Fervo Energy (NASDAQ:FRVO) Trading Up 7.6% - Should You Buy?

Key Points

• Fervo Energy shares rose 7.6% to $16.57, though trading volume was about 85% below the stock’s average daily volume.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $42.69, implying substantial upside from the current price.
• The company reported a quarterly loss of $0.38 per share, missing estimates by $0.29, and generated only $0.11 million in revenue; analysts expect a full-year loss of $0.48 per share.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report) rose 7.6% during trading on Thursday . The company traded as high as $16.70 and last traded at $16.57. 652,063 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 4,232,786 shares. The stock had previously closed at $15.40.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FRVO. Guggenheim raised Fervo Energy to a "strong-buy" rating and set a $48.00 price target for the company in a research note on Monday, June 8th. Sanford C. Bernstein started coverage on shares of Fervo Energy in a report on Tuesday, June 23rd. They set an "outperform" rating and a $47.00 price target for the company. 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. Royal Bank Of Canada reissued an "outperform" rating and issued a $46.00 price objective on shares of Fervo Energy in a research note on Tuesday, June 23rd. Finally, Wolfe Research started coverage on shares of Fervo Energy in a research report on Monday, June 8th. They set a "peer perform" rating for the company. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.69.

Fervo Energy Trading Up 6.6%

The business's 50-day moving average is $20.50.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last announced 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 for the quarter. As a group, equities research analysts forecast that Fervo Energy Company will post -0.48 earnings per share for the current fiscal year.

Institutional Trading of Fervo Energy

A number of institutional investors and hedge funds have recently bought and sold shares of FRVO. Corient Private Wealth LP acquired a new stake in shares of Fervo Energy in the second quarter valued at about $229,000. Engineers Gate Manager LP bought a new stake in Fervo Energy in the second quarter valued at approximately $272,000. AXQ Capital LP bought a new stake in Fervo Energy in the second quarter valued at approximately $499,000. NewEdge Advisors LLC acquired a new stake in Fervo Energy during the 2nd quarter valued at approximately $1,245,000. Finally, Ranger Investment Management L.P. acquired a new stake in Fervo Energy during the 2nd quarter valued at approximately $1,455,000.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company developing enhanced geothermal systems (EGS) designed to produce electricity from heat found deep underground. Its approach applies horizontal drilling, hydraulic stimulation and oil-and-gas well technologies to access geothermal resources in locations that may not have naturally permeable reservoirs.

The company develops geothermal projects and related drilling and reservoir-engineering technologies for utility-scale power generation. Fervo's Project Red demonstration in northern Nevada has been used to validate its EGS approach, while the company is developing the larger Cape Station project in southwestern Utah.

Fervo Energy was founded in 2017 by Tim Latimer and Jamie Beard.

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