Fervo Energy (NASDAQ:FRVO) Stock Rating Reaffirmed as "Outperform" by Sanford C. Bernstein

Key Points

• Sanford C. Bernstein reaffirmed an “Outperform” rating on Fervo Energy and maintained a $47 price target, implying 215.65% potential upside from the previous close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $40.87; recent targets from other firms range as high as $48.
• Fervo shares closed at $14.89 after trading between $13.44 and $42.65 over the past year, while the company reported a quarterly loss of $0.38 per share versus the $0.09 consensus estimate and generated $0.11 million in revenue.

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 Friday, Benzinga reports. They currently have a $47.00 price target on the stock. Sanford C. Bernstein's price target suggests a potential upside of 215.65% from the company's previous close.

Other research analysts have also issued reports about the stock. Guggenheim raised shares of Fervo Energy to a "strong-buy" rating and set a $48.00 target price on the stock in a research note on Monday, June 8th. Barclays increased their target price on shares of Fervo Energy from $47.00 to $48.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 24th. Piper Sandler restated an "overweight" rating on shares of Fervo Energy in a report on Tuesday, June 23rd. Wolfe Research set a $29.00 price objective on shares of Fervo Energy and gave the stock an "outperform" rating in a report on Friday, September 25th. Finally, UBS Group set a $48.00 price objective on shares of Fervo Energy in a report on Wednesday, June 24th. Two 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's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $40.87.

Fervo Energy Stock Performance

Shares of NASDAQ FRVO traded up $0.43 during midday trading on Friday, reaching $14.89. The stock had a trading volume of 3,185,985 shares, compared to its average volume of 4,652,109. Fervo Energy has a twelve month low of $13.44 and a twelve month high of $42.65. The firm has a 50 day simple moving average of $18.23.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The company had revenue of $0.11 million for the quarter. Analysts forecast that Fervo Energy will post -0.48 earnings per share for the current year.

Hedge Funds Weigh In On Fervo Energy

Several large investors have recently modified their holdings of the business. Corient Private Wealth LP purchased a new position in shares of Fervo Energy in the second quarter worth about $229,000. Engineers Gate Manager LP bought a new stake in shares of Fervo Energy in the 2nd quarter worth approximately $272,000. AXQ Capital LP bought a new stake in shares of Fervo Energy in the 2nd quarter worth approximately $499,000. NewEdge Advisors LLC bought a new stake in shares of Fervo Energy in the 2nd quarter worth approximately $1,245,000. Finally, Ranger Investment Management L.P. bought a new stake in Fervo Energy during the 2nd quarter valued at $1,455,000.

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.