Fervo Energy (NASDAQ:FRVO) Shares Up 13% – Here’s Why

by · The Markets Daily

Fervo Energy Company (NASDAQ:FRVO – Get Free Report)’s share price shot up 13% during trading on Tuesday. The company traded as high as $9.34 and last traded at $9.32. Approximately 8,802,818 shares changed hands during mid-day trading, an increase of 61% from the average session volume of 5,478,722 shares. The stock had previously closed at $8.25.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Robert W. Baird cut their target price on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Weiss Ratings initiated coverage on shares of Fervo Energy in a research note on Tuesday, August 18th. They issued a “sell (d)” rating on the stock. Jefferies Financial Group upgraded shares of Fervo Energy from a “hold” rating to a “buy” rating and lowered their price target for the company from $41.00 to $34.00 in a report on Monday, July 20th. JPMorgan Chase & Co. dropped their price target on shares of Fervo Energy from $38.00 to $27.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. Finally, Johnson Rice began coverage on shares of Fervo Energy in a research report on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Fervo Energy currently has an average rating of “Moderate Buy” and a consensus target price of $38.50.

Get Our Latest Stock Analysis on Fervo Energy

Fervo Energy Trading Down 12.5%

The stock’s fifty day moving average price is $13.26. 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 – Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) earnings per share 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, equities analysts forecast that Fervo Energy Company will post -0.58 earnings per share for the current year.

Institutional Trading of Fervo Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Value Aligned Research Advisors LLC bought a new stake in shares of Fervo Energy during the 2nd quarter valued at about $63,155,000. Squarepoint Ops LLC purchased a new position in shares of Fervo Energy during the second quarter valued at about $12,423,000. State Street Corp bought a new position in Fervo Energy in the second quarter worth about $10,028,000. Readystate Asset Management LP bought a new position in Fervo Energy in the second quarter worth about $4,419,000. Finally, Wellington Management Group LLP bought a new position in Fervo Energy in the second quarter worth about $129,600,000.

About Fervo Energy

(Get Free Report)

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.

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