Fervo Energy (NASDAQ:FRVO) Issues Earnings Results, Beats Expectations By $0.03 EPS

Fervo Energy (NASDAQ:FRVO) announced its quarterly earnings results on Monday. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.03, Zacks reports.

Fervo Energy Stock Performance

Fervo Energy stock opened at $9.02 on Monday. Fervo Energy has a fifty-two week low of $7.64 and a fifty-two week high of $42.65. The firm’s 50 day moving average price is $13.12. 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 has a market cap of $2.66 billion and a PE ratio of -2.20.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FRVO. Johnson Rice started coverage on shares of Fervo Energy in a research report on Wednesday, September 23rd. They issued a “buy” rating and a $35.00 price objective on the stock. Robert W. Baird dropped their target price on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Weiss Ratings assumed coverage on Fervo Energy in a research note on Tuesday, August 18th. They issued a “sell (d)” rating on the stock. Wall Street Zen upgraded Fervo Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. Finally, Morgan Stanley initiated coverage on Fervo Energy in a report on Thursday, October 29th. They set an “overweight” rating and a $23.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.24.

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.