Bank of America Upgrades Fervo Energy (NASDAQ:FRVO) to “Buy”

Fervo Energy (NASDAQ:FRVO) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, MarketBeat reports. The brokerage currently has a $36.00 target price on the stock, down from their previous target price of $40.00. Bank of America‘s price objective indicates a potential upside of 46.04% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Wolfe Research initiated coverage on Fervo Energy in a report on Monday, June 8th. They set a “peer perform” rating for the company. Guggenheim upgraded Fervo Energy to a “strong-buy” rating and set a $48.00 price target for the company in a research report on Monday, June 8th. Piper Sandler reissued an “overweight” rating on shares of Fervo Energy in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. initiated coverage on shares of Fervo Energy in a research note on Monday, June 8th. They set an “overweight” rating and a $47.00 target price on the stock. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Fervo Energy in a research report on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $45.92.

Fervo Energy Price Performance

FRVO stock opened at $24.65 on Friday. The stock’s 50-day moving average is $33.40. Fervo Energy has a 52 week low of $22.50 and a 52 week high of $42.65.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly earnings results on Monday, June 22nd. The company reported ($3.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($3.63). The company had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $1.20 million.