Morgan Stanley Initiates Coverage on Fervo Energy (NASDAQ:FRVO)

Stock analysts at Morgan Stanley initiated coverage on shares of Fervo Energy (NASDAQ:FRVO) in a research report issued on Thursday, MarketBeat.com reports. The firm set an “overweight” rating and a $23.00 price target on the stock. Morgan Stanley‘s target price indicates a potential upside of 176.11% from the stock’s previous close.

A number of other research analysts have also recently issued reports on FRVO. Johnson Rice started coverage on Fervo Energy in a research report on Wednesday, September 23rd. They issued a “buy” rating and a $35.00 target price on the stock. Sanford C. Bernstein reissued an “outperform” rating and issued a $47.00 target price on shares of Fervo Energy in a report on Friday, October 2nd. JPMorgan Chase & Co. reduced their price target on shares of Fervo Energy from $38.00 to $27.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Jefferies Financial Group raised shares of Fervo Energy from a “hold” rating to a “buy” rating and decreased their price target for the company from $41.00 to $34.00 in a report on Monday, July 20th. Finally, Weiss Ratings started coverage on shares of Fervo Energy in a research report on Tuesday, August 18th. They set a “sell (d)” rating for the company. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $38.50.

Fervo Energy Stock Performance

Shares of FRVO opened at $8.33 on Thursday. Fervo Energy has a 52-week low of $7.72 and a 52-week high of $42.65. The firm has a fifty day simple moving average of $14.21. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62. The company has a market cap of $2.46 billion and a price-to-earnings ratio of -2.03.

Fervo Energy (NASDAQ:FRVO) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The firm had revenue of $0.11 million during the quarter. As a group, research analysts forecast that Fervo Energy will post -0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Fervo Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of FRVO. Sterling Capital Management LLC acquired a new position in Fervo Energy in the 3rd quarter worth about $27,000. Signaturefd LLC raised its position in Fervo Energy by 175.0% in the third quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock valued at $30,000 after purchasing an additional 1,400 shares during the last quarter. SBI Securities Co. Ltd. raised its position in Fervo Energy by 387.3% in the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock valued at $61,000 after purchasing an additional 3,586 shares during the last quarter. Corient Private Wealth LP bought a new position in Fervo Energy in the second quarter valued at about $229,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Fervo Energy during the second quarter valued at about $272,000.

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.