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

Shares of Tamboran Resources Corporation (NYSE:TBN) gapped down before the market opened on Wednesday . The stock had previously closed at $35.27, but opened at $32.64. Tamboran Resources shares last traded at $32.8210, with a volume of 6,812 shares.

Analyst Ratings Changes

Several research firms have recently weighed in on TBN. Piper Sandler reissued an “overweight” rating and issued a $74.00 target price (up from $41.00) on shares of Tamboran Resources in a report on Tuesday, March 31st. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research report on Wednesday, April 8th. Royal Bank Of Canada upgraded Tamboran Resources from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $38.00 to $55.00 in a research note on Wednesday, April 29th. Roth Mkm started coverage on Tamboran Resources in a report on Thursday, May 21st. They issued a “buy” rating and a $47.00 price objective for the company. Finally, Wells Fargo & Company raised 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. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.50.

Tamboran Resources Stock Down 1.3%

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 firm’s 50 day moving average price is $35.26 and its two-hundred day moving average price is $31.97. The firm has a market cap of $909.02 million, a price-to-earnings ratio of -17.16 and a beta of -2.20.

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 forecast that Tamboran Resources Corporation will post -1.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Scott D. Sheffield bought 6,990 shares of the company’s stock in a transaction dated Wednesday, April 8th. The shares were acquired at an average price of $36.02 per share, with a total value of $251,779.80. Following the completion of the acquisition, the director owned 292,430 shares in the company, valued at approximately $10,533,328.60. This trade represents a 2.45% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Phillip Z. Pace purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 13th. The shares were bought at an average cost of $36.99 per share, with a total value of $369,900.00. Following the completion of the acquisition, the director owned 35,809 shares of the company’s stock, valued at approximately $1,324,574.91. This trade represents a 38.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TBN. Bank of America Corp DE lifted its position in Tamboran Resources by 66.7% in the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock valued at $31,000 after purchasing an additional 600 shares during the period. Whitebox Advisors LLC acquired a new position in Tamboran Resources during the 2nd quarter worth approximately $1,194,000. State of Wyoming acquired a new position in Tamboran Resources during the 2nd quarter worth approximately $99,000. Arbiter Partners Capital Management LLC purchased a new position in shares of Tamboran Resources during the 3rd quarter worth approximately $1,356,000. Finally, UBS Group AG raised its stake in shares of Tamboran Resources by 170.9% during the 3rd quarter. UBS Group AG now owns 278,938 shares of the company’s stock worth $7,637,000 after buying an additional 175,973 shares in 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.