Fervo Energy (NASDAQ:FRVO) Price Target Cut to $27.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan cut Fervo Energy’s price target from $38 to $27 while maintaining an “overweight” rating; the new target implies 196.7% upside from the reported $9.10 share price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and average price target of $39.53, despite recent target reductions from several firms.
• Fervo shares fell 6% to $9.10 and recently reported a quarterly loss of $0.38 per share, missing the $0.09 loss estimate; analysts expect a full-year loss of $0.54 per share.

Fervo Energy (NASDAQ:FRVO - Get Free Report) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $38.00 to $27.00 in a research report issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 196.70% from the stock's current price.

Other research analysts have also issued reports about the company. Johnson Rice started coverage on Fervo Energy in a report on Wednesday, September 23rd. They set a "buy" rating and a $35.00 target price on the stock. Wall Street Zen raised Fervo Energy from a "strong sell" rating to a "sell" rating in a research report on Monday, July 20th. Robert W. Baird decreased their price objective on Fervo Energy from $50.00 to $35.00 and set an "outperform" rating for the company in a research report on Thursday, August 13th. Weiss Ratings started coverage on shares of Fervo Energy in a report on Tuesday, August 18th. They issued a "sell (d)" rating for the company. Finally, UBS Group set a $48.00 price objective on shares of Fervo Energy in a research report on Wednesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $39.53.

Fervo Energy Trading Down 6.0%

Shares of FRVO stock traded down $0.58 on Monday, reaching $9.10. The company had a trading volume of 9,954,513 shares, compared to its average volume of 5,323,713. The company has a current ratio of 8.62, a quick ratio of 8.62 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $2.68 billion and a PE ratio of -2.22. The stock's 50-day simple moving average is $16.09. Fervo Energy has a 12 month low of $9.00 and a 12 month high of $42.65.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The company had revenue of $0.11 million for the quarter. Sell-side analysts anticipate that Fervo Energy will post -0.54 earnings per share for the current year.

Institutional Investors Weigh In On Fervo Energy

Several large investors have recently made changes to their positions in the stock. Sax Wealth Advisors LLC bought a new position in Fervo Energy in the 3rd quarter valued at about $154,000. Corient Private Wealth LP acquired a new position in shares of Fervo Energy in the second quarter valued at approximately $229,000. Engineers Gate Manager LP acquired a new position in shares of Fervo Energy in the second quarter valued at approximately $272,000. AXQ Capital LP bought a new position in shares of Fervo Energy during the second quarter worth approximately $499,000. Finally, Viking Fund Management LLC acquired a new stake in Fervo Energy during the 3rd quarter worth approximately $815,000.

About Fervo Energy

Fervo Energy is a geothermal energy company focused on developing enhanced geothermal systems (EGS), which use horizontal drilling and hydraulic stimulation techniques to access heat in underground rock and produce electricity. Its approach is designed to expand geothermal generation beyond locations with naturally occurring conventional geothermal resources.

The company develops geothermal projects, including Project Red in northern Nevada and the larger Cape Station project in southwestern Utah.

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