Fervo Energy (NASDAQ:FRVO) Shares Climb 13.7% – Time to Buy?

Fervo Energy Company (NASDAQ:FRVO) shares were up 13.7% during trading on Wednesday. The stock traded as high as $13.28 and last traded at $12.94. Approximately 13,052,546 shares traded hands during trading, an increase of 122% from the average session volume of 5,870,307 shares. The stock had previously closed at $11.38.

Trending Headlines about Fervo Energy

Investors following FRVO have been watching these headlines:

• Positive Sentiment: Morgan Stanley gave Fervo a Buy rating, offering a bullish counterpoint to recent estimate reductions. Morgan Stanley Buy rating
• Neutral Sentiment: A report highlighted Utah’s geothermal-energy potential, a favorable sector backdrop, but did not describe a specific development for Fervo. Utah geothermal potential
• Negative Sentiment: Rosen Law Firm and Pomerantz LLP separately announced investigations into potential investor claims, alleging Fervo may have provided materially misleading business information. These are investigations, not findings of wrongdoing, but add legal and reputational uncertainty. Rosen investigation notice Pomerantz investigation notice

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Fervo Energy from $38.00 to $27.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. Needham & Company LLC started coverage on shares of Fervo Energy in a research note on Friday, November 6th. They issued a “buy” rating and a $17.00 target price for the company. Northland Securities started coverage on Fervo Energy in a report on Thursday, September 10th. They set an “outperform” rating and a $27.00 price target for the company. Robert W. Baird reduced their price target on Fervo Energy from $26.00 to $20.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Bank of America reduced their price objective on Fervo Energy from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $36.06.

Fervo Energy Price Performance

The stock has a market capitalization of $3.37 billion and a P/E ratio of -2.79. The company has a debt-to-equity ratio of 0.10, a quick ratio of 8.62 and a current ratio of 7.94. The company’s 50-day moving average is $12.71.

Fervo Energy (NASDAQ:FRVO) last issued its earnings results on Monday, November 9th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.03. The company had revenue of $0.12 million during the quarter. Fervo Energy had a negative net margin of 39,751.47% and a negative return on equity of 10.73%. Equities research analysts anticipate that Fervo Energy Company will post -0.49 EPS for the current year.

Hedge Funds Weigh In On Fervo Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRVO. Sterling Capital Management LLC purchased a new stake in shares of Fervo Energy in the third quarter valued at about $27,000. Signaturefd LLC increased its holdings in shares of Fervo Energy by 175.0% during the third quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock valued at $30,000 after purchasing an additional 1,400 shares during the period. SBI Securities Co. Ltd. increased its holdings in shares of Fervo Energy by 387.3% in the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock valued at $61,000 after buying an additional 3,586 shares in the last quarter. Sax Wealth Advisors LLC purchased a new stake in Fervo Energy in the 3rd quarter worth about $154,000. Finally, Everett Harris & Co. CA purchased a new position in Fervo Energy during the third quarter valued at approximately $190,000.

About Fervo Energy

Fervo Energy is a geothermal energy company that develops projects to produce electricity and provide energy storage. It applies drilling and subsurface technologies, including horizontal wells and fiber-optic sensing, to access geothermal resources and make them available in more locations. Founded in 2017 and headquartered in Houston, Texas, Fervo has focused on projects in the western United States. Its developments include Project Red in Nevada and Cape Station in Utah, which is planned as a large-scale geothermal power project.