Fervo Energy (NASDAQ:FRVO) Stock Price Up 7.6% – Here’s Why

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

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Piper Sandler reiterated an “overweight” rating on shares of Fervo Energy in a research note on Tuesday, June 23rd. William Blair initiated coverage on shares of Fervo Energy in a research note on Monday, June 8th. They issued an “outperform” rating and a $43.00 target price on the stock. Barclays upped their target price on shares of Fervo Energy from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Weiss Ratings started coverage on shares of Fervo Energy in a research report on Tuesday, August 18th. They set a “sell (d)” rating for the company. Finally, Wolfe Research initiated coverage on shares of Fervo Energy in a report on Monday, June 8th. They set a “peer perform” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Fervo Energy Price Performance

The stock has a 50 day simple moving average of $20.08.

Fervo Energy (NASDAQ:FRVO) last announced its 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 firm had revenue of $0.11 million during the quarter. On average, equities research analysts anticipate that Fervo Energy Company will post -0.48 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fervo Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRVO. Wellington Management Group LLP bought a new position in Fervo Energy in the second quarter valued at about $129,600,000. Value Aligned Research Advisors LLC bought a new stake in Fervo Energy during the 2nd quarter worth about $63,155,000. Squarepoint Ops LLC acquired a new position in Fervo Energy during the 2nd quarter valued at about $12,423,000. Resolute Advisors LLC acquired a new position in Fervo Energy during the 2nd quarter valued at about $5,285,000. Finally, Readystate Asset Management LP bought a new position in shares of Fervo Energy in the 2nd quarter valued at about $4,419,000.

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.