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

Shares of Tamboran Resources Corporation (NYSE:TBN) have earned a consensus recommendation of “Buy” from the five research firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $34.75.

Separately, Royal Bank Of Canada decreased their target price on Tamboran Resources from $31.00 to $30.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 9th.

Tamboran Resources Price Performance

NYSE TBN opened at $27.40 on Friday. Tamboran Resources has a 1 year low of $15.75 and a 1 year high of $34.50. The business’s fifty day moving average is $21.03 and its two-hundred day moving average is $21.31. The stock has a market capitalization of $488.27 million, a P/E ratio of -10.87 and a beta of -0.17. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.55 and a current ratio of 1.55.

Insiders Place Their Bets

In related news, major shareholder Bryan Sheffield acquired 563,697 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were purchased at an average price of $17.74 per share, for a total transaction of $9,999,984.78. Following the acquisition, the insider owned 3,123,601 shares in the company, valued at approximately $55,412,681.74. This represents a 22.02% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TBN. Bank of America Corp DE raised its stake in Tamboran Resources by 66.7% during the 4th 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. Nuveen Asset Management LLC boosted its position in shares of Tamboran Resources by 1.5% in the fourth quarter. Nuveen Asset Management LLC now owns 304,410 shares of the company’s stock worth $6,390,000 after buying an additional 4,410 shares during the period. State of Wyoming purchased a new position in shares of Tamboran Resources during the second quarter valued at $99,000. Ingalls & Snyder LLC raised its position in Tamboran Resources by 36.2% during the second quarter. Ingalls & Snyder LLC now owns 115,340 shares of the company’s stock valued at $2,459,000 after buying an additional 30,650 shares during the period. Finally, Whitebox Advisors LLC acquired a new position in Tamboran Resources during the second quarter valued at $1,194,000.

About Tamboran Resources

Tamboran Resources Corporation, a natural gas company, focuses on developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin.