Fervo Energy (NASDAQ:FRVO) Given “Outperform” Rating at Sanford C. Bernstein

Fervo Energy (NASDAQ:FRVO)‘s stock had its “outperform” rating restated by equities researchers at Sanford C. Bernstein in a note issued to investors on Thursday, Benzinga reports. They currently have a $47.00 price target on the stock. Sanford C. Bernstein’s target price would suggest a potential upside of 187.46% from the company’s previous close.

Several other analysts have also weighed in on FRVO. Guggenheim raised Fervo Energy to a “strong-buy” rating and set a $48.00 price objective on the stock in a research note on Monday, June 8th. Northland Securities assumed coverage on shares of Fervo Energy in a report on Thursday, September 10th. They issued an “outperform” rating and a $27.00 target price for the company. HC Wainwright reaffirmed a “buy” rating on shares of Fervo Energy in a report on Wednesday, May 27th. Wolfe Research began coverage on shares of Fervo Energy in a research note on Monday, June 8th. They issued a “peer perform” rating for the company. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Fervo Energy in a research report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Fervo Energy currently has an average rating of “Moderate Buy” and an average price target of $42.14.

Fervo Energy Trading Down 0.5%

NASDAQ FRVO opened at $16.35 on Thursday. Fervo Energy has a 1 year low of $14.60 and a 1 year high of $42.65. The stock’s 50 day moving average price is $19.57.

Fervo Energy (NASDAQ:FRVO) last released its earnings results 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 business had revenue of $0.11 million during the quarter. Equities analysts expect that Fervo Energy will post -0.48 EPS for the current year.

Institutional Trading of Fervo Energy

Institutional investors have recently bought and sold shares of the company. Value Aligned Research Advisors LLC acquired a new stake in Fervo Energy during the 2nd quarter worth about $63,155,000. Squarepoint Ops LLC acquired a new position in shares of Fervo Energy in the 2nd quarter valued at about $12,423,000. Readystate Asset Management LP bought a new stake in shares of Fervo Energy during the 2nd quarter valued at about $4,419,000. Wellington Management Group LLP bought a new stake in shares of Fervo Energy during the 2nd quarter valued at about $129,600,000. Finally, Resolute Advisors LLC acquired a new stake in Fervo Energy during the second quarter worth approximately $5,285,000.

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.