Fervo Energy (NASDAQ:FRVO) Stock Jumps 7.9% - Here's What Happened

Key Points

• Fervo Energy shares jumped 7.9% to $8.99 in mid-day trading, with volume 71% above the average. The company’s market capitalization stood at approximately $2.65 billion.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $38.50. Recent targets range from $23 to $35, including new coverage from Morgan Stanley and Northland Securities.
• Fervo reported a quarterly loss of $0.38 per share, missing the $0.09 consensus estimate, while revenue was only $0.11 million. The company develops enhanced geothermal systems using horizontal drilling and hydraulic stimulation technologies.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report)'s stock price rose 7.9% during mid-day trading on Thursday. The stock traded as high as $9.23 and last traded at $8.99. 9,313,009 shares were traded during mid-day trading, an increase of 71% from the average daily volume of 5,454,814 shares. The stock had previously closed at $8.33.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Northland Securities assumed coverage on Fervo Energy in a report on Thursday, September 10th. They set an "outperform" rating and a $27.00 price objective for the company. Robert W. Baird dropped their price objective on shares of Fervo Energy from $50.00 to $35.00 and set an "outperform" rating on the stock in a research note on Thursday, August 13th. Morgan Stanley began coverage on Fervo Energy in a research report on Thursday. They set an "overweight" rating and a $23.00 price objective on the stock. Jefferies Financial Group upgraded shares of Fervo Energy from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $41.00 to $34.00 in a research note on Monday, July 20th. Finally, Johnson Rice assumed coverage on Fervo Energy in a report on Wednesday, September 23rd. They issued a "buy" rating and a $35.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $38.50.

Fervo Energy Trading Up 7.9%

The stock has a market cap of $2.65 billion and a P/E ratio of -2.19. The stock has a fifty day moving average price of $14.21. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.62 and a quick ratio of 8.62.

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 analysts' consensus estimates of ($0.09) by ($0.29). The company had revenue of $0.11 million for the quarter. As a group, equities research analysts expect that Fervo Energy Company will post -0.54 EPS for the current year.

Hedge Funds Weigh In On Fervo Energy

Several large investors have recently bought and sold shares of the stock. Signaturefd LLC increased its holdings in Fervo Energy by 175.0% in the third quarter. Signaturefd LLC now owns 2,200 shares of the company's stock valued at $30,000 after buying an additional 1,400 shares in the last quarter. Sterling Capital Management LLC purchased a new position in shares of Fervo Energy in the 3rd quarter worth $27,000. SBI Securities Co. Ltd. increased its position in Fervo Energy by 387.3% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company's stock worth $61,000 after purchasing an additional 3,586 shares in the last quarter. Corient Private Wealth LP purchased a new position in shares of Fervo Energy in the 2nd quarter valued at $229,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Fervo Energy in the second quarter worth about $272,000.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company developing enhanced geothermal systems designed to generate electricity from heat found deep beneath the earth's surface. The company applies techniques adapted from the oil and gas industry, including horizontal drilling and hydraulic stimulation, to create engineered geothermal reservoirs in areas where conventional geothermal resources may not be available.

Founded in 2017, Fervo combines advanced drilling, distributed fiber-optic sensing and reservoir engineering to evaluate and operate geothermal projects.

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