$FRVO

Sector Update: Energy

Energy stocks rose late Monday afternoon with the NYSE Energy Sector Index rising 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index gained 0.4%, and the Dow Jones US Utilities Index shed 0.6%.West Texas Intermediate crude oil rose 1.4% to $83.64 a barrel, and global benchmark Brent added 1.5% to $89.43 a barrel. Henry Hub natural gas futures fell 1.9% to $2.86 per 1 million BTU.In corporate news, Fervo Energy (FRVO) shares jumped 4.4% after Jefferies upgraded the stock to buy from hold and cut its price target to $34 from $41.

Fervo Energy Shares Rise After Jefferies Upgrade

Fervo Energy (FRVO) shares rose 4% in Monday trading after Jefferies upgraded the stock to buy from hold, and adjusted the price target to $34 from $41.Trading volume stood at over 1.4 million shares compared with a daily average of nearly 4.2 million.Price: $25.66, Change: $+1.01, Percent Change: +4.10%

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday Ahead of Key Earnings Reports

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.5%, and the actively traded Invesco QQQ Trust (QQQ) advanced 1% in Monday's premarket activity, ahead of a pivotal week for corporate earnings.US stock futures were mixed, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.7% before the start of regular trading.The index of leading economic indicators for June will be released at 10:00 am ET.In premarket action, bitcoin was down by 0.5%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.2% higher, Ether ETF (EETH) advanced 1.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.3%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.5% lower.Hut 8 (HUT) shares traded up 13% in early hours activity after the company said it has signed a second 15-year lease worth $9.8 billion for 352 megawatts of IT capacity at its Beacon Point data center campus in Nueces County, Texas, fully commercializing the site's 1-gigawatt utility capacity.Winners and Losers:EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.3%.Fervo Energy Company (FRVO) stock was up more than 5% before market open after Jefferies upgraded the company to buy from hold.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated 0.3%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.4%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was up 0.3%.Alibaba Group (BABA) shares were up more than 3% pre-bell after a 2% fall at Friday's close. Reuters reported Monday that Alibaba-backed Moonshot AI temporarily paused new subscriptions as high demand for its recent Kimi K3 model overloaded capacity.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.6%, while the Vanguard Industrials Index Fund (VIS) was up 1.1% and the iShares US Industrials ETF (IYJ) was inactive.Elbit Systems' (ESLT) stock was up more than 2% before the opening bell after the company said its Elbit Systems of America unit received multiple contract awards worth more than $370 million from US Customs and Border Protection to enhance US national security.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1%, and the iShares US Technology ETF (IYW) was 1.3% higher, while the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was up 1.9%, while the iShares Semiconductor ETF (SOXX) rose by 2.4%.Taiwan Semiconductor Manufacturing (TSM) shares were up more than 2% in premarket activity after Chief Financial Officer Wendell Huang said in a Sunday interview with CNBC that the company is accelerating the expansion of its Arizona chip manufacturing operations to capitalize on a multi-year artificial intelligence demand trend.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.01%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 0.3% higher.OKYO Pharma (OKYO) stock was up more than 1% premarket after the company said its cash position of around $20.6 million as of the end of March enables completion of a 111-patient phase 3 trial of its lead candidate, urcosimod, for the potential treatment of neuropathic corneal pain.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.5% to $82.12 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.2% to $2.88 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 0.5%, while the United States Natural Gas Fund (UNG) was 0.7% lower.Gold futures for July retreated 0.1% to $4,015.20 an ounce on the Comex. Silver futures were up 1.2% to $57.01 an ounce. SPDR Gold Shares (GLD) decreased 0.2%, and the iShares Silver Trust (SLV) was 1.1% higher.

Jefferies Upgrades Fervo Energy to Buy From Hold, Adjusts PT to $34 From $41

Fervo Energy Company (FRVO) has an average rating of Buy and mean price target of $45, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Fervo Energy Shares Rise After BofA Upgrade

Fervo Energy Company (FRVO) shares were up over 4% in Friday trading after BofA Securities upgrades the stock to buy from neutral.Trading volume stood at more than 1.5 million shares, compared with a daily average of nearly 4.3 million.Price: $24.10, Change: $+0.99, Percent Change: +4.28%

BofA Securities Upgrades Fervo Energy to Buy From Neutral, Price Target is $36

Fervo Energy (FRVO) has an average rating of overweight and mean price target of $46, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Fervo Energy Projects Tagged by Enverus With 'Overly Aggressive' Valuation Cuts, RBC Says

Fervo Energy's (FRVO) geothermal energy projects were tagged by energy-focused software company Enverus with "overly aggressive" valuation cuts, RBC Capital Markets said in a note Wednesday.The brokerage noted Fervo Energy stock's decline after Enverus applied a 26.5% to 51% valuation cut to the company's Cape Phase I to III and Corsac Phase I projects, citing elevated risk from water usage and thermal drawdown.Concerns over water loss were overblown, given Fervo Energy's deeper wells and water's limited portion in a project's expenses, according to the note.Enervus is also "over forecasting" the number of makeup wells required to support Cape Station's reservoir declines based on potentially aggressive well decline assumptions, the brokerage said.RBC Capital Markets reiterated its outperform rating and $46 price target on Fervo Energy.Price: $28.89, Change: $-0.34, Percent Change: -1.16%

Fervo Energy Still on Track to Bring Initial 33 MW Online at Utah Geothermal Project, RBC Says

Fervo Energy (FRVO) remains on track to bring its initial 33 megawatt online at the Cape Station Phase 1 geothermal project in Utah in Q4, with the full 100 MW to be deployed by Q1 2027, RBC Capital Markets said Monday in a report.RBC said the official power purchase agreement begins Oct. 1, though operations may start earlier, with the first power-generation module mechanically complete and now in commissioning.For Cape Station Phase 2, Fervo has drilled four of its next-generation wells and is advancing construction of power-generation facilities, and the company is meeting or exceeding its internal drilling-cost metrics for the second phase, the report said.A near-term catalyst is securing an incremental power purchase agreement for Cape Station Phase 3, which may deliver power directly to a customer without relying on the broader transmission grid, a behind-the-meter structure that could allow an accelerated timeline given current transmission capacity, the report said.RBC maintained its outperform rating on Fervo stock with a $46 price target.Price: $33.79, Change: $-2.57, Percent Change: -7.07%

Fervo Energy, Nvidia, Pacific Northwest National Laboratory Agree to Build Geothermal Platform

Fervo Energy (FRVO), Nvidia (NVDA), and the Pacific Northwest National Laboratory said Monday they agreed to build a digital twin simulation platform for geothermal systems.The system combines field datasets with physical modeling and artificial intelligence predictions to provide real-time observation of underground conditions, the companies said.Research personnel will train the software architecture using computing infrastructure and field information obtained from operational sites in Nevada and Utah, they said.The companies intend to make the platform public by 2029, they added.Shares of Fervo were up over 12% in Monday premarket activity, while Nvidia shares were slightly lower.Price: $39.45, Change: $+4.36, Percent Change: +12.43%

Bernstein Initiates Coverage on Fervo Energy With Outperform Rating, $47 Price Target

Fervo Energy Company (FRVO) has an average rating of overweight and mean price target of $46.11, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

William Blair Initiates Coverage on Fervo Energy With Outperform Rating

Fervo Energy Company (FRVO) has an average rating of overweight and mean price target of $46.11, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

RBC Initiates Fervo Energy at Outperform With $46 Price Target

Fervo Energy (FRVO) has an average rating of overweight and mean price target of $46.88, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Guggenheim Initiates Fervo Energy at Buy With $48 Price Target

Fervo Energy Company Class A (FRVO) has an average rating of overweight and mean price target of $46.88, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Baird Initiates Fervo Energy at Outperform With $47 Price Target

Fervo Energy Company Class A (FRVO) has an average rating of overweight and mean price target of $46.88, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Barclays Initiates Fervo Energy at Overweight With $47 Price Target

Fervo Energy Company Class A (FRVO) has an average rating of overweight and mean price target of $46.88, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

JPMorgan Initiates Fervo Energy at Overweight With $47 Price Target

Fervo Energy Company Class A (FRVO) has an average rating of overweight and mean price target of $46.88, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Piper Sandler Initiates Fervo Energy at Overweight With $51 Price Target

Fervo Energy Company Class A (FRVO) has an average rating of overweight and mean price target of $46.88, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Jefferies Initiates Fervo Energy at Hold With $42 Price Target

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) fractionally lower.The Philadelphia Oil Service Sector Index was down 0.5%, and the Dow Jones US Utilities Index was falling 1.1%.Front-month West Texas Intermediate crude oil declined 1% to $101.12 a barrel, and the global benchmark Brent crude contract dropped 1.8% to $105.81 a barrel. Henry Hub natural gas futures rose 0.5% to $2.86 per 1 million BTU.In sector news, the International Energy Agency on Wednesday forecast a sharper decline in global oil demand this year than previously expected as the Middle East conflict drives up energy prices. The agency anticipates oil consumption to contract by 420,000 barrels a day in 2026, compared with an 80,000-barrel drop expected last month. Oil demand is projected to plunge by 2.45 million barrels per day in the second quarter.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.9 million barrels in the week ended May 8 following a decrease of 7.5 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 4.3 million barrels after a 2.3-million-barrel decline in the previous week, more than the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, BP (BP) has stopped contract discussions with the US steelworkers' union after the lockout of over 800 employees at its Whiting, Indiana, facility, Reuters reported, citing a statement from the union. BP shares were down 0.5%.Fervo Energy (FRVO) stock surged 34% in Wednesday trading following its Nasdaq debut.Ring Energy (REI) shares dropped 27% after the company overnight said it priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.Enphase Energy (ENPH) shares jumped past 13% after the company said it opened US pre-orders for its new IQ9S-3P Commercial Microinverter.

Fervo Energy Shares Rise in Nasdaq Debut

Fervo Energy (FRVO) stock was up over 40% in Wednesday trading following its Nasdaq debut.The stock was trading at $37.88 apiece after opening at $36 per share, higher than the $27-per-share initial public offering price.Price: $37.88, Change: $+10.88, Percent Change: +40.30%