Fervo Energy (NASDAQ:FRVO) Shares Down 5.3% – Here’s What Happened

Fervo Energy Company (NASDAQ:FRVO)’s share price dropped 5.3% during mid-day trading on Thursday . The company traded as low as $16.31 and last traded at $16.33. Approximately 1,064,842 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 4,194,798 shares. The stock had previously closed at $17.24.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Zacks Research raised shares of Fervo Energy to a “hold” rating in a research note on Tuesday, June 9th. Northland Securities began coverage on Fervo Energy in a research note on Thursday. They set an “outperform” rating and a $27.00 price objective on the stock. Wolfe Research initiated coverage on Fervo Energy in a report on Monday, June 8th. They issued a “peer perform” rating on the stock. Piper Sandler reissued an “overweight” rating on shares of Fervo Energy in a research note on Tuesday, June 23rd. Finally, UBS Group set a $48.00 target price on Fervo Energy in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Fervo Energy Trading Down 0.9%

The company has a fifty day moving average of $21.10.

Fervo Energy (NASDAQ:FRVO) last posted its quarterly 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 company had revenue of $0.11 million for the quarter. As a group, equities analysts forecast that Fervo Energy Company will post -0.42 earnings per share for the current fiscal year.

Institutional Trading of Fervo Energy

A number of institutional investors have recently modified their holdings of the company. Wellington Management Group LLP bought a new position in Fervo Energy during the 2nd quarter valued at approximately $129,600,000. Value Aligned Research Advisors LLC purchased a new stake in Fervo Energy in the 2nd quarter worth approximately $63,155,000. Squarepoint Ops LLC bought a new stake in shares of Fervo Energy in the 2nd quarter worth approximately $12,423,000. Resolute Advisors LLC bought a new stake in shares of Fervo Energy in the 2nd quarter worth approximately $5,285,000. Finally, Readystate Asset Management LP bought a new stake in shares of Fervo Energy in the 2nd quarter worth approximately $4,419,000.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company developing enhanced geothermal systems (EGS) designed to produce electricity from heat found deep underground. Its approach applies horizontal drilling, hydraulic stimulation and oil-and-gas well technologies to access geothermal resources in locations that may not have naturally permeable reservoirs.

The company develops geothermal projects and related drilling and reservoir-engineering technologies for utility-scale power generation. Fervo’s Project Red demonstration in northern Nevada has been used to validate its EGS approach, while the company is developing the larger Cape Station project in southwestern Utah.

Fervo Energy was founded in 2017 by Tim Latimer and Jamie Beard.