Fervo Energy (NASDAQ:FRVO) Stock Price Up 7.9% – Here’s What Happened

Fervo Energy Company (NASDAQ:FRVO)’s stock price traded up 7.9% on Thursday. The company traded as high as $9.23 and last traded at $8.99. Approximately 9,313,009 shares traded hands during mid-day trading, an increase of 71% from the average daily volume of 5,454,814 shares. The stock had previously closed at $8.33.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Jefferies Financial Group raised shares of Fervo Energy from a “hold” rating to a “buy” rating and cut their price target for the company from $41.00 to $34.00 in a report on Monday, July 20th. Wall Street Zen upgraded Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Bank of America reduced their price objective 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. Weiss Ratings initiated coverage on shares of Fervo Energy in a research report on Tuesday, August 18th. They issued a “sell (d)” rating on the stock. Finally, JPMorgan Chase & Co. decreased their price target on shares of Fervo Energy from $38.00 to $27.00 and set an “overweight” rating for the company in a report on Monday, October 19th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Fervo Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.50.

Fervo Energy Stock Performance

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 capitalization of $2.65 billion and a P/E ratio of -2.19. The stock’s fifty day moving average price is $14.21.

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

Hedge Funds Weigh In On Fervo Energy

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP acquired a new stake in Fervo Energy in the second quarter valued at approximately $129,600,000. Value Aligned Research Advisors LLC acquired a new stake in shares of Fervo Energy in the second quarter worth about $63,155,000. Robeco Schweiz AG lifted its position in shares of Fervo Energy by 66.7% in the third quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company’s stock worth $44,615,000 after buying an additional 1,313,704 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Fervo Energy during the 2nd quarter valued at about $12,423,000. Finally, State Street Corp acquired a new stake in Fervo Energy in the 2nd quarter worth approximately $10,028,000.

About Fervo Energy

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.