Fervo Energy (NASDAQ:FRVO) Reaches New 52-Week Low – What’s Next?

Fervo Energy Company (NASDAQ:FRVO) reached a new 52-week low during mid-day trading on Monday. The company traded as low as $13.10 and last traded at $13.23, with a volume of 1,790,071 shares. The stock had previously closed at $13.75.

Analyst Ratings Changes

Several equities analysts recently issued reports on FRVO shares. UBS Group set a $48.00 price target on Fervo Energy in a research report on Wednesday, June 24th. Morgan Stanley raised Fervo Energy to an “overweight” rating in a research report on Tuesday, September 1st. Jefferies Financial Group raised Fervo Energy from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $47.00 target price on shares of Fervo Energy in a research note on Friday, October 2nd. Finally, Northland Securities began coverage on Fervo Energy in a report on Thursday, September 10th. They issued an “outperform” rating and a $27.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Fervo Energy currently has an average rating of “Moderate Buy” and a consensus price target of $40.87.

Fervo Energy Price Performance

The stock has a market cap of $3.88 billion and a price-to-earnings ratio of -3.21. The company has a 50 day moving average price of $17.29. The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08.

Fervo Energy (NASDAQ:FRVO) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The company had revenue of $0.11 million for the quarter. As a group, analysts expect that Fervo Energy Company will post -0.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

Large investors have recently modified their holdings of the business. Corient Private Wealth LP purchased a new position in shares of Fervo Energy during the 2nd quarter worth approximately $229,000. Engineers Gate Manager LP purchased a new stake in shares of Fervo Energy in the second quarter valued at approximately $272,000. AXQ Capital LP purchased a new stake in shares of Fervo Energy in the second quarter valued at approximately $499,000. NewEdge Advisors LLC purchased a new stake in shares of Fervo Energy in the second quarter valued at approximately $1,245,000. Finally, Ranger Investment Management L.P. acquired a new position in Fervo Energy during the second quarter worth $1,455,000.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company focused on developing enhanced geothermal systems (EGS), which use horizontal drilling and hydraulic stimulation techniques to access heat in underground rock and produce electricity. Its approach is designed to expand geothermal generation beyond locations with naturally occurring conventional geothermal resources.

The company develops geothermal projects, including Project Red in northern Nevada and the larger Cape Station project in southwestern Utah.