Fervo Energy (NASDAQ:FRVO) Stock Keeps Outperform Rating at Sanford C. Bernstein

Fervo Energy (NASDAQ:FRVO)‘s stock had its “outperform” rating restated by investment analysts at Sanford C. Bernstein in a research report issued on Friday, Benzinga reports. They presently have a $47.00 target price on the stock. Sanford C. Bernstein’s target price would suggest a potential upside of 237.64% from the stock’s previous close.

Several other equities analysts have also recently issued reports on FRVO. JPMorgan Chase & Co. assumed coverage on Fervo Energy in a research report on Monday, June 8th. They issued an “overweight” rating and a $47.00 price objective on the stock. Royal Bank Of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Fervo Energy in a report on Tuesday, June 23rd. Wolfe Research set a $29.00 target price on shares of Fervo Energy and gave the company an “outperform” rating in a research note on Friday, September 25th. Roth Capital started coverage on Fervo Energy in a report on Thursday, June 11th. They set a “buy” rating and a $45.00 price target on the stock. Finally, Guggenheim raised Fervo Energy to a “strong-buy” rating and set a $48.00 price target on the stock in a report on Monday, June 8th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $40.87.

Fervo Energy Stock Performance

Shares of FRVO traded down $0.41 during mid-day trading on Friday, reaching $13.92. The company had a trading volume of 2,059,424 shares, compared to its average volume of 4,827,030. The stock has a market capitalization of $4.10 billion and a P/E ratio of -3.40. Fervo Energy has a 52 week low of $13.10 and a 52 week 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. The stock’s 50-day moving average is $17.70.

Fervo Energy (NASDAQ:FRVO) last released its quarterly earnings data 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 company had revenue of $0.11 million during the quarter. As a group, research analysts forecast that Fervo Energy will post -0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fervo Energy

Several hedge funds and other institutional investors have recently modified their holdings of FRVO. Wellington Management Group LLP purchased a new stake in shares of Fervo Energy in the 2nd quarter worth $129,600,000. Value Aligned Research Advisors LLC purchased a new stake in shares of Fervo Energy in the 2nd quarter worth $63,155,000. Squarepoint Ops LLC purchased a new stake in shares of Fervo Energy in the 2nd quarter worth $12,423,000. State Street Corp purchased a new stake in shares of Fervo Energy in the 2nd quarter worth $10,028,000. Finally, Resolute Advisors LLC purchased a new stake in shares of Fervo Energy in the 2nd quarter worth $5,285,000.

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.