Fervo Energy (NASDAQ:FRVO) Stock Jumps 7.8% – Still a Buy?

Fervo Energy Company (NASDAQ:FRVO) shares shot up 7.8% during trading on Tuesday. The stock traded as high as $8.59 and last traded at $8.59. 467,951 shares traded hands during trading, a decline of 91% from the average session volume of 5,366,940 shares. The stock had previously closed at $7.97.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Northland Securities initiated coverage on shares of Fervo Energy in a report on Thursday, September 10th. They issued an “outperform” rating and a $27.00 target price on the stock. Robert W. Baird cut their target price on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. Bank of America cut their target price on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, September 25th. Jefferies Financial Group raised shares of Fervo Energy from a “hold” rating to a “buy” rating and reduced their target price for the company from $41.00 to $34.00 in a report on Monday, July 20th. Finally, Morgan Stanley upgraded shares of Fervo Energy to an “overweight” rating in a research report on Tuesday, September 1st. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $39.53.

Fervo Energy Stock Performance

The firm has a market cap of $2.52 billion and a PE ratio of -2.09. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.62 and a quick ratio of 8.62. The company has a fifty day moving average price of $14.83.

Fervo Energy (NASDAQ:FRVO) last announced its earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The business had revenue of $0.11 million during the quarter. As a group, analysts forecast that Fervo Energy Company will post -0.54 earnings per share for the current year.

Institutional Trading of Fervo Energy

Institutional investors have recently bought and sold shares of the stock. Sterling Capital Management LLC acquired a new position in Fervo Energy in the 3rd quarter worth approximately $27,000. Signaturefd LLC lifted its stake in Fervo Energy by 175.0% during the 3rd quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock valued at $30,000 after acquiring an additional 1,400 shares during the period. SBI Securities Co. Ltd. lifted its stake in Fervo Energy by 387.3% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock valued at $61,000 after acquiring an additional 3,586 shares during the period. Sax Wealth Advisors LLC purchased a new stake in shares of Fervo Energy in the 3rd quarter valued at $154,000. Finally, Corient Private Wealth LP purchased a new stake in shares of Fervo Energy in the 2nd quarter valued at $229,000.

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.