Fervo Energy (NASDAQ:FRVO) Stock Falls 5.7% – Here’s Why

Fervo Energy Company (NASDAQ:FRVO) dropped 5.7% on Friday. The stock traded as low as $9.59 and last traded at $9.68. Approximately 20,751,224 shares were traded during mid-day trading, an increase of 292% from the average daily volume of 5,297,288 shares. The stock had previously closed at $10.26.

Wall Street Analyst Weigh In

FRVO has been the topic of a number of analyst reports. Robert W. Baird decreased their price objective on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Royal Bank Of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Fervo Energy in a research note on Tuesday, June 23rd. Northland Securities assumed coverage on Fervo Energy in a research note on Thursday, September 10th. They issued an “outperform” rating and a $27.00 target price for the company. Wolfe Research set a $29.00 target price on Fervo Energy and gave the company an “outperform” rating in a report on Friday, September 25th. Finally, Barclays upped their price target on Fervo Energy from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has assigned 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 Trading Down 5.7%

The stock’s fifty day simple moving average is $16.09. The stock has a market capitalization of $2.85 billion and a PE ratio of -2.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.62 and a quick ratio of 8.62.

Fervo Energy (NASDAQ:FRVO) last released 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 firm had revenue of $0.11 million for the quarter. Equities research analysts predict that Fervo Energy Company will post -0.54 earnings per share for the current year.

Hedge Funds Weigh In On Fervo Energy

Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP purchased a new stake in shares of Fervo Energy in the 2nd quarter valued at about $129,600,000. Value Aligned Research Advisors LLC bought a new stake in shares of Fervo Energy during the 2nd quarter valued at about $63,155,000. Squarepoint Ops LLC bought a new stake in shares of Fervo Energy during the 2nd quarter valued at about $12,423,000. State Street Corp purchased a new position in shares of Fervo Energy during the second quarter worth about $10,028,000. Finally, Resolute Advisors LLC purchased a new position in shares of Fervo Energy during the second quarter worth about $5,285,000.

About Fervo Energy

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.