Fervo Energy Company (NASDAQ:FRVO) Given Average Recommendation of “Moderate Buy” by Brokerages

Fervo Energy Company (NASDAQ:FRVO) has been given a consensus rating of “Moderate Buy” by the seventeen analysts that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $42.6923.

A number of research firms have weighed in on FRVO. Northland Securities started coverage on shares of Fervo Energy in a research note on Thursday, September 10th. They set an “outperform” rating and a $27.00 price target on the stock. JPMorgan Chase & Co. initiated coverage on Fervo Energy in a report on Monday, June 8th. They set an “overweight” rating and a $47.00 price target for the company. Wall Street Zen upgraded shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a research report on Monday, July 20th. Robert W. Baird decreased their price target on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Finally, Morgan Stanley raised shares of Fervo Energy to an “overweight” rating in a research note on Tuesday, September 1st.

Fervo Energy Price Performance

FRVO opened at $14.96 on Tuesday. Fervo Energy has a 1-year low of $14.60 and a 1-year high of $42.65. The company has a 50 day simple moving average of $20.84.

Fervo Energy (NASDAQ:FRVO) last posted its quarterly earnings data 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 firm had revenue of $0.11 million for the quarter. As a group, sell-side analysts predict that Fervo Energy will post -0.48 EPS for the current year.

Institutional Investors Weigh In On Fervo Energy

Several hedge funds have recently bought and sold shares of the company. Corient Private Wealth LP bought a new position in Fervo Energy during the second quarter worth about $229,000. Engineers Gate Manager LP acquired a new position in Fervo Energy during the 2nd quarter worth approximately $272,000. AXQ Capital LP acquired a new position in Fervo Energy during the second quarter worth $499,000. NewEdge Advisors LLC bought a new position in shares of Fervo Energy in the 2nd quarter valued at about $1,245,000. Finally, Ranger Investment Management L.P. bought a new position in Fervo Energy in the second quarter valued at approximately $1,455,000.

About Fervo Energy

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.