Tamboran Resources (NYSE:TBN) Trading 0.6% Higher – Should You Buy?

Tamboran Resources Corp (NYSE:TBN)’s share price traded up 0.6% during trading on Friday . The stock traded as high as $23.31 and last traded at $23.23. 17,059 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 39,630 shares. The stock had previously closed at $23.10.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and set a $41.00 price objective on shares of Tamboran Resources in a report on Monday, December 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $31.00 price objective on shares of Tamboran Resources in a report on Thursday, January 9th. Finally, Alliance Global Partners assumed coverage on Tamboran Resources in a report on Tuesday, January 21st. They set a “buy” rating and a $32.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tamboran Resources currently has a consensus rating of “Moderate Buy” and an average price target of $36.60.

Tamboran Resources Stock Performance

The company has a fifty day simple moving average of $23.57 and a two-hundred day simple moving average of $20.45. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.02.

Tamboran Resources (NYSE:TBN) last posted its earnings results on Wednesday, February 12th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.01. Analysts anticipate that Tamboran Resources Corp will post -1.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tamboran Resources

A number of institutional investors have recently made changes to their positions in TBN. The Manufacturers Life Insurance Company bought a new position in shares of Tamboran Resources in the third quarter worth about $1,930,000. Baupost Group LLC MA bought a new position in shares of Tamboran Resources in the third quarter worth about $11,599,000. Atom Investors LP bought a new position in shares of Tamboran Resources in the third quarter worth about $351,000. HITE Hedge Asset Management LLC increased its stake in shares of Tamboran Resources by 63.1% in the third quarter. HITE Hedge Asset Management LLC now owns 489,417 shares of the company’s stock worth $9,945,000 after purchasing an additional 189,417 shares during the period. Finally, Ingalls & Snyder LLC bought a new position in shares of Tamboran Resources in the third quarter worth about $1,287,000.

About Tamboran Resources

Tamboran Resources Corporation, a natural gas company, focuses on developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin.