Fervo Energy (NASDAQ:FRVO) Earns "Outperform" Rating from Sanford C. Bernstein

Key Points

• Sanford C. Bernstein reiterated its “Outperform” rating on Fervo Energy and set a $47 price target, implying 319.27% upside from the stock’s current price.
• Analyst views are mostly positive: MarketBeat reports an average “Moderate Buy” rating and an average price target of $37.24, though one analyst rates the stock a Sell.
• Fervo shares traded at $11.21 on Monday. The company reported a quarterly loss of $0.07 per share, narrower than the $0.10 loss analysts expected.

Fervo Energy (NASDAQ:FRVO - Get Free Report)'s stock had its "outperform" rating reiterated by equities researchers at Sanford C. Bernstein in a research note issued on Monday, Benzinga reports. They currently have a $47.00 price objective on the stock. Sanford C. Bernstein's price objective suggests a potential upside of 319.27% from the company's current price.

Several other research firms have also issued reports on FRVO. Wolfe Research upgraded shares of Fervo Energy from a "peer perform" rating to an "outperform" rating and set a $29.00 price target on the stock in a research report on Friday, September 25th. Weiss Ratings initiated coverage on shares of Fervo Energy in a report on Tuesday, August 18th. They issued a "sell (d)" rating for the company. JPMorgan Chase & Co. cut their price target on shares of Fervo Energy from $38.00 to $27.00 and set an "overweight" rating on the stock in a report on Monday, October 19th. Needham & Company LLC initiated coverage on shares of Fervo Energy in a research note on Friday. They issued a "buy" rating and a $17.00 price objective on the stock. Finally, Northland Securities began coverage on Fervo Energy in a research report on Thursday, September 10th. They set an "outperform" rating and a $27.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $37.24.

Fervo Energy Stock Performance

NASDAQ:FRVO traded up $2.19 during mid-day trading on Monday, reaching $11.21. 10,981,003 shares of the company's stock were exchanged, compared to its average volume of 5,626,625. 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 stock has a market capitalization of $3.30 billion and a price-to-earnings ratio of -2.73. Fervo Energy has a one year low of $7.64 and a one year high of $42.65. The business's fifty day moving average is $13.12.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last announced its earnings results on Monday, November 9th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.03. The business had revenue of $0.12 million for the quarter. As a group, equities research analysts forecast that Fervo Energy will post -0.58 EPS for the current year.

Institutional Investors Weigh In On Fervo Energy

Several institutional investors have recently added to or reduced their stakes in FRVO. Russell Investments Group Ltd. boosted its stake in Fervo Energy by 1,301.5% in the third quarter. Russell Investments Group Ltd. now owns 42,354 shares of the company's stock worth $576,000 after buying an additional 39,332 shares in the last quarter. Pictet Asset Management Holding SA bought a new position in shares of Fervo Energy during the third quarter valued at approximately $237,000. CenterBook Partners LP increased its position in shares of Fervo Energy by 549.5% during the third quarter. CenterBook Partners LP now owns 259,191 shares of the company's stock valued at $3,522,000 after buying an additional 219,285 shares during the period. SFE Investment Counsel grew its stake in Fervo Energy by 111.3% in the third quarter. SFE Investment Counsel now owns 47,458 shares of the company's stock worth $645,000 after purchasing an additional 24,998 shares during the period. Finally, Everett Harris & Co. CA purchased a new stake in Fervo Energy in the third quarter worth about $190,000.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company that develops projects to produce electricity and provide energy storage. It applies drilling and subsurface technologies, including horizontal wells and fiber-optic sensing, to access geothermal resources and make them available in more locations.

Founded in 2017 and headquartered in Houston, Texas, Fervo has focused on projects in the western United States. Its developments include Project Red in Nevada and Cape Station in Utah, which is planned as a large-scale geothermal power project.

Fervo was co-founded by Tim Latimer, its chief executive officer, and Jack Norbeck.

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