Tamboran Resources Corporation (NYSE:TBN) Receives $58.50 Average PT from Analysts

Shares of Tamboran Resources Corporation (NYSE:TBN) have earned an average recommendation of “Moderate Buy” from the five analysts that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $58.50.

Several research firms recently weighed in on TBN. Roth Mkm began coverage on shares of Tamboran Resources in a report on Thursday, May 21st. They set a “buy” rating and a $47.00 price target on the stock. Piper Sandler restated an “overweight” rating and set a $74.00 price target (up from $41.00) on shares of Tamboran Resources in a report on Tuesday, March 31st. Royal Bank Of Canada upgraded shares of Tamboran Resources from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $38.00 to $55.00 in a report on Wednesday, April 29th. Wells Fargo & Company boosted their price target on shares of Tamboran Resources from $35.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, March 30th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a report on Wednesday, April 8th.

Tamboran Resources Stock Down 0.0%

Shares of NYSE TBN opened at $35.00 on Friday. The stock has a market capitalization of $991.14 million, a P/E ratio of -18.72 and a beta of -2.20. The company has a 50-day moving average price of $35.48 and a 200-day moving average price of $31.69. Tamboran Resources has a 1 year low of $17.29 and a 1 year high of $52.21. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00.

Tamboran Resources (NYSE:TBN) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.06). On average, equities research analysts forecast that Tamboran Resources will post -1.42 EPS for the current fiscal year.

Insider Activity

In other news, Director Scott D. Sheffield purchased 6,990 shares of the business’s stock in a transaction that occurred on Wednesday, April 8th. The shares were acquired at an average cost of $36.02 per share, for a total transaction of $251,779.80. Following the completion of the acquisition, 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 this link. Also, Director Phillip Z. Pace purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 13th. The shares were purchased at an average price of $36.99 per share, for a total transaction of $369,900.00. Following the completion of the acquisition, the director owned 35,809 shares of the company’s stock, valued at $1,324,574.91. The trade was a 38.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 4.50% of the stock is currently owned by insiders.

Institutional Trading of Tamboran Resources

Several hedge funds have recently added to or reduced their stakes in the stock. Walleye Capital LLC raised its position in 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. Bank of America Corp DE raised 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 worth $31,000 after acquiring an additional 600 shares during the period. State of Wyoming bought a new stake in Tamboran Resources in the second quarter worth about $99,000. Janney Montgomery Scott LLC bought a new stake in Tamboran Resources in the first quarter worth about $240,000. Finally, Arbiter Partners Capital Management LLC raised its position in Tamboran Resources by 15.5% in the fourth quarter. Arbiter Partners Capital Management LLC now owns 57,212 shares of the company’s stock worth $1,558,000 after acquiring an additional 7,670 shares during the period.

Tamboran Resources Company Profile

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.