Fervo Energy (NASDAQ:FRVO) Hits New 12-Month Low – Here’s What Happened

Fervo Energy Company (NASDAQ:FRVO)’s share price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $7.69 and last traded at $7.86, with a volume of 2,672,849 shares traded. The stock had previously closed at $8.90.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FRVO. Northland Securities started coverage on Fervo Energy in a research note on Thursday, September 10th. They issued an “outperform” rating and a $27.00 price target for the company. Weiss Ratings started coverage on Fervo Energy in a report on Tuesday, August 18th. They issued a “sell (d)” rating for the company. Jefferies Financial Group upgraded shares of Fervo Energy from a “hold” rating to a “buy” rating and dropped their price target for the company from $41.00 to $34.00 in a research report on Monday, July 20th. JPMorgan Chase & Co. lowered their price objective on Fervo Energy from $38.00 to $27.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. Finally, Johnson Rice started coverage on shares of Fervo Energy in a report on Wednesday, September 23rd. They set a “buy” rating and a $35.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.50.

Fervo Energy Price Performance

The company has a market capitalization of $2.31 billion and a PE ratio of -1.91. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62. The company’s fifty day moving average is $13.41.

Fervo Energy (NASDAQ:FRVO) last issued its earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The business had revenue of $0.11 million during the quarter. Research analysts anticipate that Fervo Energy Company will post -0.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FRVO. Pictet Asset Management Holding SA purchased a new stake in shares of Fervo Energy in the third quarter valued at about $237,000. CenterBook Partners LP increased its position in Fervo Energy by 549.5% during the third quarter. CenterBook Partners LP now owns 259,191 shares of the company’s stock worth $3,522,000 after purchasing an additional 219,285 shares during the last quarter. SFE Investment Counsel raised its stake in Fervo Energy by 111.3% during the third quarter. SFE Investment Counsel now owns 47,458 shares of the company’s stock worth $645,000 after purchasing an additional 24,998 shares during the period. Everett Harris & Co. CA purchased a new position in Fervo Energy during the third quarter worth about $190,000. Finally, Robeco Schweiz AG raised its stake in Fervo Energy by 66.7% during the third quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company’s stock worth $44,615,000 after purchasing an additional 1,313,704 shares during the period.

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.