Fervo Energy (NASDAQ:FRVO) Stock Price Down 4% - Here's What Happened

Key Points

• Fervo Energy shares fell 4% to $8.33, with trading volume up 11% from the average session level. The stock remains well below its 50-day moving average of $14.40.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $39.53, despite several firms recently lowering their targets.
• 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.

Shares of Fervo Energy Company (NASDAQ:FRVO - Get Free Report) dropped 4% on Wednesday. The company traded as low as $8.07 and last traded at $8.33. 5,988,624 shares were traded during mid-day trading, an increase of 11% from the average session volume of 5,415,162 shares. The stock had previously closed at $8.68.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Jefferies Financial Group raised Fervo Energy from a "hold" rating to a "buy" rating and dropped their price target for the company from $41.00 to $34.00 in a research note on Monday, July 20th. Johnson Rice assumed coverage on shares of Fervo Energy in a research note on Wednesday, September 23rd. They issued a "buy" rating and a $35.00 price objective for the company. Robert W. Baird dropped their target price on shares of Fervo Energy from $50.00 to $35.00 and set an "outperform" rating on the stock in a research report on Thursday, August 13th. Bank of America cut their target price on shares of Fervo Energy from $36.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, September 25th. Finally, Wall Street Zen upgraded shares of Fervo Energy from a "strong sell" rating to a "sell" rating in a report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Fervo Energy presently has an average rating of "Moderate Buy" and a consensus target price of $39.53.

Fervo Energy Stock Down 4.0%

The firm has a 50-day moving average of $14.40. The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $2.46 billion and a P/E ratio of -2.03.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last announced its quarterly 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 business had revenue of $0.11 million for the quarter. On average, sell-side analysts anticipate that Fervo Energy Company will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

Several large investors have recently added to or reduced their stakes in FRVO. Wellington Management Group LLP bought a new stake in Fervo Energy during the 2nd quarter worth approximately $129,600,000. Value Aligned Research Advisors LLC bought a new position in shares of Fervo Energy in the second quarter valued at approximately $63,155,000. Robeco Schweiz AG lifted its holdings in shares of Fervo Energy by 66.7% in the third quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company's stock valued at $44,615,000 after purchasing an additional 1,313,704 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Fervo Energy in the second quarter valued at approximately $12,423,000. Finally, State Street Corp purchased a new position in shares of Fervo Energy during the second quarter valued at approximately $10,028,000.

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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