Fervo Energy (NASDAQ:FRVO) Hits New 52-Week Low After Analyst Downgrade

Fervo Energy Company (NASDAQ:FRVO)’s share price reached a new 52-week low 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 $9.36 and last traded at $9.46, with a volume of 474,551 shares. The stock had previously closed at $9.68.

Several other equities analysts also recently weighed in on the stock. Wolfe Research set a $29.00 price target on shares of Fervo Energy and gave the stock an “outperform” rating in a research note on Friday, September 25th. Piper Sandler reaffirmed an “overweight” rating on shares of Fervo Energy in a research note on Tuesday, June 23rd. Wall Street Zen raised shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Northland Securities started coverage on shares of Fervo Energy in a report on Thursday, September 10th. They issued an “outperform” rating and a $27.00 price objective for the company. Finally, Weiss Ratings began coverage on shares of Fervo Energy in a research note on Tuesday, August 18th. They issued a “sell (d)” rating on the stock. Two equities 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $39.53.

Institutional Trading of Fervo Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Corient Private Wealth LP purchased a new position in shares of Fervo Energy during the 2nd quarter worth $229,000. Engineers Gate Manager LP acquired a new position in shares of Fervo Energy during the 2nd quarter valued at about $272,000. Sax Wealth Advisors LLC purchased a new stake in shares of Fervo Energy in the third quarter valued at about $154,000. AXQ Capital LP acquired a new stake in Fervo Energy during the second quarter worth about $499,000. Finally, NewEdge Advisors LLC acquired a new position in Fervo Energy in the 2nd quarter valued at about $1,245,000.

Fervo Energy Stock Up 2.1%

The company’s 50 day moving average is $15.49. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62.

Fervo Energy (NASDAQ:FRVO) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The firm had revenue of $0.11 million for the quarter. As a group, sell-side analysts forecast that Fervo Energy Company will post -0.54 earnings per share for the current year.

Fervo Energy Company Profile

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.