Fervo Energy Company (NASDAQ:FRVO) Receives $42.69 Consensus Target Price from Brokerages

Fervo Energy Company (NASDAQ:FRVO) has earned a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, twelve have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $42.6923.

Several analysts recently commented on FRVO shares. JPMorgan Chase & Co. initiated coverage on Fervo Energy in a report on Monday, June 8th. They issued an “overweight” rating and a $47.00 price objective for the company. UBS Group set a $48.00 target price on Fervo Energy in a report on Wednesday, June 24th. HC Wainwright reissued a “buy” rating on shares of Fervo Energy in a research report on Wednesday, May 27th. Bank of America raised shares of Fervo Energy from a “neutral” rating to a “buy” rating and reduced their price target for the company from $40.00 to $36.00 in a research report on Friday, July 17th. Finally, Zacks Research raised shares of Fervo Energy to a “hold” rating in a report on Tuesday, June 9th.

Fervo Energy Stock Performance

Fervo Energy stock opened at $16.83 on Tuesday. Fervo Energy has a one year low of $14.60 and a one year high of $42.65. The firm’s fifty day simple moving average is $19.90.

Fervo Energy (NASDAQ:FRVO) last announced its quarterly 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, equities analysts anticipate that Fervo Energy will post -0.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Corient Private Wealth LP purchased a new stake in shares of Fervo Energy in the 2nd quarter worth $229,000. Engineers Gate Manager LP purchased a new stake in Fervo Energy in the second quarter worth about $272,000. AXQ Capital LP bought a new position in shares of Fervo Energy in the second quarter worth about $499,000. NewEdge Advisors LLC bought a new position in shares of Fervo Energy in the second quarter worth about $1,245,000. Finally, Ranger Investment Management L.P. purchased a new position in shares of Fervo Energy during the 2nd quarter valued at about $1,455,000.

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.