Fervo Energy Company (FRVO) – What Are Brokerages Saying About This Stock?

Shares of Fervo Energy Company (NASDAQ:FRVO) have been given an average recommendation of “Moderate Buy” by the eighteen analysts that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, fourteen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $40.87.

A number of research analysts recently weighed in on FRVO shares. Barclays upped their price objective on Fervo Energy from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Jefferies Financial Group raised Fervo Energy from a “hold” rating to a “buy” rating and reduced their target price for the company from $41.00 to $34.00 in a report on Monday, July 20th. Robert W. Baird decreased their target price on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Johnson Rice initiated coverage on shares of Fervo Energy in a research report on Wednesday, September 23rd. They set a “buy” rating and a $35.00 target price on the stock. Finally, Bank of America lowered their price target on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, September 25th.

Fervo Energy Stock Performance

NASDAQ:FRVO traded down $0.58 during mid-day trading on Friday, reaching $9.68. The stock had a trading volume of 20,754,157 shares, compared to its average volume of 8,964,768. Fervo Energy has a twelve month low of $9.59 and a twelve month high of $42.65. The firm’s 50 day moving average price is $16.09. The stock has a market cap of $2.85 billion and a price-to-earnings ratio of -2.36. 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 released its earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The business had revenue of $0.11 million during the quarter. As a group, sell-side analysts expect that Fervo Energy will post -0.54 earnings per share for the current year.

Institutional Trading of Fervo Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP acquired a new position in Fervo Energy during the second quarter worth about $129,600,000. Value Aligned Research Advisors LLC acquired a new stake in shares of Fervo Energy during the 2nd quarter valued at approximately $63,155,000. Squarepoint Ops LLC acquired a new stake in shares of Fervo Energy during the 2nd quarter valued at approximately $12,423,000. State Street Corp acquired a new stake in shares of Fervo Energy during the 2nd quarter valued at approximately $10,028,000. Finally, Resolute Advisors LLC purchased a new stake in shares of Fervo Energy during the 2nd quarter worth approximately $5,285,000.

About Fervo Energy

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.