Fervo Energy (NASDAQ:FRVO) Releases Earnings Results, Beats Expectations By $0.03 EPS

Fervo Energy (NASDAQ:FRVO) posted its quarterly earnings results on Monday. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03, Zacks reports.

Fervo Energy Stock Performance

Shares of FRVO opened at $9.02 on Monday. The stock has a market capitalization of $2.66 billion and a PE ratio of -2.20. The company has a current ratio of 8.62, a quick ratio of 8.62 and a debt-to-equity ratio of 0.08. Fervo Energy has a fifty-two week low of $7.64 and a fifty-two week high of $42.65. The business has a 50-day simple moving average of $13.12.

Analyst Ratings Changes

Several research firms have issued reports on FRVO. Wolfe Research upgraded Fervo Energy from a “peer perform” rating to an “outperform” rating and set a $29.00 target price on the stock in a research report on Friday, September 25th. Northland Securities began coverage on Fervo Energy in a research note on Thursday, September 10th. They set an “outperform” rating and a $27.00 price objective on the stock. Johnson Rice assumed coverage on Fervo Energy in a research note on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price objective on the stock. Weiss Ratings began coverage on Fervo Energy in a report on Tuesday, August 18th. They set a “sell (d)” rating on the stock. Finally, JPMorgan Chase & Co. cut their target price on Fervo Energy from $38.00 to $27.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $37.24.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company that develops projects to produce electricity and provide energy storage. It applies drilling and subsurface technologies, including horizontal wells and fiber-optic sensing, to access geothermal resources and make them available in more locations.

Founded in 2017 and headquartered in Houston, Texas, Fervo has focused on projects in the western United States. Its developments include Project Red in Nevada and Cape Station in Utah, which is planned as a large-scale geothermal power project.

Fervo was co-founded by Tim Latimer, its chief executive officer, and Jack Norbeck.