Fervo Energy (NASDAQ:FRVO) Reaches New 52-Week Low - Here's Why

Key Points

• Fervo Energy shares fell to a new 52-week low of $13.10, last trading at $13.46 versus a prior close of $14.45.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $40.87, despite several recent target reductions.
• The company reported a quarterly loss of $0.38 per share, missing expectations by $0.29, on revenue of just $0.11 million; analysts expect a full-year loss of $0.54 per share.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $13.10 and last traded at $13.46, with a volume of 11853064 shares traded. The stock had previously closed at $14.45.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Bank of America lowered their price target on Fervo Energy from $36.00 to $30.00 and set a "buy" rating on the stock in a research report on Friday, September 25th. William Blair began coverage on shares of Fervo Energy in a research report on Monday, June 8th. They set an "outperform" rating and a $43.00 target price for the company. Guggenheim upgraded Fervo Energy to a "strong-buy" rating and set a $48.00 price objective for the company in a research report on Monday, June 8th. Wolfe Research set a $29.00 price objective on Fervo Energy and gave the company an "outperform" rating in a research report on Friday, September 25th. Finally, Jefferies Financial Group raised shares of Fervo Energy from a "hold" rating to a "buy" rating and dropped their price target for the stock from $41.00 to $34.00 in a research note on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.87.

Fervo Energy Stock Performance

The business has a fifty day moving average of $17.83. The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08.

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

Institutional Trading of Fervo Energy

A number of hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP purchased a new position in shares of Fervo Energy in the second quarter worth about $129,600,000. Value Aligned Research Advisors LLC purchased a new position in Fervo Energy during the second quarter valued at $63,155,000. Squarepoint Ops LLC purchased a new stake in Fervo Energy during the 2nd quarter valued at $12,423,000. State Street Corp purchased a new stake in Fervo Energy in the second quarter worth approximately $10,028,000. Finally, Resolute Advisors LLC bought a new position in shares of Fervo Energy in the 2nd quarter worth approximately $5,285,000.

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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