Tamboran Resources (NYSE:TBN) Price Target Raised to $58.00 at Wells Fargo & Company

Tamboran Resources (NYSE:TBN) had its target price lifted by investment analysts at Wells Fargo & Company from $35.00 to $58.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 32.19% from the company’s previous close.

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Tamboran Resources has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Tamboran Resources Stock Performance

Shares of NYSE TBN traded up $0.48 during trading on Monday, hitting $43.88. The company had a trading volume of 69,795 shares, compared to its average volume of 68,373. Tamboran Resources has a 12 month low of $17.29 and a 12 month high of $45.07. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.01 and a current ratio of 2.01. The firm has a market capitalization of $993.33 million, a P/E ratio of -22.90 and a beta of 0.13. The stock has a 50 day simple moving average of $30.05 and a 200 day simple moving average of $26.84.

Tamboran Resources (NYSE:TBN) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.33) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.33). As a group, analysts anticipate that Tamboran Resources will post -1.86 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TBN. Bank of America Corp DE boosted its position in shares of Tamboran Resources by 66.7% during the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock worth $31,000 after buying an additional 600 shares during the period. Whitebox Advisors LLC acquired a new stake in shares of Tamboran Resources during the 2nd quarter valued at $1,194,000. State of Wyoming purchased a new stake in Tamboran Resources during the second quarter valued at about $99,000. Financial Management Professionals Inc. purchased a new stake in shares of Tamboran Resources in the 3rd quarter valued at approximately $27,000. Finally, Ingalls & Snyder LLC boosted its position in shares of Tamboran Resources by 124.1% in the third quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock worth $7,079,000 after buying an additional 143,194 shares during the period.

About Tamboran Resources

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.