Sanford C. Bernstein Reaffirms Outperform Rating for Fervo Energy (NASDAQ:FRVO)

Key Points

• Sanford C. Bernstein reaffirmed an “outperform” rating on Fervo Energy and set a $47 price target, implying approximately 187% upside from the prior close.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $42.14; however, ratings range from Strong Buy to Sell.
• Fervo shares opened at $16.35, while the company recently reported a quarterly loss of $0.38 per share—$0.29 worse than estimates—and revenue of just $0.11 million.

Fervo Energy (NASDAQ:FRVO - Get Free Report)'s stock had its "outperform" rating reaffirmed by research analysts at Sanford C. Bernstein in a report issued on Thursday, Benzinga reports. They presently have a $47.00 target price on the stock. Sanford C. Bernstein's price objective suggests a potential upside of 187.46% from the stock's previous close.

Several other brokerages have also recently commented on FRVO. Morgan Stanley raised shares of Fervo Energy to an "overweight" rating in a research report on Tuesday, September 1st. Wolfe Research assumed coverage on Fervo Energy in a research note on Monday, June 8th. They issued a "peer perform" rating for the company. JPMorgan Chase & Co. assumed coverage on Fervo Energy in a research note on Monday, June 8th. They set an "overweight" rating and a $47.00 price objective on the stock. Robert W. Baird decreased their target price on shares of Fervo Energy from $50.00 to $35.00 and set an "outperform" rating for the company in a research note on Thursday, August 13th. Finally, UBS Group set a $48.00 price target on shares of Fervo Energy in a research report on Wednesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $42.14.

Fervo Energy Stock Down 0.5%

FRVO stock opened at $16.35 on Thursday. The stock's 50-day moving average price is $19.57. Fervo Energy has a fifty-two week low of $14.60 and a fifty-two week high of $42.65.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $0.11 million for the quarter. As a group, equities research analysts anticipate that Fervo Energy will post -0.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

A number of hedge funds have recently bought and sold shares of the business. Corient Private Wealth LP acquired a new position in shares of Fervo Energy during the 2nd quarter worth approximately $229,000. Engineers Gate Manager LP bought a new stake in shares of Fervo Energy in the second quarter valued at approximately $272,000. AXQ Capital LP acquired a new stake in Fervo Energy during the second quarter worth approximately $499,000. NewEdge Advisors LLC bought a new position in Fervo Energy during the 2nd quarter worth $1,245,000. Finally, Ranger Investment Management L.P. acquired a new position in Fervo Energy in the 2nd quarter valued at $1,455,000.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company developing enhanced geothermal systems (EGS) designed to produce electricity from heat found deep underground. Its approach applies horizontal drilling, hydraulic stimulation and oil-and-gas well technologies to access geothermal resources in locations that may not have naturally permeable reservoirs.

The company develops geothermal projects and related drilling and reservoir-engineering technologies for utility-scale power generation. Fervo's Project Red demonstration in northern Nevada has been used to validate its EGS approach, while the company is developing the larger Cape Station project in southwestern Utah.

Fervo Energy was founded in 2017 by Tim Latimer and Jamie Beard.

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