Fervo Energy (NASDAQ:FRVO) Shares Climb 13% – Here’s What Happened

Fervo Energy Company (NASDAQ:FRVO) shares were up 13% on Tuesday. The company traded as high as $9.34 and last traded at $9.32. 8,802,818 shares changed hands during trading, an increase of 61% from the average daily volume of 5,478,722 shares. The stock had previously closed at $8.25.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Jefferies Financial Group raised shares of Fervo Energy from a “hold” rating to a “buy” rating and decreased their price objective for the company from $41.00 to $34.00 in a research report on Monday, July 20th. Weiss Ratings started coverage on Fervo Energy in a research report on Tuesday, August 18th. They set a “sell (d)” rating on the stock. Northland Securities assumed coverage on Fervo Energy in a research report on Thursday, September 10th. They set an “outperform” rating and a $27.00 target price on the stock. Robert W. Baird cut their price target on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Finally, Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. Two investment 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $38.50.

Fervo Energy Trading Up 13.0%

The company has a market cap of $2.75 billion and a price-to-earnings ratio of -2.27. 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 company has a 50-day moving average of $13.68.

Fervo Energy (NASDAQ:FRVO) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The company had revenue of $0.11 million for the quarter. On average, equities research analysts predict that Fervo Energy Company will post -0.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fervo Energy

Institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC lifted its holdings in shares of Fervo Energy by 175.0% in the third quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock valued at $30,000 after buying an additional 1,400 shares during the period. Sterling Capital Management LLC acquired a new position in Fervo Energy during the third quarter worth about $27,000. SBI Securities Co. Ltd. grew its holdings in Fervo Energy by 387.3% during the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock worth $61,000 after acquiring an additional 3,586 shares during the period. Corient Private Wealth LP bought a new stake in Fervo Energy in the second quarter worth about $229,000. Finally, Engineers Gate Manager LP bought a new stake in Fervo Energy in the second quarter worth about $272,000.

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.