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

Fervo Energy Company (NASDAQ:FRVO) was up 2.1% during trading on Tuesday. The stock traded as high as $9.54 and last traded at $9.29. Approximately 10,173,886 shares changed hands during trading, an increase of 89% from the average session volume of 5,374,036 shares. The stock had previously closed at $9.10.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Bank of America lowered their price target on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, September 25th. Robert W. Baird cut their price objective on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $47.00 target price on shares of Fervo Energy in a research note on Friday, October 2nd. Wolfe Research set a $29.00 target price on shares of Fervo Energy and gave the stock an “outperform” rating in a research note on Friday, September 25th. Finally, Weiss Ratings started coverage on shares of Fervo Energy in a report on Tuesday, August 18th. They issued a “sell (d)” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.53.

Fervo Energy Stock Up 2.1%

The business has a 50-day moving average 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 cap of $2.74 billion and a P/E ratio of -2.27.

Fervo Energy (NASDAQ:FRVO) last posted its earnings results on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The business had revenue of $0.11 million during the quarter. On average, equities research analysts expect that Fervo Energy Company will post -0.54 EPS for the current year.

Institutional Trading of Fervo Energy

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

Fervo Energy Company Profile

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.