Tamboran Resources (NYSE:TBN) Sees Unusually-High Trading Volume – Here’s Why

Shares of Tamboran Resources Corporation (NYSE:TBN) saw an uptick in trading volume on Friday . 180,917 shares changed hands during mid-day trading, an increase of 271% from the previous session’s volume of 48,756 shares.The stock last traded at $31.4650 and had previously closed at $30.97.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on TBN shares. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a report on Friday, January 9th. Wells Fargo & Company started coverage on shares of Tamboran Resources in a research note on Tuesday, December 2nd. They issued an “overweight” rating and a $35.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.33.

Tamboran Resources Stock Up 2.3%

The company has a debt-to-equity ratio of 0.09, a current ratio of 2.01 and a quick ratio of 2.01. The company has a fifty day moving average price of $27.96 and a 200 day moving average price of $25.27. The company has a market cap of $717.60 million, a PE ratio of -16.59 and a beta of 0.18.

Tamboran Resources (NYSE:TBN) last announced its earnings results on Wednesday, February 11th. The company reported ($0.33) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.33). The company had revenue of $0.05 million during the quarter. As a group, analysts anticipate that Tamboran Resources Corporation will post -1.86 EPS for the current year.

Institutional Investors Weigh In On Tamboran Resources

Large investors have recently added to or reduced their stakes in the company. Alberta Investment Management Corp grew its position in Tamboran Resources by 116.8% during the second quarter. Alberta Investment Management Corp now owns 758,680 shares of the company’s stock valued at $16,175,000 after acquiring an additional 408,680 shares during the last quarter. Ingalls & Snyder LLC lifted its holdings in shares of 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 during the last quarter. State of Wyoming boosted its stake in shares of Tamboran Resources by 178.9% in the 3rd quarter. State of Wyoming now owns 12,954 shares of the company’s stock valued at $355,000 after purchasing an additional 8,310 shares in the last quarter. Financial Management Professionals Inc. bought a new position in shares of Tamboran Resources during the 3rd quarter valued at $27,000. Finally, Manatuck Hill Partners LLC purchased a new position in Tamboran Resources in the 4th quarter worth $874,000.

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.