Sanford C. Bernstein Reaffirms Outperform Rating for Fervo Energy (NASDAQ:FRVO)

Fervo Energy (NASDAQ:FRVO)‘s stock had its “outperform” rating reiterated by equities research analysts at Sanford C. Bernstein in a note issued to investors on Thursday, Benzinga reports. They currently have a $47.00 target price on the stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 245.84% from the company’s current price.

FRVO has been the subject of several other reports. Roth Capital began coverage on shares of Fervo Energy in a research note on Thursday, June 11th. They set a “buy” rating and a $45.00 target price for the company. Robert W. Baird dropped their price objective on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Northland Securities began coverage on Fervo Energy in a research report on Thursday, September 10th. They set an “outperform” rating and a $27.00 price objective for the company. Morgan Stanley raised Fervo Energy to an “overweight” rating in a report on Tuesday, September 1st. Finally, JPMorgan Chase & Co. assumed coverage on Fervo Energy in a research report on Monday, June 8th. They issued an “overweight” rating and a $47.00 target price on the stock. Two research 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 given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $40.87.

Fervo Energy Stock Down 1.2%

Shares of NASDAQ FRVO traded down $0.16 during mid-day trading on Thursday, reaching $13.59. The company’s stock had a trading volume of 5,571,717 shares, compared to its average volume of 4,626,036. The firm’s fifty day simple moving average is $18.47. Fervo Energy has a 52 week low of $13.44 and a 52 week high of $42.65.

Fervo Energy (NASDAQ:FRVO) last posted its quarterly earnings results 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 business had revenue of $0.11 million during the quarter. Research analysts expect that Fervo Energy will post -0.48 EPS for the current fiscal year.

Institutional Trading of Fervo Energy

A number of large investors have recently made changes to their positions in FRVO. Corient Private Wealth LP purchased a new stake in shares of Fervo Energy during the 2nd quarter valued at about $229,000. Engineers Gate Manager LP purchased a new position in Fervo Energy in the second quarter worth about $272,000. AXQ Capital LP bought a new stake in Fervo Energy during the second quarter worth approximately $499,000. NewEdge Advisors LLC bought a new stake in Fervo Energy during the second quarter worth approximately $1,245,000. Finally, Ranger Investment Management L.P. purchased a new stake in Fervo Energy during the second quarter valued at approximately $1,455,000.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company focused on developing enhanced geothermal systems (EGS), which use horizontal drilling and hydraulic stimulation techniques to access heat in underground rock and produce electricity. Its approach is designed to expand geothermal generation beyond locations with naturally occurring conventional geothermal resources.

The company develops geothermal projects, including Project Red in northern Nevada and the larger Cape Station project in southwestern Utah.