Fervo Energy’s (FRVO) “Outperform” Rating Reiterated at Sanford C. Bernstein

Fervo Energy (NASDAQ:FRVO)‘s stock had its “outperform” rating reaffirmed by Sanford C. Bernstein in a report issued on Friday, Benzinga reports. They currently have a $47.00 price objective on the stock. Sanford C. Bernstein’s price target would suggest a potential upside of 218.21% from the stock’s previous close.

FRVO has been the topic of a number of other research reports. UBS Group set a $48.00 target price on Fervo Energy in a research note on Wednesday, June 24th. Wall Street Zen upgraded Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Piper Sandler restated an “overweight” rating on shares of Fervo Energy in a research note on Tuesday, June 23rd. Robert W. Baird lowered their price target on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Finally, Guggenheim upgraded Fervo Energy to a “strong-buy” rating and set a $48.00 price target on the stock in a research report on Monday, June 8th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $40.87.

Fervo Energy Stock Performance

Fervo Energy stock traded up $0.31 during trading hours on Friday, hitting $14.77. 4,584,496 shares of the stock traded hands, compared to its average volume of 4,668,685. The firm’s 50 day moving average price is $18.23. Fervo Energy has a 1 year low of $13.44 and a 1 year high of $42.65.

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

Hedge Funds Weigh In On Fervo Energy

Hedge funds have recently made changes to their positions in the company. Value Aligned Research Advisors LLC acquired a new position in shares of Fervo Energy during the second quarter valued at approximately $63,155,000. Squarepoint Ops LLC acquired a new position in shares of Fervo Energy during the second quarter valued at approximately $12,423,000. State Street Corp acquired a new position in shares of Fervo Energy during the second quarter valued at approximately $10,028,000. Readystate Asset Management LP acquired a new position in shares of Fervo Energy during the second quarter valued at approximately $4,419,000. Finally, Wellington Management Group LLP acquired a new position in shares of Fervo Energy during the second quarter valued at approximately $129,600,000.

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.