Tamboran Resources (NYSE:TBN) Stock Price Down 5.9% – Here’s Why

Tamboran Resources Corporation (NYSE:TBN) shares traded down 5.9% during trading on Monday . The company traded as low as $37.56 and last traded at $37.9750. 78,776 shares were traded during mid-day trading, a decline of 48% from the average session volume of 152,837 shares. The stock had previously closed at $40.37.

Analyst Ratings Changes

TBN has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price 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. Piper Sandler reaffirmed an “overweight” rating and issued a $74.00 target price (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 upped their target price for the stock from $38.00 to $55.00 in a research report on Wednesday, April 29th. Roth Mkm began coverage on shares of Tamboran Resources in a research note on Thursday, May 21st. They issued a “buy” rating and a $47.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research note on Wednesday, April 8th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.50.

Tamboran Resources Trading Down 9.9%

The firm has a market cap of $1.03 billion, a P/E ratio of -19.48 and a beta of -2.20. The stock has a fifty day simple moving average of $36.14 and a 200 day simple moving average of $31.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.00 and a current ratio of 2.00.

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). On average, research analysts expect that Tamboran Resources Corporation will post -1.42 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Scott D. Sheffield bought 6,990 shares of the stock in a transaction on Wednesday, April 8th. The shares were acquired at an average price of $36.02 per share, for a total transaction of $251,779.80. Following the purchase, the director owned 292,430 shares of the company’s stock, valued at approximately $10,533,328.60. The trade was a 2.45% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Phillip Z. Pace bought 10,000 shares of the stock in a transaction on Monday, April 13th. The shares were bought at an average price 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. Additional details regarding this purchase are available in the official SEC disclosure. 4.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tamboran Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Walleye Capital LLC lifted its stake in shares of Tamboran Resources by 6.4% in the 1st quarter. Walleye Capital LLC now owns 7,983 shares of the company’s stock worth $399,000 after purchasing an additional 482 shares during the period. Bank of America Corp DE lifted its stake 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 worth $31,000 after purchasing an additional 600 shares during the period. State of Wyoming bought a new position in shares of Tamboran Resources in the 2nd quarter worth approximately $99,000. Janney Montgomery Scott LLC bought a new position in shares of Tamboran Resources in the 1st quarter worth approximately $240,000. Finally, Arbiter Partners Capital Management LLC lifted its stake in shares of Tamboran Resources by 15.5% in the 4th quarter. Arbiter Partners Capital Management LLC now owns 57,212 shares of the company’s stock worth $1,558,000 after purchasing an additional 7,670 shares during the period.

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.