Viking Fund Management LLC acquired a new stake in Fervo Energy Company (NASDAQ:FRVO – Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 60,000 shares of the company’s stock, valued at approximately $815,000.
A number of other large investors have also added to or reduced their stakes in the business. Corient Private Wealth LP bought a new position in shares of Fervo Energy during the second quarter valued at $229,000. Engineers Gate Manager LP acquired a new position in shares of Fervo Energy during the second quarter worth $272,000. Sax Wealth Advisors LLC bought a new stake in shares of Fervo Energy in the third quarter worth $154,000. AXQ Capital LP bought a new stake in shares of Fervo Energy in the second quarter worth $499,000. Finally, NewEdge Advisors LLC bought a new stake in shares of Fervo Energy in the second quarter worth $1,245,000.
Fervo Energy Stock Down 8.7%
NASDAQ:FRVO opened at $10.94 on Thursday. The company has a fifty day moving average price of $16.66. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62. Fervo Energy Company has a 52 week low of $10.85 and a 52 week high of $42.65.
Analysts Set New Price Targets
FRVO has been the subject of several analyst reports. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $47.00 target price on shares of Fervo Energy in a research report on Friday, October 2nd. Wolfe Research set a $29.00 price target on Fervo Energy and gave the company an “outperform” rating in a research report on Friday, September 25th. Robert W. Baird reduced their price target on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Morgan Stanley raised Fervo Energy to an “overweight” rating in a research note on Tuesday, September 1st. Finally, Jefferies Financial Group upgraded Fervo Energy from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.87.
View Our Latest Stock Report on FRVO
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.
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