Fervo Energy (NASDAQ:FRVO) Stock Price Up 8.9% - Should You Buy?

Key Points

• Fervo Energy shares rose 8.9% to $8.68 in mid-day trading, with volume slightly above average and a market capitalization of approximately $2.56 billion.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus, with an average price target of $39.53 versus the current share price.
• The company remains unprofitable, reporting a quarterly loss of $0.38 per share versus the expected $0.09 loss, while analysts forecast a full-year loss of $0.54 per share.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report)'s stock price was up 8.9% during mid-day trading on Tuesday. The company traded as high as $8.84 and last traded at $8.68. 5,859,299 shares changed hands during trading, an increase of 8% from the average session volume of 5,409,395 shares. The stock had previously closed at $7.97.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FRVO. Johnson Rice initiated coverage on Fervo Energy in a research report on Wednesday, September 23rd. They issued a "buy" rating and a $35.00 target price on the stock. Morgan Stanley raised Fervo Energy to an "overweight" rating in a research report on Tuesday, September 1st. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $47.00 price target on shares of Fervo Energy in a research note on Friday, October 2nd. Wolfe Research set a $29.00 price target on shares of Fervo Energy and gave the stock an "outperform" rating in a research note on Friday, September 25th. Finally, Jefferies Financial Group upgraded shares of Fervo Energy from a "hold" rating to a "buy" rating and lowered their price objective for the company from $41.00 to $34.00 in a report on Monday, July 20th. Two 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 issued a Sell rating to the company. According to MarketBeat, Fervo Energy has an average rating of "Moderate Buy" and an average price target of $39.53.

Fervo Energy Stock Up 8.9%

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's 50 day moving average is $14.83. The company has a market cap of $2.56 billion and a PE ratio of -2.12.

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 firm had revenue of $0.11 million during the quarter. Sell-side analysts predict that Fervo Energy Company will post -0.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

A number of institutional investors have recently added to or reduced their stakes in FRVO. Robeco Schweiz AG increased its stake in shares of Fervo Energy by 66.7% during the 3rd quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company's stock worth $44,615,000 after purchasing an additional 1,313,704 shares during the last quarter. Signaturefd LLC lifted its stake in Fervo Energy by 175.0% in the 3rd quarter. Signaturefd LLC now owns 2,200 shares of the company's stock valued at $30,000 after purchasing an additional 1,400 shares during the last quarter. Sterling Capital Management LLC acquired a new stake in Fervo Energy in the 3rd quarter valued at about $27,000. SBI Securities Co. Ltd. grew its holdings in Fervo Energy by 387.3% during the third 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 during the period. Finally, Viking Fund Management LLC bought a new position in Fervo Energy during the third quarter worth about $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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