Tamboran Resources (NYSE:TBN) Shares Gap Down – Should You Sell?

Tamboran Resources Corporation (NYSE:TBN) shares gapped down prior to trading on Tuesday. The stock had previously closed at $31.14, but opened at $29.30. Tamboran Resources shares last traded at $29.6860, with a volume of 9,359 shares.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on TBN shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, October 2nd. Wall Street Zen upgraded Tamboran Resources from a “strong sell” rating to a “sell” rating in a report on Saturday, October 17th. Scotiabank began coverage on Tamboran Resources in a research report on Wednesday, October 14th. They set an “outperform” rating and a $70.00 price objective for the company. Finally, Zacks Research upgraded shares of Tamboran Resources from a “strong sell” rating to a “hold” rating in a report on Monday, September 21st. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $60.80.

Tamboran Resources Stock Up 0.2%

The stock’s 50 day simple moving average is $34.69 and its two-hundred day simple moving average is $33.85. The firm has a market cap of $984.82 million, a P/E ratio of -15.06 and a beta of -1.82. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.61 and a quick ratio of 2.61.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP bought a new position in Tamboran Resources in the 2nd quarter worth about $39,000. GK Wealth Management LLC bought a new stake in Tamboran Resources during the 3rd quarter valued at about $41,000. Deutsche Bank AG bought a new stake in Tamboran Resources during the 2nd quarter valued at about $42,000. Avalon Trust Co purchased a new position in Tamboran Resources in the second quarter worth about $44,000. Finally, Janney Montgomery Scott LLC purchased a new position in Tamboran Resources in the first quarter worth about $240,000.

Tamboran Resources Company Profile

Tamboran Resources Corporation (NYSE:TBN) is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is working to develop large-scale natural gas resources in the basin for potential supply to Australia’s domestic energy market and liquefied natural gas export markets.

Tamboran’s activities include acquiring and managing exploration acreage, drilling and evaluating wells, and advancing gas development projects.