Fervo Energy Company $FRVO Stake Lowered by RWC Asset Management LLP

RWC Asset Management LLP cut its holdings in Fervo Energy Company (NASDAQ:FRVO) by 18.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 417,126 shares of the company’s stock after selling 95,737 shares during the quarter. RWC Asset Management LLP’s holdings in Fervo Energy were worth $5,669,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in FRVO. Wellington Management Group LLP acquired a new position in Fervo Energy during the 2nd quarter worth about $129,600,000. Value Aligned Research Advisors LLC bought a new stake in Fervo Energy during the 2nd quarter worth about $63,155,000. Squarepoint Ops LLC bought a new stake in Fervo Energy during the 2nd quarter worth about $12,423,000. State Street Corp acquired a new stake in Fervo Energy in the 2nd quarter valued at about $10,028,000. Finally, Resolute Advisors LLC acquired a new stake in Fervo Energy in the 2nd quarter valued at about $5,285,000.

Fervo Energy Trading Down 2.5%

Shares of NASDAQ:FRVO traded down $0.21 during trading on Friday, hitting $8.04. 5,968,873 shares of the company’s stock were exchanged, compared to its average volume of 9,951,529. Fervo Energy Company has a 1-year low of $7.83 and a 1-year high of $42.65. The company’s 50-day moving average is $14.79. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62. The company has a market capitalization of $2.37 billion and a price-to-earnings ratio of -1.96.

Fervo Energy (NASDAQ:FRVO) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share 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, research analysts predict that Fervo Energy Company will post -0.54 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FRVO shares. Morgan Stanley raised shares of Fervo Energy to an “overweight” rating in a research note on Tuesday, September 1st. Johnson Rice began coverage on shares of Fervo Energy in a research note on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price target on the stock. Robert W. Baird lowered their price target on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Northland Securities assumed coverage on shares of Fervo Energy in a report on Thursday, September 10th. They issued an “outperform” rating and a $27.00 price target for the company. Finally, Wolfe Research set a $29.00 price objective on shares of Fervo Energy and gave the stock an “outperform” rating in a research report on Friday, September 25th. Two investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.53.

Fervo Energy 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.