Fervo Energy (NASDAQ:FRVO) Earns “Outperform” Rating from Sanford C. Bernstein

Fervo Energy (NASDAQ:FRVO)‘s stock had its “outperform” rating reiterated by equities researchers at Sanford C. Bernstein in a report released on Thursday, Benzinga reports. They presently have a $47.00 price target on the stock. Sanford C. Bernstein’s price objective would indicate a potential upside of 185.19% from the stock’s current price.

Several other research firms have also issued reports on FRVO. HC Wainwright restated a “buy” rating on shares of Fervo Energy in a research note on Wednesday, May 27th. Guggenheim raised shares of Fervo Energy to a “strong-buy” rating and set a $48.00 price target for the company in a report on Monday, June 8th. William Blair initiated coverage on Fervo Energy in a report on Monday, June 8th. They set an “outperform” rating and a $43.00 price target for the company. Barclays raised their price objective on Fervo Energy from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Finally, Bank of America upgraded shares of Fervo Energy from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $40.00 to $36.00 in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.14.

Fervo Energy Stock Performance

FRVO traded up $0.13 during midday trading on Thursday, hitting $16.48. 8,348,053 shares of the company’s stock traded hands, compared to its average volume of 4,332,142. The company’s fifty day moving average price is $19.57. Fervo Energy has a one year low of $14.60 and a one year high of $42.65.

Fervo Energy (NASDAQ:FRVO) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The firm had revenue of $0.11 million during the quarter. On average, sell-side analysts anticipate that Fervo Energy will post -0.48 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 FRVO. Wellington Management Group LLP purchased a new stake in Fervo Energy in the 2nd quarter worth approximately $129,600,000. Value Aligned Research Advisors LLC purchased a new position in shares of Fervo Energy during the 2nd quarter worth approximately $63,155,000. Squarepoint Ops LLC purchased a new position in shares of Fervo Energy during the 2nd quarter worth approximately $12,423,000. State Street Corp purchased a new position in shares of Fervo Energy during the second quarter valued at approximately $10,028,000. Finally, Resolute Advisors LLC bought a new position in shares of Fervo Energy during the second quarter valued at $5,285,000.

About Fervo Energy

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.