Fervo Energy (NASDAQ:FRVO) Trading 7.6% Higher – Should You Buy?

Fervo Energy Company (NASDAQ:FRVO) shares were up 7.6% on Thursday . The stock traded as high as $16.70 and last traded at $16.57. Approximately 652,063 shares were traded during trading, a decline of 85% from the average session volume of 4,232,786 shares. The stock had previously closed at $15.40.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FRVO shares. Royal Bank Of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Fervo Energy in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. began coverage on Fervo Energy in a research report on Monday, June 8th. They issued an “overweight” rating and a $47.00 price objective for the company. Jefferies Financial Group raised Fervo Energy from a “hold” rating to a “buy” rating and dropped their price objective for the company from $41.00 to $34.00 in a research note on Monday, July 20th. Piper Sandler restated an “overweight” rating on shares of Fervo Energy in a research report on Tuesday, June 23rd. Finally, Bank of America raised Fervo Energy from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $40.00 to $36.00 in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Fervo Energy Trading Up 6.6%

The company has a 50-day moving average price of $20.50.

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 analysts’ consensus estimates of ($0.09) by ($0.29). The company had revenue of $0.11 million during the quarter. On average, equities analysts anticipate that Fervo Energy Company will post -0.48 earnings per share for the current year.

Institutional Trading of Fervo Energy

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

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.