Tamboran Resources (NYSE:TBN) Shares Gap Up – Time to Buy?

Tamboran Resources Corporation (NYSE:TBN)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $37.88, but opened at $40.30. Tamboran Resources shares last traded at $40.2290, with a volume of 20,402 shares traded.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TBN. Roth Capital began coverage on shares of Tamboran Resources in a research note on Thursday, May 21st. They issued a “buy” rating and a $47.00 price objective for the company. Zacks Research downgraded shares of Tamboran Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a report 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 data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $58.50.

Tamboran Resources Stock Performance

The company has a market cap of $1.18 billion, a price-to-earnings ratio of -22.29 and a beta of -2.08. 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 firm has a fifty day simple moving average of $33.91 and a 200 day simple moving average of $34.36.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TBN. Walleye Capital LLC boosted its holdings in Tamboran Resources by 6.4% during the first quarter. Walleye Capital LLC now owns 7,983 shares of the company’s stock valued at $399,000 after acquiring an additional 482 shares during the period. Bank of America Corp DE increased its stake in shares of Tamboran Resources by 66.7% in the fourth 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 during the period. Quantbot Technologies LP acquired a new position in shares of Tamboran Resources during the 2nd quarter worth about $39,000. Deutsche Bank AG bought a new stake in Tamboran Resources during the 2nd quarter valued at approximately $42,000. Finally, Avalon Trust Co acquired a new stake in Tamboran Resources in the 2nd quarter valued at approximately $44,000.

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.