Fervo Energy Company (NASDAQ:FRVO – Get Free Report) shares traded down 4.5% on Wednesday. The company traded as low as $8.38 and last traded at $8.90. Approximately 9,645,442 shares were traded during trading, an increase of 75% from the average daily volume of 5,521,348 shares. The stock had previously closed at $9.32.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on FRVO shares. Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. 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 objective on the stock. Johnson Rice started coverage on shares of Fervo Energy in a research report on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price objective on the stock. Weiss Ratings began coverage on shares of Fervo Energy in a research note on Tuesday, August 18th. They issued a “sell (d)” rating for the company. Finally, Jefferies Financial Group raised shares of Fervo Energy from a “hold” rating to a “buy” rating and decreased their target price for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.50.
Check Out Our Latest Stock Report on Fervo Energy
Fervo Energy Price Performance
The stock’s fifty day moving average price is $13.56. 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 company has a market cap of $2.62 billion and a P/E ratio of -2.17.
Fervo Energy (NASDAQ:FRVO – Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The business had revenue of $0.11 million during the quarter. Equities analysts anticipate that Fervo Energy Company will post -0.58 earnings per share for the current year.
Institutional Investors Weigh In On Fervo Energy
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Value Aligned Research Advisors LLC bought a new stake in Fervo Energy during the second quarter worth approximately $63,155,000. Squarepoint Ops LLC acquired a new position in Fervo Energy during the second quarter valued at approximately $12,423,000. State Street Corp bought a new position in shares of Fervo Energy in the second quarter valued at approximately $10,028,000. Readystate Asset Management LP bought a new position in shares of Fervo Energy in the second quarter valued at approximately $4,419,000. Finally, Wellington Management Group LLP bought a new position in shares of Fervo Energy in the second quarter valued at approximately $129,600,000.
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.
Recommended Stories
- Five stocks we like better than Fervo Energy
- Why ExxonMobil and Chevron Reminded Investors to Keep it Simple
- Amazon Has Erased Its Earnings Sell-Off, But Is the Biggest Opportunity Still Ahead?
- onsemi’s AI Sales Surge 175%: Is a Stock Recovery Next?
- Energy Transfer’s Earnings Miss May Be Hiding Its Strongest Advantage
Receive News & Ratings for Fervo Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fervo Energy and related companies with MarketBeat.com's FREE daily email newsletter.
