Tamboran Resources (NYSE:TBN) Rating Lowered to Strong Sell at Zacks Research

Tamboran Resources (NYSE:TBN) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other analysts also recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a report on Monday, July 6th. Roth Capital initiated coverage on shares of Tamboran Resources in a report on Thursday, May 21st. They set a “buy” rating and a $47.00 price target for the company. Royal Bank Of Canada upgraded shares of Tamboran Resources from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $38.00 to $55.00 in a research report on Wednesday, April 29th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $74.00 price objective (up from $41.00) on shares of Tamboran Resources in a report on Tuesday, March 31st. Four analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $58.50.

Tamboran Resources Price Performance

Tamboran Resources stock opened at $32.60 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00. The business has a 50 day simple moving average of $33.41 and a 200-day simple moving average of $33.10. Tamboran Resources has a 12 month low of $19.55 and a 12 month high of $52.21. The stock has a market capitalization of $923.34 million, a PE ratio of -17.44 and a beta of -2.10.

Tamboran Resources (NYSE:TBN) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). Equities analysts predict that Tamboran Resources will post -1.41 earnings per share for the current year.

Hedge Funds Weigh In On Tamboran Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE increased its holdings in shares of Tamboran Resources by 66.7% in the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock valued at $31,000 after purchasing an additional 600 shares in the last quarter. State of Wyoming acquired a new position in Tamboran Resources during the second quarter worth about $99,000. Walleye Capital LLC acquired a new position in Tamboran Resources during the fourth quarter worth about $204,000. Janney Montgomery Scott LLC purchased a new position in Tamboran Resources in the first quarter valued at about $240,000. Finally, XY Capital Ltd purchased a new position in Tamboran Resources in the fourth quarter valued at about $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.