Sanford C. Bernstein Reaffirms Outperform Rating for Fervo Energy (NASDAQ:FRVO)

Fervo Energy (NASDAQ:FRVO)‘s stock had its “outperform” rating restated by stock analysts at Sanford C. Bernstein in a research report issued on Thursday, Benzinga reports. They presently have a $47.00 price target on the stock. Sanford C. Bernstein’s target price points to a potential upside of 168.11% from the company’s current price.

A number of other brokerages have also weighed in on FRVO. Jefferies Financial Group upgraded Fervo Energy from a “hold” rating to a “buy” rating and decreased their target price for the stock from $41.00 to $34.00 in a research note on Monday, July 20th. William Blair started coverage on shares of Fervo Energy in a report on Monday, June 8th. They set an “outperform” rating and a $43.00 target price on the stock. JPMorgan Chase & Co. started coverage on shares of Fervo Energy in a report on Monday, June 8th. They issued an “overweight” rating and a $47.00 price target on the stock. Wall Street Zen raised shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a research report on Monday, July 20th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Fervo Energy in a research note on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $42.14.

Fervo Energy Price Performance

Shares of FRVO traded up $1.18 during trading hours on Thursday, reaching $17.53. 4,136,255 shares of the stock traded hands, compared to its average volume of 4,286,593. The stock has a fifty day moving average price of $19.57. Fervo Energy has a 52 week low of $14.60 and a 52 week high of $42.65.

Fervo Energy (NASDAQ:FRVO) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The business had revenue of $0.11 million for the quarter. On average, equities research analysts expect that Fervo Energy will post -0.48 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. State Street Corp purchased a new position in shares of Fervo Energy in the second quarter worth $10,028,000. Engineers Gate Manager LP bought a new position in Fervo Energy during the second quarter valued at approximately $272,000. NewEdge Advisors LLC purchased a new stake in Fervo Energy in the second quarter worth approximately $1,245,000. Squarepoint Ops LLC purchased a new stake in Fervo Energy in the second quarter worth approximately $12,423,000. Finally, Corient Private Wealth LP purchased a new stake in Fervo Energy in the second quarter worth approximately $229,000.

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.