Tamboran Resources (NYSE:TBN) Shares Gap Down – Here’s Why

Tamboran Resources Corporation (NYSE:TBN)’s share price gapped down prior to trading 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 traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on TBN shares. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a report on Wednesday, April 8th. Wells Fargo & Company raised their price target on Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, March 30th. Roth Mkm started coverage on Tamboran Resources in a research report on Thursday, May 21st. They issued a “buy” rating and a $47.00 price target for the company. Royal Bank Of Canada upgraded shares of Tamboran Resources from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $38.00 to $55.00 in a research note on Wednesday, April 29th. Finally, Piper Sandler reissued an “overweight” rating and set a $74.00 price objective (up from $41.00) on shares of Tamboran Resources in a research report on Tuesday, March 31st. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $58.50.

Tamboran Resources Trading Down 0.1%

The firm has a market capitalization of $942.40 million, a PE ratio of -17.80 and a beta of -2.20. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.10. The stock’s fifty day simple moving average is $35.43 and its 200 day simple moving average is $31.88.

Tamboran Resources (NYSE:TBN) last released its earnings results on Wednesday, May 13th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). On average, sell-side analysts predict that Tamboran Resources Corporation will post -1.42 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Scott D. Sheffield purchased 6,990 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The shares were bought at an average price of $36.02 per share, for a total transaction of $251,779.80. Following the acquisition, the director owned 292,430 shares of the company’s stock, valued at approximately $10,533,328.60. This represents a 2.45% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Phillip Z. Pace bought 10,000 shares of the stock in a transaction dated Monday, April 13th. The stock was purchased at an average price of $36.99 per share, with a total value of $369,900.00. Following the acquisition, the director directly owned 35,809 shares in the company, valued at approximately $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. Company insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Tamboran Resources

Several large investors have recently added to or reduced their stakes in the stock. HITE Hedge Asset Management LLC raised its stake in Tamboran Resources by 44.0% in the third quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock worth $47,575,000 after buying an additional 530,850 shares in the last quarter. Cooper Investors PTY Ltd. purchased a new stake in Tamboran Resources during the fourth quarter worth $690,000. Arbiter Partners Capital Management LLC bought a new stake in Tamboran Resources during the 3rd quarter valued at $1,356,000. Encompass Capital Advisors LLC increased its holdings in shares of Tamboran Resources by 26.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company’s stock valued at $19,434,000 after acquiring an additional 150,000 shares during the period. Finally, UBS Group AG increased its holdings in shares of Tamboran Resources by 55.4% in the 4th quarter. UBS Group AG now owns 433,598 shares of the company’s stock valued at $11,807,000 after acquiring an additional 154,660 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.