Fervo Energy (NASDAQ:FRVO) Stock Jumps 13% – Here’s What Happened

Fervo Energy Company (NASDAQ:FRVO) shares were up 13% during mid-day trading on Tuesday. The stock traded as high as $9.34 and last traded at $9.32. Approximately 8,802,818 shares traded hands during mid-day trading, an increase of 61% from the average daily volume of 5,478,722 shares. The stock had previously closed at $8.25.

Wall Street Analysts Forecast Growth

FRVO has been the subject of several recent research reports. JPMorgan Chase & Co. cut their target price on shares of Fervo Energy from $38.00 to $27.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Bank of America decreased 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. Wolfe Research upgraded shares of Fervo Energy from a “peer perform” rating to an “outperform” rating and set a $29.00 price target on the stock in a research report on Friday, September 25th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $47.00 price target on shares of Fervo Energy in a report on Friday, October 2nd. Finally, Johnson Rice started coverage on Fervo Energy in a research report on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $38.50.

Fervo Energy Trading Up 13.0%

The firm’s 50-day simple moving average is $13.68. The company has a market cap of $2.75 billion and a price-to-earnings ratio of -2.27. The company has a current ratio of 8.62, a quick ratio of 8.62 and a debt-to-equity ratio of 0.08.

Fervo Energy (NASDAQ:FRVO) last posted its quarterly earnings data 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 business had revenue of $0.11 million during the quarter. Sell-side analysts expect that Fervo Energy Company will post -0.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA purchased a new position in Fervo Energy during the 3rd quarter worth approximately $237,000. CenterBook Partners LP raised its stake in Fervo Energy by 549.5% during the 3rd quarter. CenterBook Partners LP now owns 259,191 shares of the company’s stock valued at $3,522,000 after purchasing an additional 219,285 shares during the period. SFE Investment Counsel lifted its holdings in shares of Fervo Energy by 111.3% in the third quarter. SFE Investment Counsel now owns 47,458 shares of the company’s stock valued at $645,000 after purchasing an additional 24,998 shares in the last quarter. Everett Harris & Co. CA purchased a new stake in shares of Fervo Energy in the third quarter valued at $190,000. Finally, Robeco Schweiz AG lifted its holdings in shares of Fervo Energy by 66.7% in the third quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company’s stock valued at $44,615,000 after purchasing an additional 1,313,704 shares in the last quarter.

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.