Fervo Energy (NASDAQ:FRVO) Stock Falls 6.9% – Here’s Why

Fervo Energy Company (NASDAQ:FRVO) fell 6.9% on Tuesday. The company traded as low as $11.88 and last traded at $11.98. Approximately 11,137,878 shares were traded during trading, an increase of 123% from the average session volume of 4,987,726 shares. The stock had previously closed at $12.87.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FRVO shares. Morgan Stanley raised Fervo Energy to an “overweight” rating in a research report on Tuesday, September 1st. Royal Bank Of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Fervo Energy in a research report on Tuesday, June 23rd. Barclays increased their price objective on Fervo Energy from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Sanford C. Bernstein restated an “outperform” rating and set a $47.00 price target on shares of Fervo Energy in a research report on Friday, October 2nd. Finally, Robert W. Baird lowered their target price 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. Two equities 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.87.

Fervo Energy Trading Down 6.3%

The company has a market capitalization of $3.02 billion and a price-to-earnings ratio of -2.50. The firm’s fifty day moving average price is $16.66. 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 (NASDAQ:FRVO) last released its 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 firm had revenue of $0.11 million for the quarter. As a group, research analysts forecast that Fervo Energy Company will post -0.54 earnings per share for the current fiscal year.

Institutional Trading of Fervo Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Viking Fund Management LLC bought a new stake in shares of Fervo Energy in the 3rd quarter valued at about $815,000. Sax Wealth Advisors LLC acquired a new stake in shares of Fervo Energy in the 3rd quarter valued at about $154,000. Green Alpha Advisors LLC bought a new stake in Fervo Energy in the 3rd quarter valued at approximately $843,000. State Street Corp acquired a new stake in Fervo Energy in the 2nd quarter valued at $10,028,000. Finally, Engineers Gate Manager LP acquired a new position in Fervo Energy during the second quarter valued at approximately $272,000.

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.