Fervo Energy (NASDAQ:FRVO) Stock Price Down 2.9% - Here's What Happened

Key Points

• Fervo Energy shares fell 2.9% to about $9.02 in mid-day trading, with volume down 8% from the stock’s average daily volume.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $39.53, despite recent target reductions and upgrades from several firms.
• The company reported a quarterly loss of $0.38 per share, missing estimates by $0.29, on just $0.11 million in revenue; analysts expect a full-year loss of $0.54 per share.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report)'s share price was down 2.9% during mid-day trading on Wednesday. The company traded as low as $8.97 and last traded at $9.02. 4,957,684 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 5,372,719 shares. The stock had previously closed at $9.29.

Analysts Set New Price Targets

Several research firms recently commented on FRVO. Wall Street Zen raised shares of Fervo Energy from a "strong sell" rating to a "sell" rating in a report on Monday, July 20th. Johnson Rice started coverage on Fervo Energy in a research note on Wednesday, September 23rd. They set a "buy" rating and a $35.00 price objective for the company. Wolfe Research set a $29.00 target price on shares of Fervo Energy and gave the stock an "outperform" rating in a research note on Friday, September 25th. Jefferies Financial Group upgraded shares of Fervo Energy from a "hold" rating to a "buy" rating and lowered their price target for the company from $41.00 to $34.00 in a report on Monday, July 20th. Finally, Morgan Stanley upgraded shares of Fervo Energy to an "overweight" rating in a report on Tuesday, September 1st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Fervo Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.53.

Fervo Energy Trading Down 2.9%

The firm has a 50 day simple moving average of $15.49. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62. The firm has a market cap of $2.66 billion and a price-to-earnings ratio of -2.20.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Viking Fund Management LLC bought a new position in shares of Fervo Energy in the third quarter worth approximately $815,000. Sax Wealth Advisors LLC purchased a new stake in shares of Fervo Energy in the third quarter worth $154,000. Green Alpha Advisors LLC bought a new stake in shares of Fervo Energy during the 3rd quarter valued at $843,000. State Street Corp bought a new stake in shares of Fervo Energy during the 2nd quarter valued at $10,028,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Fervo Energy during the 2nd quarter valued at $272,000.

About Fervo Energy

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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