Tamboran Resources (NYSE:TBN) Shares Gap Up – What’s Next?

Tamboran Resources Corporation (NYSE:TBN)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $32.62, but opened at $34.29. Tamboran Resources shares last traded at $34.86, with a volume of 8,631 shares.

Analysts Set New Price Targets

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

Tamboran Resources Stock Up 0.9%

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 stock has a fifty day moving average price of $36.83 and a two-hundred day moving average price of $30.74. The company has a market cap of $989.53 million, a P/E ratio of -18.69 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 for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). On average, research analysts expect that Tamboran Resources Corporation will post -1.42 EPS for the current year.

Insider Buying and Selling

In related news, Director Phillip Z. Pace bought 10,000 shares of the company’s stock in a transaction dated 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 completion of the acquisition, the director directly owned 35,809 shares of the company’s stock, valued at $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 can be accessed through this link. Also, Director Scott D. Sheffield bought 6,990 shares of the company’s stock in a transaction dated Wednesday, April 8th. The stock was bought at an average price of $36.02 per share, for a total transaction of $251,779.80. Following the acquisition, the director directly owned 292,430 shares of the company’s stock, valued at approximately $10,533,328.60. This represents a 2.45% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 4.50% of the stock is owned by company insiders.

Institutional Trading of Tamboran Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE increased its position in shares of Tamboran Resources by 64.5% during the first quarter. Bank of America Corp DE now owns 53,374 shares of the company’s stock valued at $2,668,000 after acquiring an additional 20,932 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Tamboran Resources by 113.8% during the first quarter. The Manufacturers Life Insurance Company now owns 237,748 shares of the company’s stock valued at $11,885,000 after acquiring an additional 126,549 shares during the last quarter. Clough Capital Partners L P purchased a new stake in shares of Tamboran Resources during the first quarter valued at approximately $2,344,000. Sei Investments Co. purchased a new stake in shares of Tamboran Resources during the first quarter valued at approximately $526,000. Finally, Walleye Capital LLC increased its position in shares of Tamboran Resources by 6.4% during the first quarter. Walleye Capital LLC now owns 7,983 shares of the company’s stock valued at $399,000 after acquiring an additional 482 shares during the last quarter.

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.