Fervo Energy (NASDAQ:FRVO) Shares Climb 7.8% – Time to Buy?

Fervo Energy Company (NASDAQ:FRVO) shares shot up 7.8% during trading on Tuesday. The company traded as high as $8.59 and last traded at $8.59. Approximately 467,951 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 5,366,940 shares. The stock had previously closed at $7.97.

Wall Street Analyst Weigh In

FRVO has been the topic of several analyst reports. Johnson Rice assumed coverage on shares of Fervo Energy in a research report on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price target on the stock. Jefferies Financial Group upgraded shares of Fervo Energy from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. Sanford C. Bernstein reissued an “outperform” rating and set a $47.00 target price on shares of Fervo Energy in a research note on Friday, October 2nd. Bank of America dropped their target price on Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, September 25th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Fervo Energy has an average rating of “Moderate Buy” and an average price target of $39.53.

Fervo Energy Stock Up 7.4%

The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average price of $14.83. The stock has a market cap of $2.52 billion and a PE ratio of -2.09.

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

Institutional Trading of Fervo Energy

Large investors have recently modified their holdings of the stock. Sterling Capital Management LLC acquired a new stake in Fervo Energy in the 3rd quarter valued at about $27,000. Signaturefd LLC grew its position in shares of Fervo Energy by 175.0% during the third quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock worth $30,000 after buying an additional 1,400 shares in the last quarter. SBI Securities Co. Ltd. grew its position in shares of Fervo Energy by 387.3% during the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock worth $61,000 after buying an additional 3,586 shares in the last quarter. Sax Wealth Advisors LLC acquired a new position in shares of Fervo Energy during the third quarter worth about $154,000. Finally, Corient Private Wealth LP purchased a new stake in shares of Fervo Energy during the second quarter worth approximately $229,000.

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.