Fervo Energy Company (NASDAQ:FRVO – Get Free Report)’s stock price dropped 12.5% during mid-day trading on Thursday. The company traded as low as $7.64 and last traded at $7.79. 9,542,698 shares traded hands during trading, an increase of 72% from the average session volume of 5,548,940 shares. The stock had previously closed at $8.90.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on the company. Bank of America lowered their target price on Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a research note 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 for the company in a research note on Thursday, August 13th. Morgan Stanley started coverage on Fervo Energy in a report on Thursday, October 29th. They issued an “overweight” rating and a $23.00 price objective on the stock. 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. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $47.00 target price on shares of Fervo Energy in a report on Friday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.50.
View Our Latest Stock Report on FRVO
Fervo Energy Stock Down 12.5%
The company has a market cap of $2.30 billion and a price-to-earnings ratio of -1.90. The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $13.41.
Fervo Energy (NASDAQ:FRVO – Get Free Report) last posted 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 during the quarter. As a group, research analysts expect that Fervo Energy Company will post -0.58 EPS for the current year.
Institutional Trading of Fervo Energy
Institutional investors and hedge funds have recently made changes to their positions in the company. Signaturefd LLC lifted its stake in Fervo Energy by 175.0% during the third quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock worth $30,000 after purchasing an additional 1,400 shares during the last quarter. Sterling Capital Management LLC acquired a new stake in shares of Fervo Energy during the third quarter valued at about $27,000. SBI Securities Co. Ltd. boosted its stake in shares of Fervo Energy by 387.3% during the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock valued at $61,000 after purchasing an additional 3,586 shares in the last quarter. Corient Private Wealth LP bought a new stake in shares of Fervo Energy during the second quarter worth about $229,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Fervo Energy during the second quarter worth about $272,000.
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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