Fervo Energy (NASDAQ:FRVO) Posts Earnings Results, Beats Expectations By $0.03 EPS

Fervo Energy (NASDAQ:FRVO) announced its quarterly earnings results on Monday. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03, Zacks reports.

Fervo Energy Stock Performance

Shares of Fervo Energy stock opened at $9.02 on Monday. The company has a market capitalization of $2.66 billion and a P/E ratio of -2.20. The stock’s fifty day moving average is $13.12. Fervo Energy has a 12-month low of $7.64 and a 12-month high of $42.65. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.62 and a quick ratio of 8.62.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FRVO shares. Needham & Company LLC began coverage on Fervo Energy in a report on Friday. They issued a “buy” rating and a $17.00 target price on the stock. Bank of America lowered their price target on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating for the company in a report on Friday, September 25th. Jefferies Financial Group upgraded shares of Fervo Energy from a “hold” rating to a “buy” rating and dropped their price target for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. Wall Street Zen raised shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Finally, Northland Securities began coverage on shares of Fervo Energy in a research report on Thursday, September 10th. They set an “outperform” rating and a $27.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $37.24.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company that develops projects to produce electricity and provide energy storage. It applies drilling and subsurface technologies, including horizontal wells and fiber-optic sensing, to access geothermal resources and make them available in more locations.

Founded in 2017 and headquartered in Houston, Texas, Fervo has focused on projects in the western United States. Its developments include Project Red in Nevada and Cape Station in Utah, which is planned as a large-scale geothermal power project.

Fervo was co-founded by Tim Latimer, its chief executive officer, and Jack Norbeck.