Fervo Energy’s (NASDAQ:FRVO – Get Free Report) lock-up period is set to end on Monday, November 9th. Fervo Energy had issued 70,000,000 shares in its public offering on May 13th. The total size of the offering was $1,890,000,000 based on an initial share price of $27.00. After the end of Fervo Energy’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.
Analysts Set New Price Targets
FRVO has been the topic of a number of recent research reports. Johnson Rice initiated coverage on Fervo Energy in a research note on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price objective on the stock. Robert W. Baird cut their target price on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Jefferies Financial Group upgraded Fervo Energy from a “hold” rating to a “buy” rating and reduced their price target for the stock from $41.00 to $34.00 in a report on Monday, July 20th. Bank of America reduced their price target on Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, September 25th. Finally, Morgan Stanley initiated coverage on shares of Fervo Energy in a research report on Thursday, October 29th. They set an “overweight” rating and a $23.00 price target on the stock. 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $38.50.
Read Our Latest Research Report on FRVO
Fervo Energy Stock Performance
Shares of NASDAQ FRVO opened at $7.79 on Friday. 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 business’s 50 day moving average price is $13.26. Fervo Energy has a 1 year low of $7.64 and a 1 year high of $42.65.
Fervo Energy (NASDAQ:FRVO – Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The company had revenue of $0.11 million during the quarter. On average, analysts anticipate that Fervo Energy will post -0.58 EPS for the current fiscal year.
Hedge Funds Weigh In On Fervo Energy
Large investors have recently modified their holdings of the business. Wellington Management Group LLP purchased a new stake in Fervo Energy in the 2nd quarter valued at about $129,600,000. Value Aligned Research Advisors LLC acquired a new position in Fervo Energy in the second quarter valued at about $63,155,000. Robeco Schweiz AG lifted its position in Fervo Energy by 66.7% in the third quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company’s stock valued at $44,615,000 after buying an additional 1,313,704 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Fervo Energy in the second quarter valued at about $12,423,000. Finally, State Street Corp purchased a new position in Fervo Energy during the second quarter worth about $10,028,000.
About Fervo Energy
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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