Tamboran Resources (NYSE:TBN) Trading Down 3.9% – Should You Sell?

Shares of Tamboran Resources Corporation (NYSE:TBN) were down 3.9% during trading on Monday . The company traded as low as $36.83 and last traded at $36.7550. Approximately 27,052 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 156,467 shares. The stock had previously closed at $38.25.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Zacks Research cut Tamboran Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 29th. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research note on Monday, July 6th. Four analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $58.50.

Tamboran Resources Stock Performance

The company has a market cap of $1.03 billion, a P/E ratio of -19.51 and a beta of -2.03. 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 company has a 50 day moving average price of $35.92 and a 200-day moving average price of $35.25.

Hedge Funds Weigh In On Tamboran Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quantbot Technologies LP bought a new position in shares of Tamboran Resources in the second quarter valued at approximately $39,000. Deutsche Bank AG bought a new stake in Tamboran Resources in the second quarter worth about $42,000. Avalon Trust Co acquired a new stake in Tamboran Resources in the 2nd quarter valued at about $44,000. Janney Montgomery Scott LLC bought a new position in shares of Tamboran Resources during the 1st quarter valued at about $240,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Tamboran Resources in the 2nd quarter worth approximately $242,000.

About Tamboran Resources

Tamboran Resources Corporation (NYSE:TBN) is an Australia-focused natural gas exploration and development company. The company’s primary asset base is located in the Beetaloo Basin in Australia’s Northern Territory, where it is pursuing the development of large-scale shale gas resources.

Tamboran’s activities include acquiring and evaluating exploration acreage, drilling and testing wells, and advancing infrastructure and commercial development plans for natural gas production. Its Beetaloo Basin portfolio includes the Shenandoah South and Amungee projects, which are intended to support future domestic gas supply and potential liquefied natural gas export opportunities.

The company was established to develop unconventional gas resources in Australia and has focused its operations on the Northern Territory rather than maintaining a broad international footprint.