Fervo Energy (NASDAQ:FRVO) Hits New 12-Month Low – Here’s What Happened

Fervo Energy Company (NASDAQ:FRVO)’s share price reached a new 52-week low on Thursday. The stock traded as low as $7.69 and last traded at $7.86, with a volume of 2,672,849 shares trading hands. The stock had previously closed at $8.90.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Bank of America lowered their price target on Fervo Energy from $36.00 to $30.00 and set a “buy” rating for the company in a report on Friday, September 25th. Northland Securities started coverage on Fervo Energy in a report on Thursday, September 10th. They set an “outperform” rating and a $27.00 price objective on the stock. JPMorgan Chase & Co. decreased their target price on Fervo Energy from $38.00 to $27.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. Wall Street Zen upgraded Fervo Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. Finally, Jefferies Financial Group upgraded Fervo Energy from a “hold” rating to a “buy” rating and lowered their target price for the stock from $41.00 to $34.00 in a report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $38.50.

Fervo Energy Trading Down 12.0%

The company has a current ratio of 8.62, a quick ratio of 8.62 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $2.31 billion and a price-to-earnings ratio of -1.91. The business’s 50-day moving average price is $13.41.

Fervo Energy (NASDAQ:FRVO) last announced 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. Analysts expect that Fervo Energy Company will post -0.58 earnings per share for the current year.

Institutional Trading of Fervo Energy

A number of hedge funds have recently bought and sold shares of FRVO. Sterling Capital Management LLC bought a new stake in Fervo Energy during the third quarter valued at about $27,000. Signaturefd LLC grew its stake in Fervo Energy by 175.0% in the third quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock valued at $30,000 after purchasing an additional 1,400 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in Fervo Energy by 387.3% in the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock valued at $61,000 after purchasing an additional 3,586 shares during the last quarter. Corient Private Wealth LP purchased a new position in Fervo Energy in the second quarter valued at about $229,000. Finally, Engineers Gate Manager LP bought a new position in Fervo Energy in the second quarter worth about $272,000.

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.