Fervo Energy (NASDAQ:FRVO) Sets New 12-Month Low After Analyst Downgrade

Fervo Energy Company (NASDAQ:FRVO)’s stock price reached a new 52-week low during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $38.00 to $27.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Fervo Energy traded as low as $9.36 and last traded at $9.46, with a volume of 474,551 shares trading hands. The stock had previously closed at $9.68.

Other research analysts also recently issued research reports about the company. Weiss Ratings assumed coverage on Fervo Energy in a research note on Tuesday, August 18th. They issued a “sell (d)” rating for the company. Northland Securities initiated coverage on Fervo Energy in a research report on Thursday, September 10th. They set an “outperform” rating and a $27.00 target price for the company. Sanford C. Bernstein reiterated an “outperform” rating and set a $47.00 target price on shares of Fervo Energy in a research note on Friday, October 2nd. Bank of America lowered their target price on Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, September 25th. Finally, Jefferies Financial Group raised shares of Fervo Energy from a “hold” rating to a “buy” rating and cut their price target for the stock from $41.00 to $34.00 in a report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $39.53.

Institutional Trading of Fervo Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of FRVO. Corient Private Wealth LP bought a new position in shares of Fervo Energy in the second quarter worth $229,000. Engineers Gate Manager LP bought a new stake in Fervo Energy during the second quarter valued at $272,000. Sax Wealth Advisors LLC bought a new stake in Fervo Energy during the third quarter valued at $154,000. AXQ Capital LP bought a new stake in Fervo Energy during the second quarter valued at $499,000. Finally, NewEdge Advisors LLC bought a new stake in Fervo Energy during the second quarter valued at $1,245,000.

Fervo Energy Stock Performance

The business has a 50-day moving average price of $15.49. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.62 and a quick ratio of 8.62.

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

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company developing enhanced geothermal systems designed to generate electricity from heat found deep beneath the earth’s surface. The company applies techniques adapted from the oil and gas industry, including horizontal drilling and hydraulic stimulation, to create engineered geothermal reservoirs in areas where conventional geothermal resources may not be available.

Founded in 2017, Fervo combines advanced drilling, distributed fiber-optic sensing and reservoir engineering to evaluate and operate geothermal projects.