Fervo Energy (NASDAQ:FRVO) Stock Price Down 2.5% – Here’s Why

Fervo Energy Company (NASDAQ:FRVO) traded down 2.5% during mid-day trading on Friday. The company traded as low as $7.83 and last traded at $8.04. Approximately 5,962,187 shares were traded during mid-day trading, an increase of 10% from the average daily volume of 5,401,645 shares. The stock had previously closed at $8.25.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Morgan Stanley raised shares of Fervo Energy to an “overweight” rating in a research note on Tuesday, September 1st. Bank of America cut their price target on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, September 25th. Jefferies Financial Group raised Fervo Energy from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. JPMorgan Chase & Co. cut their target price on Fervo Energy from $38.00 to $27.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. 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’s stock. According to MarketBeat.com, Fervo Energy has an average rating of “Moderate Buy” and a consensus target price of $39.53.

Fervo Energy Stock Performance

The stock has a market cap of $2.37 billion and a P/E ratio of -1.96. The company’s 50 day moving average price is $15.03. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.62 and a quick ratio of 8.62.

Fervo Energy (NASDAQ:FRVO) last posted its quarterly 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 company had revenue of $0.11 million during the quarter. Research analysts forecast that Fervo Energy Company will post -0.54 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP bought a new position in shares of Fervo Energy in the second quarter valued at $129,600,000. Value Aligned Research Advisors LLC bought a new stake in shares of Fervo Energy during the second quarter worth about $63,155,000. Squarepoint Ops LLC bought a new stake in shares of Fervo Energy during the second quarter worth about $12,423,000. State Street Corp acquired a new stake in shares of Fervo Energy in the 2nd quarter worth about $10,028,000. Finally, Resolute Advisors LLC acquired a new position in Fervo Energy during the 2nd quarter valued at about $5,285,000.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company developing enhanced geothermal systems designed to generate electricity from heat found deep beneath the earth’s surface. The company applies techniques adapted from the oil and gas industry, including horizontal drilling and hydraulic stimulation, to create engineered geothermal reservoirs in areas where conventional geothermal resources may not be available.

Founded in 2017, Fervo combines advanced drilling, distributed fiber-optic sensing and reservoir engineering to evaluate and operate geothermal projects.