Fervo Energy (NASDAQ:FRVO) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

Fervo Energy (NASDAQ:FRVO) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $38.00 to $27.00 in a report released on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 196.70% from the stock’s previous close.

Several other brokerages also recently weighed in on FRVO. Jefferies Financial Group upgraded Fervo Energy from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. Piper Sandler reaffirmed an “overweight” rating on shares of Fervo Energy in a research note on Tuesday, June 23rd. Johnson Rice initiated coverage on shares of Fervo Energy in a report on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price target for the company. Wolfe Research set a $29.00 price target on Fervo Energy and gave the company an “outperform” rating in a research note on Friday, September 25th. Finally, Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Fervo Energy has an average rating of “Moderate Buy” and an average price target of $39.53.

Fervo Energy Stock Down 6.0%

Shares of FRVO traded down $0.58 during mid-day trading on Monday, hitting $9.10. 9,954,513 shares of the company’s stock were exchanged, compared to its average volume of 5,323,713. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62. Fervo Energy has a 52 week low of $9.00 and a 52 week high of $42.65. The stock has a 50-day moving average of $16.09. The stock has a market capitalization of $2.68 billion and a price-to-earnings ratio of -2.22.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The company had revenue of $0.11 million during the quarter. Analysts forecast that Fervo Energy will post -0.54 earnings per share for the current fiscal year.

Institutional Trading of Fervo Energy

A number of institutional investors and hedge funds have recently bought and sold shares of FRVO. Sax Wealth Advisors LLC bought a new position in Fervo Energy during the 3rd quarter worth $154,000. Corient Private Wealth LP bought a new stake in shares of Fervo Energy in the 2nd quarter valued at about $229,000. Engineers Gate Manager LP bought a new stake in shares of Fervo Energy in the 2nd quarter valued at about $272,000. AXQ Capital LP acquired a new stake in shares of Fervo Energy in the second quarter valued at about $499,000. Finally, Viking Fund Management LLC acquired a new stake in shares of Fervo Energy in the third quarter valued at about $815,000.

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.