Fervo Energy (NASDAQ:FRVO) Stock Falls 2.9% – Here’s What Happened

Shares of Fervo Energy Company (NASDAQ:FRVO) traded down 2.9% during mid-day trading on Wednesday. The company traded as low as $8.97 and last traded at $9.02. 4,957,684 shares traded hands during mid-day trading, a decline of 8% from the average daily volume of 5,372,719 shares. The stock had previously closed at $9.29.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Weiss Ratings assumed coverage on Fervo Energy in a research report on Tuesday, August 18th. They issued a “sell (d)” rating on the stock. Wolfe Research set a $29.00 target price on Fervo Energy and gave the stock an “outperform” rating in a research report on Friday, September 25th. Jefferies Financial Group upgraded Fervo Energy from a “hold” rating to a “buy” rating and cut their target price for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. UBS Group set a $48.00 target price on Fervo Energy in a research note on Wednesday, June 24th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Fervo Energy in a report on Tuesday, June 23rd. 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 given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.53.

Fervo Energy Trading Down 2.9%

The company has a market cap of $2.66 billion and a price-to-earnings ratio of -2.20. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62. The stock has a 50 day simple moving average of $15.49.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly earnings data 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 firm had revenue of $0.11 million during the quarter. As a group, equities research 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

Institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP bought a new stake in Fervo Energy in the 2nd quarter worth approximately $129,600,000. Value Aligned Research Advisors LLC purchased a new stake in shares of Fervo Energy during the 2nd quarter worth approximately $63,155,000. Squarepoint Ops LLC bought a new position in shares of Fervo Energy during the 2nd quarter valued at approximately $12,423,000. State Street Corp bought a new position in shares of Fervo Energy during the 2nd quarter valued at approximately $10,028,000. Finally, Resolute Advisors LLC purchased a new position in shares of Fervo Energy in the second quarter valued at $5,285,000.

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.