Tamboran Resources (NYSE:TBN) Shares Gap Up – Here’s What Happened

Tamboran Resources Corporation (NYSE:TBN) shares gapped up prior to trading on Thursday . The stock had previously closed at $32.62, but opened at $34.29. Tamboran Resources shares last traded at $34.86, with a volume of 8,631 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Piper Sandler reissued an “overweight” rating and issued a $74.00 price objective (up from $41.00) on shares of Tamboran Resources in a research report on Tuesday, March 31st. Royal Bank Of Canada raised Tamboran Resources from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $38.00 to $55.00 in a research report on Wednesday, April 29th. Wells Fargo & Company raised their target price on Tamboran Resources from $35.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, March 30th. Roth Mkm began coverage on Tamboran Resources in a research report on Thursday, May 21st. They issued a “buy” rating and a $47.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research report on Wednesday, April 8th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $58.50.

Tamboran Resources Stock Performance

The stock has a market capitalization of $1.01 billion, a P/E ratio of -18.99 and a beta of -2.20. The firm has a 50-day moving average of $36.99 and a 200 day moving average of $30.85. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.10.

Tamboran Resources (NYSE:TBN) last issued its quarterly earnings data on Wednesday, May 13th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). Research analysts anticipate that Tamboran Resources Corporation will post -1.42 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Phillip Z. Pace acquired 10,000 shares of the business’s stock in a transaction on Monday, April 13th. The stock was bought at an average cost of $36.99 per share, with a total value of $369,900.00. Following the completion of the acquisition, the director owned 35,809 shares in the company, valued at $1,324,574.91. The trade was a 38.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott D. Sheffield acquired 6,990 shares of the business’s stock in a transaction on Wednesday, April 8th. The shares were bought at an average cost of $36.02 per share, with a total value of $251,779.80. Following the completion of the acquisition, the director owned 292,430 shares of the company’s stock, valued at approximately $10,533,328.60. This trade represents a 2.45% increase in their position. The SEC filing for this purchase provides additional information. 4.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TBN. Bank of America Corp DE lifted its holdings in shares of Tamboran Resources by 66.7% during the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock valued at $31,000 after acquiring an additional 600 shares during the period. State of Wyoming bought a new position in shares of Tamboran Resources during the second quarter valued at $99,000. Walleye Capital LLC acquired a new stake in shares of Tamboran Resources in the fourth quarter valued at $204,000. Janney Montgomery Scott LLC acquired a new stake in shares of Tamboran Resources in the first quarter valued at $240,000. Finally, XY Capital Ltd acquired a new stake in shares of Tamboran Resources in the fourth quarter valued at $253,000.

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.