Fervo Energy’s (FRVO) “Outperform” Rating Reaffirmed at Sanford C. Bernstein

Fervo Energy (NASDAQ:FRVO)‘s stock had its “outperform” rating reiterated by equities researchers at Sanford C. Bernstein in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $47.00 price target on the stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 189.23% from the stock’s previous close.

FRVO has been the subject of a number of other research reports. Robert W. Baird decreased their target price on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Bank of America raised shares of Fervo Energy from a “neutral” rating to a “buy” rating and decreased their target price for the company from $40.00 to $36.00 in a research note on Friday, July 17th. Guggenheim raised shares of Fervo Energy to a “strong-buy” rating and set a $48.00 target price for the company in a research note on Monday, June 8th. Northland Securities assumed coverage on shares of Fervo Energy in a research note on Thursday, September 10th. They set an “outperform” rating and a $27.00 target price for the company. Finally, Wall Street Zen raised shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.14.

Fervo Energy Price Performance

FRVO traded down $0.10 on Thursday, hitting $16.25. The company had a trading volume of 7,802,517 shares, compared to its average volume of 4,323,666. Fervo Energy has a 52-week low of $14.60 and a 52-week high of $42.65. The business has a fifty day simple moving average of $19.57.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The business had revenue of $0.11 million for the quarter. Analysts expect that Fervo Energy will post -0.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Fervo Energy

Several institutional investors and hedge funds have recently made changes to their positions in FRVO. Wellington Management Group LLP bought a new stake in shares of Fervo Energy during the second quarter valued at approximately $129,600,000. Value Aligned Research Advisors LLC bought a new stake in shares of Fervo Energy during the second quarter valued at approximately $63,155,000. Squarepoint Ops LLC bought a new stake in shares of Fervo Energy during the second quarter valued at approximately $12,423,000. State Street Corp bought a new stake in shares of Fervo Energy during the second quarter valued at approximately $10,028,000. Finally, Resolute Advisors LLC bought a new stake in shares of Fervo Energy during the second quarter valued at approximately $5,285,000.

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.