Fervo Energy (NASDAQ:FRVO) Shares Down 6.9% - Here's Why

Key Points

• Fervo Energy shares fell 6.9% to about $11.98, with trading volume more than doubling the daily average to roughly 11.1 million shares.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $40.87, despite several firms recently lowering their targets.
• The company reported a quarterly loss of $0.38 per share, missing the $0.09 consensus estimate, while generating only $0.11 million in revenue; analysts expect a full-year loss of $0.54 per share.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report) traded down 6.9% during mid-day trading on Tuesday. The company traded as low as $11.88 and last traded at $11.98. Approximately 11,137,878 shares were traded during trading, an increase of 123% from the average daily volume of 4,987,726 shares. The stock had previously closed at $12.87.

Analysts Set New Price Targets

FRVO has been the topic of several analyst reports. Wall Street Zen upgraded shares of Fervo Energy from a "strong sell" rating to a "sell" rating in a research report on Monday, July 20th. Jefferies Financial Group raised shares of Fervo Energy from a "hold" rating to a "buy" rating and lowered their target price for the stock from $41.00 to $34.00 in a research note on Monday, July 20th. Bank of America dropped their price target on Fervo Energy from $36.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, September 25th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $47.00 target price on shares of Fervo Energy in a research note on Friday, October 2nd. Finally, Johnson Rice initiated coverage on Fervo Energy in a research note on Wednesday, September 23rd. They issued a "buy" rating and a $35.00 price target on the stock. 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $40.87.

Fervo Energy Stock Performance

The company's 50 day moving average is $17.10. 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 has a market capitalization of $3.53 billion and a price-to-earnings ratio of -2.92.

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

Hedge Funds Weigh In On Fervo Energy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sax Wealth Advisors LLC purchased a new stake in Fervo Energy during the 3rd quarter worth approximately $154,000. Corient Private Wealth LP acquired a new position in Fervo Energy during the 2nd quarter worth $229,000. Engineers Gate Manager LP acquired a new position in Fervo Energy during the 2nd quarter worth $272,000. AXQ Capital LP purchased a new stake in Fervo Energy during the 2nd quarter worth about $499,000. Finally, Green Alpha Advisors LLC purchased a new stake in Fervo Energy during the 3rd quarter worth about $843,000.

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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