Fervo Energy (NASDAQ:FRVO) Hits New 1-Year Low - Here's What Happened

Key Points

• Fervo Energy shares hit a new 52-week low, falling to $13.10 and last trading at $13.23, down 4.1% from the previous close. The stock’s market capitalization is approximately $3.88 billion.
• Despite the decline, analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $40.87, though several firms recently lowered their targets.
• The company reported a quarterly loss of $0.38 per share, missing estimates of a $0.09 loss, while revenue was just $0.11 million. Analysts expect a full-year loss of $0.54 per share.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report)'s share price reached a new 52-week low on Monday. The company traded as low as $13.10 and last traded at $13.23, with a volume of 1,790,071 shares trading hands. The stock had previously closed at $13.75.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FRVO shares. UBS Group set a $48.00 price target on Fervo Energy in a report on Wednesday, June 24th. Northland Securities started coverage on Fervo Energy in a report on Thursday, September 10th. They issued an "outperform" rating and a $27.00 price objective on the stock. Robert W. Baird dropped their price objective on Fervo Energy from $50.00 to $35.00 and set an "outperform" rating on the stock in a report on Thursday, August 13th. Weiss Ratings initiated coverage on Fervo Energy in a research report on Tuesday, August 18th. They set a "sell (d)" rating on the stock. Finally, Bank of America decreased their target price on Fervo Energy from $36.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, September 25th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $40.87.

Fervo Energy Trading Down 4.1%

The stock has a market capitalization of $3.88 billion and a price-to-earnings ratio of -3.21. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.62 and a quick ratio of 8.62. The company's fifty day moving average price is $17.29.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.29). The company had revenue of $0.11 million during the quarter. As a group, equities research analysts predict that Fervo Energy Company will post -0.54 earnings per share for the current year.

Hedge Funds Weigh In On Fervo Energy

A number of hedge funds have recently modified their holdings of the business. Green Alpha Advisors LLC acquired a new stake in Fervo Energy during the 3rd quarter worth $843,000. State Street Corp purchased a new position in Fervo Energy during the 2nd quarter worth $10,028,000. Engineers Gate Manager LP acquired a new position in Fervo Energy in the second quarter valued at $272,000. NewEdge Advisors LLC acquired a new position in Fervo Energy in the second quarter valued at $1,245,000. Finally, Squarepoint Ops LLC acquired a new position in Fervo Energy in the second quarter valued at $12,423,000.

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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