Fervo Energy (NASDAQ:FRVO) Stock Keeps Outperform Rating at Sanford C. Bernstein

Fervo Energy (NASDAQ:FRVO)‘s stock had its “outperform” rating reiterated by analysts at Sanford C. Bernstein in a research report issued on Monday, Benzinga reports. They currently have a $47.00 price target on the stock. Sanford C. Bernstein‘s price objective would indicate a potential upside of 319.27% from the stock’s previous close.

A number of other research firms have also recently commented on FRVO. Morgan Stanley started coverage on Fervo Energy in a report on Thursday, October 29th. They issued an “overweight” rating and a $23.00 price target on the stock. Johnson Rice initiated coverage on Fervo Energy in a research report on Wednesday, September 23rd. They issued a “buy” rating and a $35.00 price target for the company. 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 target price for the company. Jefferies Financial Group raised Fervo Energy from a “hold” rating to a “buy” rating and lowered their price target for the stock from $41.00 to $34.00 in a report on Monday, July 20th. Finally, Bank of America lowered their price target on Fervo Energy from $36.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, September 25th. Two equities 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 given a Sell rating to the company. Based on data from MarketBeat, Fervo Energy has an average rating of “Moderate Buy” and a consensus price target of $37.24.

Fervo Energy Stock Performance

Shares of FRVO stock traded up $2.19 during mid-day trading on Monday, reaching $11.21. 10,981,003 shares of the company’s stock traded hands, compared to its average volume of 5,626,625. The firm’s 50 day moving average price is $13.12. Fervo Energy has a 12 month low of $7.64 and a 12 month high of $42.65. The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08. The stock has a market cap of $3.30 billion and a price-to-earnings ratio of -2.73.

Fervo Energy (NASDAQ:FRVO) last posted its quarterly earnings data on Monday, November 9th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.03. The company had revenue of $0.12 million during the quarter. As a group, equities analysts expect that Fervo Energy will post -0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP purchased a new stake in shares of Fervo Energy in the 2nd quarter valued at approximately $129,600,000. Value Aligned Research Advisors LLC purchased a new position in Fervo Energy in the 2nd quarter valued at approximately $63,155,000. Robeco Schweiz AG boosted 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 buying an additional 1,313,704 shares during the period. Squarepoint Ops LLC purchased a new position in Fervo Energy in the second quarter worth approximately $12,423,000. Finally, State Street Corp purchased a new position in Fervo Energy in the second quarter valued at $10,028,000.

Fervo Energy Company Profile

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.