Tamboran Resources (NYSE:TBN) Sees Strong Trading Volume – Still a Buy?

Tamboran Resources Corporation (NYSE:TBN) shares saw unusually-strong trading volume on Tuesday . 268,569 shares changed hands during mid-day trading, an increase of 66% from the previous session’s volume of 161,418 shares.The stock last traded at $35.0150 and had previously closed at $35.27.

Analyst Ratings Changes

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

Tamboran Resources Price Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00. The stock has a market capitalization of $976.53 million, a price-to-earnings ratio of -18.49 and a beta of -2.20. The stock’s 50 day simple moving average is $35.48 and its 200-day simple moving average is $31.82.

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

Insider Activity

In other Tamboran Resources news, Director Scott D. Sheffield purchased 6,990 shares of the company’s stock in a transaction on Wednesday, April 8th. The shares were bought at an average cost of $36.02 per share, with a total value of $251,779.80. Following the transaction, the director directly owned 292,430 shares in the company, valued at approximately $10,533,328.60. This represents a 2.45% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Phillip Z. Pace acquired 10,000 shares of the business’s stock in a transaction dated Monday, April 13th. The shares were bought at an average cost of $36.99 per share, with a total value of $369,900.00. Following the transaction, the director directly 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. The disclosure for this purchase is available in the SEC filing. 4.50% of the stock is currently owned by insiders.

Institutional Trading of Tamboran Resources

Several institutional investors have recently modified their holdings of the company. Bank of America Corp DE increased its position in Tamboran Resources by 66.7% during the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock worth $31,000 after purchasing an additional 600 shares in the last quarter. State of Wyoming bought a new position in shares of Tamboran Resources during the second quarter valued at $99,000. Janney Montgomery Scott LLC acquired a new position in shares of Tamboran Resources during the first quarter worth $240,000. Walleye Capital LLC bought a new stake in shares of Tamboran Resources in the fourth quarter worth $204,000. Finally, XY Capital Ltd acquired a new stake in Tamboran Resources in the fourth quarter valued at $253,000.

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.