Tamboran Resources (NYSE:TBN) Trading Up 8.7% – What’s Next?

Tamboran Resources Corporation (NYSE:TBN) shares were up 8.7% during mid-day trading on Friday . The company traded as high as $35.25 and last traded at $36.5950. Approximately 94,522 shares were traded during trading, a decline of 37% from the average daily volume of 149,811 shares. The stock had previously closed at $33.66.

Analyst Upgrades and Downgrades

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

Tamboran Resources Stock Performance

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 firm’s 50 day moving average is $36.14 and its 200-day moving average is $31.25. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -21.37 and a beta of -2.20.

Tamboran Resources (NYSE:TBN) last posted its earnings results on Wednesday, May 13th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.06). Analysts forecast that Tamboran Resources Corporation will post -1.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Tamboran Resources

In other news, Director Phillip Z. Pace bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 13th. The stock was purchased at an average cost of $36.99 per share, for a total transaction of $369,900.00. Following the purchase, the director directly owned 35,809 shares in the company, valued at approximately $1,324,574.91. This trade represents a 38.75% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Scott D. Sheffield bought 6,990 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The stock was purchased at an average price of $36.02 per share, with a total value of $251,779.80. Following the completion of the purchase, the director owned 292,430 shares in the company, valued at approximately $10,533,328.60. This trade represents a 2.45% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Tamboran Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in TBN. Bank of America Corp DE increased its holdings in Tamboran Resources by 66.7% in the 4th 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 in the last quarter. Whitebox Advisors LLC purchased a new stake in Tamboran Resources in the 2nd quarter worth $1,194,000. State of Wyoming purchased a new stake in Tamboran Resources in the 2nd quarter worth $99,000. Ingalls & Snyder LLC increased its holdings in Tamboran Resources by 124.1% in the 3rd quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock worth $7,079,000 after acquiring an additional 143,194 shares in the last quarter. Finally, Arbiter Partners Capital Management LLC purchased a new stake in Tamboran Resources in the 3rd quarter worth $1,356,000.

Tamboran Resources Company Profile

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.