Fervo Energy (NASDAQ:FRVO) Sees Strong Trading Volume Following Strong Earnings

Fervo Energy Company (NASDAQ:FRVO) saw an uptick in trading volume on Monday after the company announced better than expected quarterly earnings. Approximately 11,219,108 shares changed hands during trading, an increase of 99% from the average daily volume of 5,626,625 shares. The stock last traded at $11.18 and had previously closed at $9.02.

The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. The business had revenue of $0.12 million during the quarter.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FRVO. Sanford C. Bernstein reiterated an “outperform” rating and set a $47.00 price target on shares of Fervo Energy in a research report on Monday. Morgan Stanley started coverage on shares of Fervo Energy in a research report on Thursday, October 29th. They issued an “overweight” rating and a $23.00 price objective on the stock. Needham & Company LLC initiated coverage on shares of Fervo Energy in a research note on Friday. They issued a “buy” rating and a $17.00 target price on the stock. Wall Street Zen upgraded shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a research report on Monday, July 20th. Finally, Bank of America cut their price target on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, September 25th. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.24.

Institutional Investors Weigh In On Fervo Energy

Institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new stake in shares of Fervo Energy in the 2nd quarter worth about $129,600,000. Value Aligned Research Advisors LLC bought a new position in shares of Fervo Energy in the 2nd quarter worth approximately $63,155,000. Robeco Schweiz AG lifted its stake in shares of Fervo Energy by 66.7% in the 3rd quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company’s stock valued at $44,615,000 after purchasing an additional 1,313,704 shares during the period. Squarepoint Ops LLC purchased a new stake in Fervo Energy in the second quarter worth $12,423,000. Finally, State Street Corp purchased a new position in Fervo Energy during the second quarter valued at $10,028,000.

Fervo Energy Trading Up 23.9%

The firm’s fifty day simple moving average is $13.12. The firm has a market cap of $3.30 billion and a PE ratio of -2.73. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62.

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.

Fervo was co-founded by Tim Latimer, its chief executive officer, and Jack Norbeck.