Fervo Energy Company (NASDAQ:FRVO) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts broadly favor Fervo Energy: Seventeen brokerages give the stock an average “Moderate Buy” rating, including 12 buys and two strong buys. The average 12-month price target is $42.69, well above the recent $14.96 share price.
• The stock remains near its 52-week low after opening at $14.96, compared with a 52-week range of $14.60 to $42.65. Shares are also below their 50-day moving average of $20.84.
• Fervo reported a quarterly loss of $0.38 per share, missing the $0.09 consensus estimate, while revenue was just $0.11 million. Several institutional investors nonetheless established new positions during the second quarter, including Wellington Management with an investment valued at approximately $129.6 million.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report) has received an average rating of "Moderate Buy" from the seventeen brokerages that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, twelve have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $42.6923.

Several research firms have recently commented on FRVO. Weiss Ratings assumed coverage on shares of Fervo Energy in a report on Tuesday, August 18th. They issued a "sell (d)" rating for the company. Bank of America upgraded Fervo Energy from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $40.00 to $36.00 in a research note on Friday, July 17th. JPMorgan Chase & Co. started coverage on shares of Fervo Energy in a research note on Monday, June 8th. They issued an "overweight" rating and a $47.00 price target on the stock. Guggenheim raised Fervo Energy to a "strong-buy" rating and set a $48.00 price target on the stock in a report on Monday, June 8th. Finally, Wolfe Research assumed coverage on Fervo Energy in a research note on Monday, June 8th. They issued a "peer perform" rating on the stock.

Hedge Funds Weigh In On Fervo Energy

A number of institutional investors have recently bought and sold shares of FRVO. Value Aligned Research Advisors LLC purchased a new position in shares of Fervo Energy in the second quarter worth approximately $63,155,000. Squarepoint Ops LLC acquired a new position in shares of Fervo Energy in the second quarter worth $12,423,000. Readystate Asset Management LP purchased a new stake in shares of Fervo Energy during the 2nd quarter worth about $4,419,000. Wellington Management Group LLP bought a new position in Fervo Energy during the second quarter valued at approximately $129,600,000. Finally, Resolute Advisors LLC bought a new position in shares of Fervo Energy during the 2nd quarter valued at $5,285,000.

Fervo Energy Stock Down 4.0%

Shares of FRVO stock opened at $14.96 on Tuesday. Fervo Energy has a 1-year low of $14.60 and a 1-year high of $42.65. The business's fifty day moving average is $20.84.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $0.11 million during the quarter. Equities analysts forecast that Fervo Energy will post -0.48 earnings per share for the current fiscal year.

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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