Tamboran Resources (NYSE:TBN) Sees Large Volume Increase – Time to Buy?

Tamboran Resources Corporation (NYSE:TBN) saw unusually-high trading volume on Wednesday . Approximately 153,194 shares traded hands during mid-day trading, an increase of 6% from the previous session’s volume of 145,184 shares.The stock last traded at $33.01 and had previously closed at $32.62.

Analysts Set New Price Targets

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

Tamboran Resources Trading Up 9.4%

The stock has a market capitalization of $1.01 billion, a PE ratio of -19.09 and a beta of -2.20. The firm has a 50-day moving average price of $36.74 and a 200-day moving average price of $30.61. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.10.

Tamboran Resources (NYSE:TBN) last announced its quarterly earnings data 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). As a group, equities analysts forecast that Tamboran Resources Corporation will post -1.42 EPS for the current fiscal year.

Insider Buying and Selling at Tamboran Resources

In other news, Director Scott D. Sheffield acquired 6,990 shares of Tamboran Resources stock in a transaction on Wednesday, April 8th. The stock was acquired at an average cost of $36.02 per share, with a total value of $251,779.80. Following the completion of the acquisition, the director owned 292,430 shares in the company, valued at approximately $10,533,328.60. This trade represents a 2.45% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Phillip Z. Pace acquired 10,000 shares of Tamboran Resources stock in a transaction on Monday, April 13th. The shares were purchased at an average cost of $36.99 per share, with a total value 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. This trade represents a 38.75% increase in their position. The SEC filing for this purchase provides additional information. 4.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tamboran Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. HITE Hedge Asset Management LLC grew its holdings in Tamboran Resources by 44.0% during the third quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock valued at $47,575,000 after purchasing an additional 530,850 shares during the period. Ingalls & Snyder LLC grew its stake in Tamboran Resources by 124.1% in the 3rd quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock valued at $7,079,000 after buying an additional 143,194 shares in the last quarter. Cooper Investors PTY Ltd. purchased a new position in Tamboran Resources in the 4th quarter valued at approximately $690,000. Arbiter Partners Capital Management LLC purchased a new position in Tamboran Resources in the 3rd quarter valued at approximately $1,356,000. Finally, UBS Group AG grew its stake in 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 buying an additional 154,660 shares in the last quarter.

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.