Piper Sandler Reiterates Overweight Rating for Tamboran Resources (NYSE:TBN)

Tamboran Resources (NYSE:TBN)‘s stock had its “overweight” rating reaffirmed by analysts at Piper Sandler in a research report issued on Tuesday,Benzinga reports. They presently have a $74.00 target price on the stock, up from their previous target price of $41.00. Piper Sandler’s target price would suggest a potential upside of 44.47% from the stock’s current price.

A number of other research analysts have also recently weighed in on TBN. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, January 9th. Wells Fargo & Company raised their target price on shares of Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Tamboran Resources currently has a consensus rating of “Moderate Buy” and an average price target of $51.50.

Tamboran Resources Trading Up 15.3%

Shares of TBN traded up $6.78 during trading hours on Tuesday, hitting $51.22. The stock had a trading volume of 105,712 shares, compared to its average volume of 71,396. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.01 and a current ratio of 2.01. The firm has a market cap of $1.16 billion, a P/E ratio of -26.78 and a beta of 0.13. The company’s fifty day simple moving average is $30.40 and its 200 day simple moving average is $27.00. Tamboran Resources has a 12-month low of $17.29 and a 12-month high of $51.91.

Tamboran Resources (NYSE:TBN) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.33). Equities research analysts forecast that Tamboran Resources will post -1.86 EPS for the current fiscal year.

Institutional Trading of Tamboran Resources

A number of hedge funds have recently made changes to their positions in the company. HITE Hedge Asset Management LLC increased its position in shares of Tamboran Resources by 44.0% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock worth $47,575,000 after purchasing an additional 530,850 shares during the last quarter. Arbiter Partners Capital Management LLC bought a new position in shares of Tamboran Resources during the third quarter worth about $1,356,000. Ingalls & Snyder LLC lifted its position in shares of Tamboran Resources by 124.1% during the third quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock worth $7,079,000 after purchasing an additional 143,194 shares during the last quarter. Cooper Investors PTY Ltd. acquired a new position in Tamboran Resources in the fourth quarter worth about $690,000. Finally, Financial Management Professionals Inc. acquired a new position in Tamboran Resources in the third quarter worth about $27,000.

About Tamboran Resources

Tamboran Resources is an independent energy company focused on the exploration and development of unconventional natural gas resources. Headquartered in Canada and listed on the New York Stock Exchange under the ticker TBN, the company concentrates its activities on onshore basins in Australia. Tamboran’s primary objective is to advance its exploration acreage toward commercial viability by leveraging modern drilling and reservoir evaluation techniques.

The company holds exploration licenses in the Beetaloo Basin in the Northern Territory of Australia, where it is conducting appraisal drilling programs to define reservoir characteristics and recoverability.