Fervo Energy (NASDAQ:FRVO) Stock Price Up 2.1% - Still a Buy?

Key Points

• Fervo Energy shares rose 2.1% to $9.29 in heavy trading, with volume 89% above the average session level.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $39.53, although ratings range from “Strong Buy” to “Sell.”
• The company reported a quarterly loss of $0.38 per share, significantly missing the $0.09 consensus estimate, while revenue totaled only $0.11 million; analysts forecast a full-year loss of $0.54 per share.

Shares of Fervo Energy Company (NASDAQ:FRVO - Get Free Report) rose 2.1% during mid-day trading on Tuesday. The stock traded as high as $9.54 and last traded at $9.29. Approximately 10,173,886 shares were traded during mid-day trading, an increase of 89% from the average session volume of 5,374,036 shares. The stock had previously closed at $9.10.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FRVO shares. Weiss Ratings assumed coverage on Fervo Energy in a research note on Tuesday, August 18th. They set a "sell (d)" rating for the company. Piper Sandler restated an "overweight" rating on shares of Fervo Energy in a research report on Tuesday, June 23rd. Jefferies Financial Group upgraded Fervo Energy from a "hold" rating to a "buy" rating and decreased their target price for the company from $41.00 to $34.00 in a research report on Monday, July 20th. UBS Group set a $48.00 price target on Fervo Energy in a research note on Wednesday, June 24th. Finally, Robert W. Baird dropped their price target on Fervo Energy from $50.00 to $35.00 and set an "outperform" rating for the company in a research report on Thursday, August 13th. 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 issued a Sell rating to the company's stock. According to MarketBeat.com, Fervo Energy has an average rating of "Moderate Buy" and an average price target of $39.53.

Fervo Energy Price Performance

The firm has a 50 day moving average price of $15.79. 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 firm has a market capitalization of $2.74 billion and a PE ratio of -2.27.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last posted its quarterly earnings results 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. Analysts forecast that Fervo Energy Company will post -0.54 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Sax Wealth Advisors LLC acquired a new stake in shares of Fervo Energy in the third quarter valued at approximately $154,000. Corient Private Wealth LP purchased a new position in Fervo Energy during the second quarter worth approximately $229,000. Engineers Gate Manager LP purchased a new position in Fervo Energy during the second quarter worth approximately $272,000. AXQ Capital LP acquired a new position in Fervo Energy during the second quarter worth $499,000. Finally, Viking Fund Management LLC acquired a new position in Fervo Energy during the third quarter worth $815,000.

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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