Fervo Energy (NASDAQ:FRVO) Stock Keeps Outperform Rating at Sanford C. Bernstein

Fervo Energy (NASDAQ:FRVO)‘s stock had its “outperform” rating reiterated by analysts at Sanford C. Bernstein in a report issued on Friday, Benzinga reports. They currently have a $47.00 target price on the stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 222.14% from the stock’s current price.

Other research analysts have also issued reports about the company. UBS Group set a $48.00 price target on Fervo Energy in a research report on Wednesday, June 24th. Barclays raised their target price on Fervo Energy from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Jefferies Financial Group upgraded Fervo Energy from a “hold” rating to a “buy” rating and decreased their target price for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. Northland Securities began coverage on shares of Fervo Energy in a report on Thursday, September 10th. They set an “outperform” rating and a $27.00 price objective for the company. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Fervo Energy in a research report on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.87.

Fervo Energy Price Performance

Shares of FRVO traded up $0.13 on Friday, reaching $14.59. 2,396,028 shares of the company’s stock were exchanged, compared to its average volume of 4,640,854. The stock’s 50 day simple moving average is $18.23. Fervo Energy has a 12 month low of $13.44 and a 12 month high of $42.65.

Fervo Energy (NASDAQ:FRVO) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The business had revenue of $0.11 million for the quarter. As a group, analysts expect that Fervo Energy will post -0.48 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. State Street Corp acquired a new stake in Fervo Energy in the 2nd quarter valued at approximately $10,028,000. Engineers Gate Manager LP bought a new position in shares of Fervo Energy during the 2nd quarter worth approximately $272,000. NewEdge Advisors LLC bought a new stake in shares of Fervo Energy in the second quarter worth $1,245,000. Squarepoint Ops LLC acquired a new stake in Fervo Energy in the 2nd quarter valued at $12,423,000. Finally, Corient Private Wealth LP bought a new stake in Fervo Energy during the 2nd quarter worth about $229,000.

About Fervo Energy

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.