market acceptance of Carbon Capture, Utilization and Sequestration (CCUS) and Carbon Sequestered Gas: BKV's net-zero emissions goals and its strategy to develop "Carbon Sequestered Gas" as a differentiated, premium product are highly dependent on the successful development, operation, and external funding of its CCUS projects, including the Barnett Zero Project. This strategy also relies on the establishment of a blockchain ledger and tokens by a third party, and the certification and utilization of these tokens with the American Carbon Registry, which has not yet been established. Delays or failures in any of these areas, including market acceptance or premium pricing for Carbon Sequestered Gas, could significantly impact the company's financial performance and its ability to achieve its environmental goals.
  • Exposure to volatile natural gas and NGL commodity prices: As a natural gas and NGL producer, BKV's revenues, profitability, and cash flow are directly and significantly impacted by fluctuations in the prices of natural gas and NGLs. Sustained low commodity prices could negatively affect its ability to fund operations, capital expenditures for its upstream, midstream, and power businesses, and the substantial capital requirements for its CCUS projects.
  • Dependency on Section 45Q tax credits and other external funding for CCUS projects: The economic viability and projected positive net income from BKV's CCUS business, including the Barnett Zero Project, are substantially contingent on receiving Section 45Q tax credits. The company also expects to fund up to 50% of its CCUS business from external sources such as joint ventures, project-based equity partnerships, and federal grants. Any changes to the Section 45Q tax credit program, or an inability to secure sufficient external funding, could adversely affect the development and profitability of its CCUS initiatives.

AI Analysis | Feedback

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AI Analysis | Feedback

The addressable markets for BKV's main products and services are as follows:

  • Natural Gas Production: The U.S. natural gas market is estimated to be approximately $473.4 billion in 2025 and is projected to reach about $601.8 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 3.5% from 2025 to 2032.
  • Natural Gas Midstream: null
  • Power Generation: The Electric Reliability Council of Texas (ERCOT), which manages approximately 90% of Texas's electric load, serves over 27 million customers. Electricity demand in ERCOT reached 372 terawatthours (TWh) from January to September 2025, a 5% increase compared to the same period in 2024. Demand is forecast to increase by another 14% to 425 TWh in the first nine months of 2026. In 2023, households in the Texas competitive energy market (ERCOT) paid an average of 15.9 cents per kWh, totaling approximately $3 billion more in aggregate compared to the non-ERCOT market.
  • Carbon Capture, Utilization and Sequestration (CCUS): The global carbon capture, utilization, and storage market was valued at approximately $4.57 billion in 2024 and is projected to reach about $68.92 billion by 2034, with a CAGR of roughly 28.1% between 2025 and 2034. Specifically for the U.S., the CCUS market was estimated at $13.57 billion in 2023 and is anticipated to reach $36.94 billion by 2032, with a CAGR of 7.1% from 2023 to 2050.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for BKV (symbol: BKV) over the next 2-3 years:

  1. Increased Natural Gas Production Volumes: BKV plans to leverage its substantial development inventory, which includes over 15 years of core development, 540 gross drilling locations, and 2,097 gross refracture candidates in the Barnett and Marcellus Shales. This ongoing development and operational efficiency are expected to maintain and grow natural gas production volumes.
  2. Expansion of Carbon Sequestered Gas Sales: BKV is advancing its "Carbon Sequestered Gas" product, a Scope 1, 2, and 3 carbon-neutral natural gas, with deliveries expected to commence by the end of 2024. The company has already secured contracts with ENGIE Energy Marketing NA, Inc. and Kiewit Infrastructure South Co. for the sale and purchase of this differentiated product.
  3. Growth of Retail Electricity Marketing Business (BKV Energy): The BKV-BPP Power Joint Venture, through its subsidiary BKV-BPP Retail, LLC, launched its retail electricity marketing business, BKV Energy, in February 2023. BKV Energy has rapidly built a portfolio of over 57,000 customers in Texas, indicating strong potential for continued customer acquisition and revenue growth in the deregulated Texas power market.
  4. Revenue Generation from Carbon Capture, Utilization and Sequestration (CCUS) Projects: BKV expects its CCUS business to contribute significantly to revenue through two main avenues. The Barnett Zero Project is anticipated to begin generating positive net income via Section 45Q tax credits in 2024, and a second CCUS project is slated to commence sequestration activities in the first half of 2026. Additionally, BKV may sell carbon credits associated with its CCUS projects to third parties, creating a new revenue stream.

AI Analysis | Feedback

Inbound Investments

  • BKV anticipates funding up to 50% of its Carbon Capture, Utilization and Sequestration (CCUS) business through external sources, including joint ventures, project-based equity partnerships, and federal grants.

Outbound Investments

  • In October 2020, BKV acquired over 289,000 net acres, 3,850 operated wells, and associated upstream assets in the Barnett Shale from Devon Energy Corporation.
  • On June 30, 2022, the company expanded its Barnett position by acquiring approximately 165,000 net acres, 2,100 operated wells, and related upstream, midstream, and other assets through the Exxon Barnett Acquisition.

Capital Expenditures

  • Capital investment required to maintain flat year-over-year production was less than approximately 60% of BKV's Adjusted EBITDAX for the 2023 fiscal year.
  • BKV expects its capital expenditure program for upstream, midstream, and power to be funded by Adjusted Free Cash Flow from its upstream assets.
  • A second CCUS project is expected to begin sequestration activities in the first half of 2026, indicating ongoing capital deployment in this area.

Better Bets vs. BKV (BKV)

Peer Outperformance in Oil & Gas Exploration & Production

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Share of Oil & Gas Exploration & Production constituents that BKV has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
52%
of 58 industry peers · 24.8% return
3Y
insufficient peer history
5Y
insufficient peer history
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Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Exploration & Production is BKV's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Oil & Gas Refining & Marketing 11 118.2%125.8%347.9% PBF 868% · MPC 594% · VLO 528%
Integrated Oil & Gas 7 49.2%61.9%241.2% IMO 484% · CVE 352% · SU 343%
Oil & Gas Storage & Transportation 18 36.0%118.9%239.9% INSW 861% · LPG 759% · TRGP 609%
Coal & Consumable Fuels 14 30.9%71.3%196.3% EU 1114% · LEU 748% · CCJ 516%
Oil & Gas Equipment & Services 34 69.6%45.7%146.8% FTI 1126% · SEI 939% · TDW 769%
Oil & Gas Exploration & Production ← 51 24.1%3.3%119.8% KGEI 9763% · OBE 6446% · EP 2683%
Oil & Gas Drilling 7 89.4%0.4%108.9% VAL 239% · PDS 178% · NE 140%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

BKVEQTRRCARWMBKMIMedian
NameBKV EQT Range Re.Antero R.Williams.Kinder M. 
Mkt Price26.7354.4240.3237.3775.2032.8238.84
Mkt Cap2.934.19.511.692.073.022.8
Rev LTM1,1639,4793,2695,61712,20417,9597,548
Op Inc LTM514,0531,0801,1794,6785,2172,616
FCF LTM-4743,7586901,595-1743,1581,142
FCF 3Y Avg-1672,1024751,2271,5463,2981,386
CFO LTM3196,2461,3591,9795,9946,5573,986
CFO 3Y Avg1954,3781,1151,4255,6336,2042,901

Growth & Margins

BKVEQTRRCARWMBKMIMedian
NameBKV EQT Range Re.Antero R.Williams.Kinder M. 
Rev Chg LTM37.2%30.2%17.3%18.8%8.7%12.5%18.0%
Rev Chg 3Y Avg4.9%13.5%-1.8%-0.6%2.3%2.0%2.2%
Rev Chg Q20.0%-3.9%8.6%11.1%9.8%10.8%10.3%
QoQ Delta Rev Chg LTM4.9%-0.8%1.9%2.4%2.3%2.5%2.4%
Op Inc Chg LTM159.8%90.2%52.1%97.5%27.5%18.0%71.2%
Op Inc Chg 3Y Avg24.5%358.1%20.9%115.3%5.5%7.2%22.7%
Op Mgn LTM4.4%42.8%33.0%21.0%38.3%29.0%31.0%
Op Mgn 3Y Avg-9.2%22.4%24.9%12.3%35.4%28.3%23.6%
QoQ Delta Op Mgn LTM0.2%-0.3%-0.2%0.1%1.0%0.4%0.1%
CFO/Rev LTM27.4%65.9%41.6%35.2%49.1%36.5%39.0%
CFO/Rev 3Y Avg20.2%60.4%39.7%28.8%50.0%37.9%38.8%
FCF/Rev LTM-40.8%39.6%21.1%28.4%-1.4%17.6%19.3%
FCF/Rev 3Y Avg-15.2%26.0%16.4%25.0%14.5%20.3%18.3%

Valuation

BKVEQTRRCARWMBKMIMedian
NameBKV EQT Range Re.Antero R.Williams.Kinder M. 
Mkt Cap2.934.19.511.692.073.022.8
P/S2.53.62.92.17.54.13.2
P/Op Inc57.58.48.89.819.714.011.9
P/EBIT7.08.08.07.316.114.08.0
P/E10.912.611.010.730.021.111.8
P/CFO9.25.57.05.815.411.18.1
Total Yield9.1%9.2%10.0%9.4%6.1%8.3%9.1%
Dividend Yield0.0%1.2%1.0%0.0%2.7%3.6%1.1%
FCF Yield 3Y Avg-6.7%5.3%10.9%2.7%5.9%5.9%
D/E0.40.20.10.40.30.40.4
Net D/E0.40.20.10.40.30.40.4

Returns

BKVEQTRRCARWMBKMIMedian
NameBKV EQT Range Re.Antero R.Williams.Kinder M. 
1M Rtn3.0%10.2%9.7%11.3%2.5%2.6%6.3%
3M Rtn-6.2%-2.9%-4.8%-2.3%-2.5%-1.5%-2.7%
6M Rtn-12.5%-6.5%7.9%7.5%5.6%3.4%4.5%
12M Rtn24.8%4.2%18.5%16.8%35.0%28.0%21.6%
3Y Rtn48.5%32.3%28.5%34.8%144.5%118.9%41.6%
1M Excs Rtn-0.2%7.2%7.9%8.7%-2.7%-1.5%3.5%
3M Excs Rtn-10.3%-7.3%-6.4%-3.0%-6.3%-4.6%-6.3%
6M Excs Rtn-25.3%-17.9%-3.2%-3.4%-6.7%-8.5%-7.6%
12M Excs Rtn2.6%-13.4%-1.9%-5.0%13.7%6.6%0.3%
3Y Excs Rtn-25.8%-45.4%-50.5%-44.5%65.7%42.0%-35.1%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment1,0095819801,660506
Total1,0095819801,660506


Price Behavior

Price Behavior
Market Price$26.73 
Market Cap ($ Bil)2.7 
First Trading Date09/26/2024 
Distance from 52W High-16.9% 
   50 Days200 Days
DMA Price$25.39$27.38
DMA Trendupdown
Distance from DMA5.3%-2.4%
 3M1YR
Volatility38.1%42.2%
Downside Capture-86.16-3.64
Upside Capture-94.9622.65
Correlation (SPY)-7.2%8.2%
BKV Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.480.16-0.22-0.020.43-0.12
Up Beta4.130.17-0.53-0.37-0.20-0.06
Down Beta0.471.220.911.171.24-0.11
Up Capture-137%-49%-89%-34%30%18%
Bmk +ve Days11223567138427
Stock +ve Days10243166135245
Down Capture26%-0%-2%-6%32%70%
Bmk -ve Days11212859114326
Stock -ve Days12193258115211

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BKV
BKV23.1%42.0%0.60-
Sector ETF (XLE)48.3%21.6%1.7353.7%
Equity (SPY)21.5%12.8%1.257.9%
Gold (GLD)30.0%28.5%0.916.9%
Commodities (DBC)38.1%20.1%1.4937.6%
Real Estate (VNQ)14.4%13.9%0.731.2%
Bitcoin (BTCUSD)-49.1%42.8%-1.458.4%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BKV
BKV8.8%43.0%0.65-
Sector ETF (XLE)24.4%25.8%0.8355.3%
Equity (SPY)13.4%17.2%0.6034.7%
Gold (GLD)19.5%18.6%0.856.0%
Commodities (DBC)9.6%19.6%0.3838.4%
Real Estate (VNQ)2.3%18.9%0.0219.6%
Bitcoin (BTCUSD)8.0%52.8%0.3419.4%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BKV
BKV4.3%43.0%0.65-
Sector ETF (XLE)10.7%29.6%0.4055.3%
Equity (SPY)15.4%17.9%0.7334.7%
Gold (GLD)12.0%16.2%0.606.0%
Commodities (DBC)7.7%18.0%0.3438.4%
Real Estate (VNQ)5.0%20.7%0.2019.6%
Bitcoin (BTCUSD)59.9%66.1%1.0019.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity6.0 Mil
Short Interest: % Change Since 7152026-5.9%
Average Daily Volume0.9 Mil
Days-to-Cover Short Interest6.8 days
Basic Shares Quantity109.4 Mil
Short % of Basic Shares5.5%

Earnings Returns History

Updated 8/17/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20264.3%13.5% 
5/7/2026-3.0%-7.0%-13.1%
2/25/20261.0%5.5%1.4%
11/10/20250.9%10.1%14.1%
8/12/20256.9%6.8%10.4%
5/9/20256.7%17.6%17.5%
2/26/2025-5.1%-15.9%-8.6%
SUMMARY STATS   
# Positive554
# Negative222
Median Positive4.3%10.1%12.2%
Median Negative-4.1%-11.5%-10.8%
Max Positive6.9%17.6%17.5%
Max Negative-5.1%-15.9%-13.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20264.3%13.5% 
5/7/2026-3.0%-7.0%-13.1%
2/25/20261.0%5.5%1.4%
11/10/20250.9%10.1%14.1%
8/12/20256.9%6.8%10.4%
5/9/20256.7%17.6%17.5%
2/26/2025-5.1%-15.9%-8.6%
SUMMARY STATS   
# Positive554
# Negative222
Median Positive4.3%10.1%12.2%
Median Negative-4.1%-11.5%-10.8%
Max Positive6.9%17.6%17.5%
Max Negative-5.1%-15.9%-13.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/06/202610-K
09/30/202511/10/202510-Q
06/30/202508/12/202510-Q
03/31/202505/09/202510-Q
12/31/202403/31/202510-K
09/30/202411/13/202410-Q
06/30/202409/27/2024424B4
03/31/202407/05/2024S-1/A
09/30/202301/12/2024S-1/A
06/30/202310/06/2023S-1/A
03/31/202306/26/2023S-1/A
09/30/202206/27/2023S-1/A
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/06/202610-K
09/30/202511/10/202510-Q
06/30/202508/12/202510-Q
03/31/202505/09/202510-Q
12/31/202403/31/202510-K
09/30/202411/13/202410-Q
06/30/202409/27/2024424B4
03/31/202407/05/2024S-1/A
09/30/202301/12/2024S-1/A
06/30/202310/06/2023S-1/A
03/31/202306/26/2023S-1/A
09/30/202206/27/2023S-1/A

Insider Activity

Updated 7/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Jacobsen, Eric SPresident, UpstreamDirectSell601202626.8925,000672,1456,125,741Form
2Jacobsen, Eric SPresident, UpstreamDirectSell504202630.9625,000773,8957,826,957Form
3Tameron, DavidChief Financial OfficerDirectSell327202629.717,300216,9191,840,095Form
4Kalnin, Christopher PChief Executive OfficerDirectSell325202630.06100,0003,005,79035,986,610Form
5Kalnin, Christopher PChief Executive OfficerDirectSell1117202528.0478,2812,194,75735,006,313Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Jacobsen, Eric SPresident, UpstreamDirectSell601202626.8925,000672,1456,125,741Form
2Jacobsen, Eric SPresident, UpstreamDirectSell504202630.9625,000773,8957,826,957Form
3Tameron, DavidChief Financial OfficerDirectSell327202629.717,300216,9191,840,095Form
4Kalnin, Christopher PChief Executive OfficerDirectSell325202630.06100,0003,005,79035,986,610Form
5Kalnin, Christopher PChief Executive OfficerDirectSell1117202528.0478,2812,194,75735,006,313Form
6Kalnin, Christopher PChief Executive OfficerDirectSell1114202528.0021,719608,20237,156,354Form
7Kalnin, Christopher PChief Executive OfficerDirectSell1112202527.13100,0002,713,14036,588,863Form
8Kalnin, Christopher PChief Executive OfficerDirectSell1112202526.16100,0002,615,86037,892,825Form
9Larrick, Lindsay BChief Legal and Admin OfficerDirectSell1106202525.006,518162,9503,428,850Form
10Larrick, Lindsay BChief Legal and Admin OfficerDirectSell1106202525.0022,669566,7393,591,886Form
11Larrick, Lindsay BChief Legal and Admin OfficerDirectSell1104202523.3710,000233,7003,887,389Form
12Larrick, Lindsay BChief Legal and Admin OfficerDirectSell1001202523.2015,000347,9364,090,355Form
13Larrick, Lindsay BChief Legal and Admin OfficerDirectSell902202523.189,187212,9844,435,897Form
14Larrick, Lindsay BChief Legal and Admin OfficerDirectSell812202521.6210,000216,2004,335,415Form
15Larrick, Lindsay BChief Legal and Admin OfficerDirectSell701202523.1310,000231,3074,869,660Form
16Tameron, DavidChief Financial OfficerDirectSell701202523.701002,3701,025,499Form

Investor Activity (13F)

Updated Aug 17, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Corigliano Investment Advisers, LLC$11.8 Mil4.6%37ADD +89.8%13F
Philadelphia Financial Management of San Francisco, LLC$6.1 Mil2.0%42New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Philadelphia Financial Management of San Francisco, LLC$6.1 Mil2.0%42New13F
Corigliano Investment Advisers, LLC$11.8 Mil4.6%37ADD +89.8%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Corigliano Investment Advisers, LLC$11.8 Mil4.6%37ADD +89.8%13F
Philadelphia Financial Management of San Francisco, LLC$6.1 Mil2.0%42New13F
Core Cache Last Updated: 8/16/2026