Traders Buy Large Volume of Fervo Energy Call Options (NASDAQ:FRVO)

Fervo Energy Company (NASDAQ:FRVO) was the target of unusually large options trading activity on Tuesday. Stock traders acquired 18,524 call options on the company. This is an increase of approximately 222% compared to the typical volume of 5,751 call options.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Bank of America cut their target price on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, September 25th. Jefferies Financial Group upgraded shares of Fervo Energy from a “hold” rating to a “buy” rating and cut their price objective for the company from $41.00 to $34.00 in a research report on Monday, July 20th. JPMorgan Chase & Co. decreased their target price on shares of Fervo Energy from $38.00 to $27.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. Wolfe Research upgraded shares of Fervo Energy from a “peer perform” rating to an “outperform” rating and set a $29.00 price target on the stock in a research note on Friday, September 25th. Finally, Morgan Stanley began coverage on shares of Fervo Energy in a research note on Thursday, October 29th. They issued an “overweight” rating and a $23.00 price target on the stock. Two investment 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $38.50.

Institutional Trading of Fervo Energy

Several large investors have recently made changes to their positions in FRVO. CenterBook Partners LP grew its stake in Fervo Energy by 549.5% in the 3rd quarter. CenterBook Partners LP now owns 259,191 shares of the company’s stock valued at $3,522,000 after buying an additional 219,285 shares during the last quarter. SFE Investment Counsel raised its stake in shares of Fervo Energy by 111.3% in the third quarter. SFE Investment Counsel now owns 47,458 shares of the company’s stock valued at $645,000 after purchasing an additional 24,998 shares in the last quarter. Everett Harris & Co. CA acquired a new stake in Fervo Energy during the third quarter worth $190,000. Robeco Schweiz AG increased its holdings in Fervo Energy by 66.7% in the 3rd quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company’s stock valued at $44,615,000 after buying an additional 1,313,704 shares during the period. Finally, Signaturefd LLC raised its stake in shares of Fervo Energy by 175.0% in the 3rd quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock valued at $30,000 after buying an additional 1,400 shares in the last quarter.

Fervo Energy Stock Performance

Shares of NASDAQ:FRVO traded up $0.89 during midday trading on Tuesday, reaching $9.14. The company had a trading volume of 3,218,885 shares, compared to its average volume of 5,446,677. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62. Fervo Energy has a 1-year low of $7.72 and a 1-year high of $42.65. The company has a market capitalization of $2.69 billion and a price-to-earnings ratio of -2.23. The company has a fifty day simple moving average of $13.68.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The company had revenue of $0.11 million for the quarter. Analysts expect that Fervo Energy will post -0.58 EPS for the current year.

About Fervo Energy

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.