Fervo Energy (NASDAQ:FRVO) Receives Outperform Rating from Sanford C. Bernstein

Fervo Energy (NASDAQ:FRVO)‘s stock had its “outperform” rating reiterated by analysts at Sanford C. Bernstein in a report released on Thursday, Benzinga reports. They currently have a $47.00 price objective on the stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 161.40% from the stock’s previous close.

Several other research firms have also recently issued reports on FRVO. Guggenheim upgraded shares of Fervo Energy to a “strong-buy” rating and set a $48.00 target price on the stock in a research note on Monday, June 8th. HC Wainwright reiterated a “buy” rating on shares of Fervo Energy in a research note on Wednesday, May 27th. Zacks Research upgraded shares of Fervo Energy to a “hold” rating in a research note on Tuesday, June 9th. Wolfe Research began coverage on shares of Fervo Energy in a research note on Monday, June 8th. They issued a “peer perform” rating on the stock. Finally, Bank of America upgraded shares of Fervo Energy from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $40.00 to $36.00 in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Fervo Energy presently has an average rating of “Moderate Buy” and a consensus price target of $42.14.

Fervo Energy Trading Up 10.0%

FRVO opened at $17.98 on Thursday. Fervo Energy has a fifty-two week low of $14.60 and a fifty-two week high of $42.65. The stock has a 50-day simple moving average of $19.57.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly earnings data 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 business had revenue of $0.11 million for the quarter. Equities analysts forecast that Fervo Energy will post -0.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of FRVO. Corient Private Wealth LP bought a new position in shares of Fervo Energy in the second quarter worth approximately $229,000. Engineers Gate Manager LP bought a new stake in Fervo Energy during the second quarter valued at approximately $272,000. AXQ Capital LP bought a new stake in Fervo Energy during the second quarter valued at approximately $499,000. NewEdge Advisors LLC bought a new position in shares of Fervo Energy in the second quarter worth approximately $1,245,000. Finally, Ranger Investment Management L.P. bought a new position in shares of Fervo Energy in the second quarter worth approximately $1,455,000.

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.