Fervo Energy (NASDAQ:FRVO) Stock Rated Buy in New Coverage at Needham & Company LLC

Analysts at Needham & Company LLC assumed coverage on shares of Fervo Energy (NASDAQ:FRVO) in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage set a “buy” rating and a $17.00 price target on the stock. Needham & Company LLC‘s price objective would suggest a potential upside of 118.23% from the stock’s previous close.

Several other research firms have also commented on FRVO. Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. Bank of America reduced their target price on Fervo Energy from $36.00 to $30.00 and set a “buy” rating for the company in a report on Friday, September 25th. Sanford C. Bernstein reissued an “outperform” rating and issued a $47.00 target price on shares of Fervo Energy in a research report on Friday, October 2nd. Johnson Rice assumed coverage on Fervo Energy in a research report on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price target on the stock. Finally, Jefferies Financial Group upgraded shares of Fervo Energy from a “hold” rating to a “buy” rating and lowered their target price for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.24.

Fervo Energy Stock Down 12.5%

FRVO stock opened at $7.79 on Friday. The firm has a 50-day moving average of $13.26. 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 has a 1 year low of $7.64 and a 1 year high of $42.65.

Fervo Energy (NASDAQ:FRVO) last released its earnings results 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 company had revenue of $0.11 million for the quarter. On average, equities research analysts predict that Fervo Energy will post -0.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Sterling Capital Management LLC purchased a new stake in Fervo Energy in the 3rd quarter valued at approximately $27,000. Signaturefd LLC lifted its holdings in shares of 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 buying an additional 1,400 shares during the period. SBI Securities Co. Ltd. boosted its stake in shares of Fervo Energy by 387.3% in the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock valued at $61,000 after buying an additional 3,586 shares in the last quarter. Sax Wealth Advisors LLC purchased a new stake in shares of Fervo Energy in the third quarter valued at approximately $154,000. Finally, Everett Harris & Co. CA acquired a new position in shares of Fervo Energy during the 3rd quarter worth $190,000.

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.