Brokerages Set Tamboran Resources Corporation (NYSE:TBN) Price Target at $35.25

Shares of Tamboran Resources Corporation (NYSE:TBN) have received an average recommendation of “Moderate Buy” from the six analysts that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $35.25.

TBN has been the subject of several recent analyst reports. Wells Fargo & Company assumed coverage on Tamboran Resources in a report on Tuesday, December 2nd. They issued an “overweight” rating and a $35.00 price target for the company. Royal Bank Of Canada increased their price objective on Tamboran Resources from $30.00 to $38.00 and gave the stock a “sector perform” rating in a research report on Friday, October 24th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research report on Tuesday, October 14th.

Tamboran Resources Stock Down 3.3%

Shares of NYSE:TBN opened at $25.83 on Friday. Tamboran Resources has a fifty-two week low of $17.29 and a fifty-two week high of $34.50. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.02. The firm’s 50-day simple moving average is $24.86 and its 200-day simple moving average is $23.10. The company has a market cap of $529.26 million, a price-to-earnings ratio of -10.05 and a beta of 0.18.

Tamboran Resources (NYSE:TBN) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.21). The company had revenue of ($0.66) million for the quarter, compared to analysts’ expectations of $0.51 million. As a group, equities research analysts predict that Tamboran Resources will post -1.86 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Phillip Z. Pace bought 2,000 shares of the stock in a transaction on Friday, November 21st. The shares were bought at an average cost of $23.50 per share, for a total transaction of $47,000.00. Following the completion of the transaction, the director owned 2,000 shares of the company’s stock, valued at $47,000. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Tamboran Resources

Several institutional investors have recently modified their holdings of the company. Financial Management Professionals Inc. acquired a new stake in Tamboran Resources in the third quarter valued at $27,000. Bank of America Corp DE raised its position in 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. State of Wyoming purchased a new stake in shares of Tamboran Resources in the second quarter valued at about $99,000. Whitebox Advisors LLC acquired a new stake in shares of Tamboran Resources in the second quarter valued at approximately $1,194,000. Finally, Arbiter Partners Capital Management LLC purchased a new position in shares of Tamboran Resources during the 3rd quarter worth approximately $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.