Fervo Energy (NASDAQ:FRVO) Stock Price Down 8.7% - What's Next?

Key Points

• Fervo Energy shares fell 8.7% to $10.94 in mid-day trading, with volume 48% above the average session level.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $40.87, despite some sell ratings.
• The company missed its latest earnings estimate, reporting a loss of $0.38 per share versus the expected $0.09 loss, while revenue was just $0.11 million.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report)'s share price dropped 8.7% during mid-day trading on Wednesday. The stock traded as low as $10.86 and last traded at $10.94. Approximately 7,426,868 shares traded hands during mid-day trading, an increase of 48% from the average session volume of 5,010,972 shares. The stock had previously closed at $11.98.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Barclays increased their price target on shares of Fervo Energy from $47.00 to $48.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 24th. Weiss Ratings initiated coverage on Fervo Energy in a research report on Tuesday, August 18th. They set a "sell (d)" rating for the company. Wall Street Zen upgraded Fervo Energy from a "strong sell" rating to a "sell" rating in a report on Monday, July 20th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $47.00 price objective on shares of Fervo Energy in a research report on Friday, October 2nd. Finally, UBS Group set a $48.00 price target on shares of Fervo Energy in a research note on Wednesday, June 24th. 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 MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $40.87.

Fervo Energy Stock Performance

The stock has a market cap of $3.22 billion and a price-to-earnings ratio of -2.67. 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 stock's 50 day simple moving average is $16.89.

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

Institutional Trading of Fervo Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LP bought a new position in Fervo Energy during the second quarter valued at about $229,000. Engineers Gate Manager LP acquired a new position in shares of Fervo Energy in the second quarter valued at $272,000. Sax Wealth Advisors LLC acquired a new position in shares of Fervo Energy in the third quarter valued at $154,000. AXQ Capital LP bought a new position in Fervo Energy in the second quarter worth $499,000. Finally, NewEdge Advisors LLC acquired a new stake in Fervo Energy during the second quarter worth $1,245,000.

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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