Fervo Energy (NASDAQ:FRVO) Stock Falls 6.4% – Here’s Why

Fervo Energy Company (NASDAQ:FRVO) was down 6.4% during mid-day trading on Monday. The stock traded as low as $12.78 and last traded at $12.87. 8,962,778 shares were traded during mid-day trading, an increase of 82% from the average daily volume of 4,928,394 shares. The stock had previously closed at $13.75.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FRVO shares. Bank of America decreased their price target on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, September 25th. Robert W. Baird dropped their price objective on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Jefferies Financial Group upgraded shares of Fervo Energy from a “hold” rating to a “buy” rating and reduced their price objective for the company from $41.00 to $34.00 in a report on Monday, July 20th. Johnson Rice assumed coverage on shares of Fervo Energy in a report on Wednesday, September 23rd. They issued a “buy” rating and a $35.00 target price on the stock. Finally, Barclays increased their price objective on Fervo Energy from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $40.87.

Fervo Energy Trading Down 8.7%

The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $3.22 billion and a price-to-earnings ratio of -2.67. The business has a 50-day moving average price of $16.89.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) 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. On average, equities research analysts expect that Fervo Energy Company will post -0.54 EPS for the current year.

Hedge Funds Weigh In On Fervo Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP purchased a new position in Fervo Energy in the second quarter valued at about $129,600,000. Value Aligned Research Advisors LLC purchased a new position in shares of Fervo Energy during the 2nd quarter valued at $63,155,000. Squarepoint Ops LLC bought a new position in shares of Fervo Energy during the 2nd quarter worth $12,423,000. State Street Corp bought a new stake in Fervo Energy in the 2nd quarter valued at about $10,028,000. Finally, Resolute Advisors LLC bought a new position in Fervo Energy during the second quarter worth about $5,285,000.

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.