Fervo Energy Company (NASDAQ:FRVO – Get Free Report)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $16.35, but opened at $18.49. Fervo Energy shares last traded at $17.39, with a volume of 3,255,479 shares changing hands.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on FRVO shares. Zacks Research raised shares of Fervo Energy to a “hold” rating in a research report on Tuesday, June 9th. Wall Street Zen raised shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. William Blair started coverage on Fervo Energy in a research report on Monday, June 8th. They set an “outperform” rating and a $43.00 target price on the stock. Roth Capital started coverage on shares of Fervo Energy in a research note on Thursday, June 11th. They issued a “buy” rating and a $45.00 price target for the company. Finally, Johnson Rice assumed coverage on Fervo Energy in a research note on Wednesday. They issued a “buy” rating and a $35.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Fervo Energy presently has an average rating of “Moderate Buy” and an average price target of $42.14.
View Our Latest Report on FRVO
Fervo Energy Stock Up 5.2%
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 business had revenue of $0.11 million for the quarter. Research analysts anticipate that Fervo Energy Company will post -0.48 EPS for the current year.
Institutional Investors Weigh In On Fervo Energy
A number of institutional investors have recently modified their holdings of the business. Wellington Management Group LLP bought a new stake in shares of Fervo Energy during the 2nd quarter valued at about $129,600,000. Value Aligned Research Advisors LLC bought a new position in Fervo Energy in the second quarter worth about $63,155,000. Squarepoint Ops LLC acquired a new position in Fervo Energy in the second quarter valued at approximately $12,423,000. State Street Corp acquired a new position in Fervo Energy in the second quarter valued at approximately $10,028,000. Finally, Resolute Advisors LLC bought a new position in shares of Fervo Energy during the second quarter valued at approximately $5,285,000.
About Fervo Energy
Fervo Energy is a geothermal energy company developing enhanced geothermal systems (EGS) designed to produce electricity from heat found deep underground. Its approach applies horizontal drilling, hydraulic stimulation and oil-and-gas well technologies to access geothermal resources in locations that may not have naturally permeable reservoirs.
The company develops geothermal projects and related drilling and reservoir-engineering technologies for utility-scale power generation. Fervo’s Project Red demonstration in northern Nevada has been used to validate its EGS approach, while the company is developing the larger Cape Station project in southwestern Utah.
Fervo Energy was founded in 2017 by Tim Latimer and Jamie Beard.
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