Fervo Energy Company $FRVO Stock Holdings Lessened by RWC Asset Management LLP

RWC Asset Management LLP decreased its holdings in Fervo Energy Company (NASDAQ:FRVO) by 18.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 417,126 shares of the company’s stock after selling 95,737 shares during the quarter. RWC Asset Management LLP owned 0.14% of Fervo Energy worth $5,669,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FRVO. Value Aligned Research Advisors LLC acquired a new stake in shares of Fervo Energy during the 2nd quarter valued at about $63,155,000. Squarepoint Ops LLC acquired a new position in Fervo Energy in the second quarter worth about $12,423,000. State Street Corp acquired a new position in Fervo Energy in the second quarter worth about $10,028,000. Readystate Asset Management LP acquired a new position in Fervo Energy in the second quarter worth about $4,419,000. Finally, Wellington Management Group LLP acquired a new position in Fervo Energy in the second quarter worth about $129,600,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FRVO shares. Northland Securities initiated coverage on Fervo Energy in a research note on Thursday, September 10th. They issued an “outperform” rating and a $27.00 price objective on the stock. Morgan Stanley upgraded Fervo Energy to an “overweight” rating in a research report on Tuesday, September 1st. Bank of America decreased their price target on Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, September 25th. Wolfe Research set a $29.00 price target on Fervo Energy and gave the company an “outperform” rating in a research note on Friday, September 25th. Finally, Weiss Ratings began coverage on Fervo Energy in a research report on Tuesday, August 18th. They issued a “sell (d)” rating on the stock. Two research 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 assigned a Sell rating to the company’s stock. According to MarketBeat.com, Fervo Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.53.

Fervo Energy Stock Down 2.5%

NASDAQ:FRVO traded down $0.21 on Friday, reaching $8.04. The stock had a trading volume of 5,968,873 shares, compared to its average volume of 9,951,529. 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 $2.37 billion and a P/E ratio of -1.96. Fervo Energy Company has a 1-year low of $7.83 and a 1-year high of $42.65. The stock’s fifty day simple moving average is $14.79.

Fervo Energy (NASDAQ:FRVO) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The firm had revenue of $0.11 million for the quarter. Sell-side analysts predict that Fervo Energy Company will post -0.54 earnings per share for the current fiscal year.

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.