Fervo Energy (NASDAQ:FRVO) Stock Sees Unusually High Call Option Buying

Fervo Energy Company (NASDAQ:FRVO) was the recipient of some unusual options trading on Tuesday. Investors acquired 18,524 call options on the company. This represents an increase of 222% compared to the average volume of 5,751 call options.

Fervo Energy Price Performance

FRVO stock traded up $0.89 during midday trading on Tuesday, hitting $9.14. The company’s stock had a trading volume of 3,218,885 shares, compared to its average volume of 5,446,677. Fervo Energy has a twelve month low of $7.72 and a twelve month high of $42.65. 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 has a fifty day moving average price of $13.68. The firm has a market cap of $2.69 billion and a PE ratio of -2.23.

Fervo Energy (NASDAQ:FRVO) last released 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. Equities analysts expect that Fervo Energy will post -0.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FRVO has been the subject of several research reports. Weiss Ratings assumed coverage on shares of Fervo Energy in a research report on Tuesday, August 18th. They issued a “sell (d)” rating for the company. Robert W. Baird reduced their target price on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Wall Street Zen upgraded shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a research report on Monday, July 20th. Wolfe Research raised shares of Fervo Energy from a “peer perform” rating to an “outperform” rating and set a $29.00 price objective on the stock in a research note on Friday, September 25th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Fervo Energy from $38.00 to $27.00 and set an “overweight” rating for the company in a report on Monday, October 19th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Fervo Energy currently has a consensus rating of “Moderate Buy” and an average price target of $38.50.

Institutional Trading of Fervo Energy

Several large investors have recently modified their holdings of FRVO. Wellington Management Group LLP bought a new position in shares of Fervo Energy in the second quarter worth $129,600,000. Value Aligned Research Advisors LLC bought a new stake in Fervo Energy during the second quarter worth about $63,155,000. Robeco Schweiz AG grew its stake in Fervo Energy by 66.7% during the third quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company’s stock worth $44,615,000 after buying an additional 1,313,704 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Fervo Energy during the second quarter worth about $12,423,000. Finally, State Street Corp acquired a new stake in Fervo Energy during the second quarter worth about $10,028,000.

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.