Fervo Energy Company (NASDAQ:FRVO – Get Free Report) shares fell 2.9% during mid-day trading on Wednesday. The stock traded as low as $8.97 and last traded at $9.02. 4,957,684 shares traded hands during mid-day trading, a decline of 8% from the average daily volume of 5,372,719 shares. The stock had previously closed at $9.29.
Analyst Ratings Changes
FRVO has been the topic of several research analyst reports. Wolfe Research set a $29.00 target price on shares of Fervo Energy and gave the stock an “outperform” rating in a report on Friday, September 25th. JPMorgan Chase & Co. lowered their price objective 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. Robert W. Baird dropped their price objective 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. Morgan Stanley raised shares of Fervo Energy to an “overweight” rating in a research report on Tuesday, September 1st. Finally, Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.53.
Get Our Latest Stock Analysis on Fervo Energy
Fervo Energy Price Performance
The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62. The business’s 50-day simple moving average is $15.03. The firm has a market capitalization of $2.37 billion and a price-to-earnings ratio of -1.96.
Fervo Energy (NASDAQ:FRVO – Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The business had revenue of $0.11 million for the quarter. Equities research analysts predict that Fervo Energy Company will post -0.54 EPS for the current year.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC bought a new stake in shares of Fervo Energy during the 3rd quarter worth approximately $27,000. SBI Securities Co. Ltd. grew its stake in shares of Fervo Energy by 387.3% in the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock valued at $61,000 after buying an additional 3,586 shares in the last quarter. Viking Fund Management LLC bought a new position in shares of Fervo Energy in the third quarter valued at $815,000. Sax Wealth Advisors LLC bought a new position in shares of Fervo Energy in the third quarter valued at $154,000. Finally, Green Alpha Advisors LLC acquired a new position in Fervo Energy during the third quarter worth $843,000.
Fervo Energy Company Profile
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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