Tamboran Resources Corporation (NYSE:TBN) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Tamboran Resources Corporation (NYSE:TBN) have been given an average rating of “Moderate Buy” by the five research firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $58.50.

TBN has been the subject of several research reports. Royal Bank Of Canada upgraded shares of 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 research note on Wednesday, April 29th. Piper Sandler restated an “overweight” rating and set a $74.00 price objective (up from $41.00) on shares of Tamboran Resources in a research note on Tuesday, March 31st. Roth Mkm initiated coverage on shares of Tamboran Resources in a research note on Thursday, May 21st. They set a “buy” rating and a $47.00 price objective for the company. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research note on Wednesday, April 8th. Finally, Wells Fargo & Company raised their price objective on shares of Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, March 30th.

Insider Transactions at Tamboran Resources

In other news, Director Scott D. Sheffield acquired 6,990 shares of Tamboran Resources stock in a transaction on Wednesday, April 8th. The stock was acquired at an average cost of $36.02 per share, for a total transaction of $251,779.80. Following the purchase, the director owned 292,430 shares in the company, valued at $10,533,328.60. This trade represents a 2.45% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Phillip Z. Pace acquired 10,000 shares of Tamboran Resources stock in a transaction on Monday, April 13th. The shares were purchased at an average price of $36.99 per share, with a total value of $369,900.00. Following the completion of the purchase, the director owned 35,809 shares in the company, valued at $1,324,574.91. This represents a 38.75% increase in their position. The SEC filing for this purchase provides additional information. 4.50% of the stock is currently owned by company insiders.

Institutional Trading of Tamboran Resources

A number of large investors have recently made changes to their positions in the stock. Bank of America Corp DE grew its stake in shares of Tamboran Resources by 64.5% in the first quarter. Bank of America Corp DE now owns 53,374 shares of the company’s stock worth $2,668,000 after acquiring an additional 20,932 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Tamboran Resources by 113.8% in the first quarter. The Manufacturers Life Insurance Company now owns 237,748 shares of the company’s stock worth $11,885,000 after acquiring an additional 126,549 shares during the period. Clough Capital Partners L P bought a new stake in shares of Tamboran Resources in the first quarter worth approximately $2,344,000. Sei Investments Co. bought a new stake in shares of Tamboran Resources in the first quarter worth approximately $526,000. Finally, Walleye Capital LLC grew its stake in shares of Tamboran Resources by 6.4% in the first quarter. Walleye Capital LLC now owns 7,983 shares of the company’s stock worth $399,000 after acquiring an additional 482 shares during the period.

Tamboran Resources Stock Down 0.0%

Shares of Tamboran Resources stock opened at $35.00 on Friday. 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 company has a 50-day moving average of $35.48 and a 200 day moving average of $31.69. The firm has a market cap of $991.14 million, a price-to-earnings ratio of -18.72 and a beta of -2.20. Tamboran Resources has a 1 year low of $17.29 and a 1 year high of $52.21.

Tamboran Resources (NYSE:TBN) last issued its quarterly 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). As a group, sell-side analysts anticipate that Tamboran Resources will post -1.42 earnings per share for the current fiscal year.

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.