Fervo Energy Sees Unusually Large Options Volume (NASDAQ:FRVO)

Fervo Energy Company (NASDAQ:FRVO) was the target of some unusual options trading activity on Monday. Stock investors acquired 9,051 call options on the stock. This represents an increase of 141% compared to the average volume of 3,759 call options.

Institutional Investors Weigh In On Fervo Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FRVO. State Street Corp acquired a new position in Fervo Energy in the second quarter valued at about $10,028,000. Engineers Gate Manager LP acquired a new position in shares of Fervo Energy during the 2nd quarter worth about $272,000. NewEdge Advisors LLC bought a new stake in shares of Fervo Energy in the 2nd quarter valued at about $1,245,000. Squarepoint Ops LLC bought a new stake in shares of Fervo Energy in the 2nd quarter valued at about $12,423,000. Finally, Corient Private Wealth LP acquired a new stake in shares of Fervo Energy in the 2nd quarter valued at approximately $229,000.

Fervo Energy Price Performance

FRVO opened at $13.46 on Tuesday. The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08. The business’s 50 day simple moving average is $17.83. Fervo Energy has a fifty-two week low of $13.10 and a fifty-two week high of $42.65.

Fervo Energy (NASDAQ:FRVO) last announced 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. Analysts forecast that Fervo Energy will post -0.54 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on FRVO shares. Northland Securities initiated coverage on shares of Fervo Energy in a research note on Thursday, September 10th. They issued an “outperform” rating and a $27.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on shares of Fervo Energy in a report on Monday, June 8th. They set an “overweight” rating and a $47.00 price target for the company. Sanford C. Bernstein restated an “outperform” rating and issued a $47.00 price target on shares of Fervo Energy in a research report on Friday. Johnson Rice began coverage on shares of Fervo Energy in a research note on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price objective on the stock. Finally, Wolfe Research set a $29.00 price objective on shares of Fervo Energy and gave the stock an “outperform” rating in a report on Friday, September 25th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Fervo Energy has an average rating of “Moderate Buy” and an average price target of $40.87.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company focused on developing enhanced geothermal systems (EGS), which use horizontal drilling and hydraulic stimulation techniques to access heat in underground rock and produce electricity. Its approach is designed to expand geothermal generation beyond locations with naturally occurring conventional geothermal resources.

The company develops geothermal projects, including Project Red in northern Nevada and the larger Cape Station project in southwestern Utah.