Tamboran Resources Corporation (NYSE:TBN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Tamboran Resources Corporation (NYSE:TBN) have received an average rating of “Moderate Buy” from the five ratings firms that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $58.50.

A number of analysts have weighed in on TBN shares. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a report on Monday. Wells Fargo & Company increased their target price on shares of Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, March 30th. Roth Capital initiated coverage on shares of Tamboran Resources in a research note on Thursday, May 21st. They set a “buy” rating and a $47.00 price target on the stock. Royal Bank Of Canada raised shares of Tamboran Resources from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $38.00 to $55.00 in a research report on Wednesday, April 29th. Finally, Piper Sandler restated an “overweight” rating and issued a $74.00 price objective (up from $41.00) on shares of Tamboran Resources in a research note on Tuesday, March 31st.

Insider Activity at Tamboran Resources

In other news, Director Phillip Z. Pace bought 10,000 shares of Tamboran Resources stock in a transaction dated Monday, April 13th. The stock was acquired at an average cost of $36.99 per share, with a total value of $369,900.00. Following the acquisition, the director owned 35,809 shares of the company’s stock, valued at approximately $1,324,574.91. This trade represents a 38.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Tamboran Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TBN. Bank of America Corp DE grew its position 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 worth $31,000 after acquiring an additional 600 shares during the last quarter. Whitebox Advisors LLC acquired a new stake in Tamboran Resources during the 2nd quarter worth $1,194,000. State of Wyoming purchased a new position in Tamboran Resources during the 2nd quarter worth $99,000. UBS Group AG increased its stake in Tamboran Resources by 170.9% in the third quarter. UBS Group AG now owns 278,938 shares of the company’s stock valued at $7,637,000 after purchasing an additional 175,973 shares during the period. Finally, HITE Hedge Asset Management LLC raised its holdings in shares of Tamboran Resources by 44.0% in the third quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock valued at $47,575,000 after buying an additional 530,850 shares during the last quarter.

Tamboran Resources Trading Up 1.7%

NYSE:TBN opened at $32.49 on Thursday. Tamboran Resources has a 1 year low of $18.18 and a 1 year high of $52.21. The stock has a market cap of $920.23 million, a P/E ratio of -17.38 and a beta of -2.10. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.00 and a current ratio of 2.00. The stock has a 50-day simple moving average of $34.49 and a 200-day simple moving average of $32.41.

Tamboran Resources (NYSE:TBN) last issued its earnings results on Wednesday, May 13th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.06). As a group, analysts anticipate that Tamboran Resources will post -1.42 earnings per share for the current fiscal year.

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.