Fervo Energy (NASDAQ:FRVO) Stock Gets Price Target Cut from Robert W. Baird

Fervo Energy (NASDAQ:FRVO) had its price objective lowered by Robert W. Baird from $26.00 to $20.00 in a research note released on Tuesday morning, Marketbeat.com reports. The firm currently has an outperform rating on the stock.

Other analysts have also issued research reports about the company. Needham & Company LLC began coverage on Fervo Energy in a research note on Friday, November 6th. They set a “buy” rating and a $17.00 price objective on the stock. Wolfe Research raised shares of Fervo Energy from a “peer perform” rating to an “outperform” rating and set a $29.00 target price for the company in a research note on Friday, September 25th. Morgan Stanley started coverage on shares of Fervo Energy in a report on Thursday, October 29th. They issued an “overweight” rating and a $23.00 target price on the stock. Wall Street Zen upgraded shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Fervo Energy from $38.00 to $27.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.06.

Fervo Energy Stock Performance

FRVO stock opened at $11.65 on Tuesday. Fervo Energy has a 1 year low of $7.64 and a 1 year high of $42.65. The company has a current ratio of 7.94, a quick ratio of 8.62 and a debt-to-equity ratio of 0.10. The company has a 50 day moving average of $12.71. The stock has a market cap of $3.43 billion and a price-to-earnings ratio of -2.84.

Fervo Energy (NASDAQ:FRVO) last announced its earnings results on Monday, November 9th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03. The firm had revenue of $0.12 million for the quarter. Fervo Energy had a negative return on equity of 10.73% and a negative net margin of 39,751.47%. On average, research analysts predict that Fervo Energy will post -0.49 earnings per share for the current year.

Hedge Funds Weigh In On Fervo Energy

Several large investors have recently added to or reduced their stakes in FRVO. Wellington Management Group LLP acquired a new stake in shares of Fervo Energy in the second quarter worth approximately $129,600,000. Robeco Schweiz AG boosted its holdings 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 last quarter. Value Aligned Research Advisors LLC purchased a new stake in shares of Fervo Energy during the 2nd quarter valued at $63,155,000. State Street Corp grew its stake in shares of Fervo Energy by 240.2% during the 3rd quarter. State Street Corp now owns 1,167,208 shares of the company’s stock valued at $15,862,000 after buying an additional 824,140 shares during the period. Finally, Creek Drive Management Group LLC purchased a new stake in shares of Fervo Energy during the 3rd quarter valued at $7,447,000.

Key Stories Impacting Fervo Energy

Investors following FRVO have been watching these stories:

• Positive Sentiment: Morgan Stanley assigned Fervo a Buy rating, while Guggenheim maintained its Buy rating after lowering its price target to $33 from $48. Morgan Stanley rating Guggenheim target update
• Neutral Sentiment: Northland Securities kept its Outperform rating and $27 target, despite lowering its estimates for multiple quarters and full years. Northland estimate changes
• Negative Sentiment: Rosen Law Firm and Pomerantz LLP said they are investigating potential securities claims alleging Fervo may have provided materially misleading business information. The investigations could add reputational and legal uncertainty; the allegations are not established findings. Rosen investigation notice Pomerantz investigation notice

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.