Fervo Energy (NASDAQ:FRVO) Stock Price Down 6% After Analyst Downgrade

Shares of Fervo Energy Company (NASDAQ:FRVO) fell 6% during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $38.00 to $27.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Fervo Energy traded as low as $9.00 and last traded at $9.10. Approximately 9,961,226 shares were traded during trading, an increase of 87% from the average daily volume of 5,340,161 shares. The stock had previously closed at $9.68.

A number of other research analysts have also weighed in on FRVO. Barclays raised their price target on shares of Fervo Energy from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Robert W. Baird cut their price objective on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Bank of America reduced their target price on Fervo Energy from $36.00 to $30.00 and set a “buy” rating for the company in a report on Friday, September 25th. Johnson Rice initiated coverage on Fervo Energy in a research note on Wednesday, September 23rd. They issued a “buy” rating and a $35.00 price target on the stock. Finally, Wolfe Research set a $29.00 price target on Fervo Energy and gave the stock an “outperform” rating in a research report on Friday, September 25th. Two equities research 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 assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $39.53.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP acquired a new position in Fervo Energy in the second quarter valued at $129,600,000. Value Aligned Research Advisors LLC purchased a new stake in shares of Fervo Energy in the second quarter valued at about $63,155,000. Squarepoint Ops LLC acquired a new stake in shares of Fervo Energy during the second quarter worth about $12,423,000. State Street Corp acquired a new stake in shares of Fervo Energy during the second quarter worth about $10,028,000. Finally, Resolute Advisors LLC purchased a new position in shares of Fervo Energy during the second quarter worth about $5,285,000.

Fervo Energy Stock Down 6.0%

The company has a current ratio of 8.62, a quick ratio of 8.62 and a debt-to-equity ratio of 0.08. The company has a fifty day moving average price of $16.09. The company has a market capitalization of $2.68 billion and a PE ratio of -2.22.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly 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 company had revenue of $0.11 million during the quarter. Equities research analysts forecast that Fervo Energy Company will post -0.54 earnings per share for the current fiscal year.

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.