Tamboran Resources Corporation (NYSE:TBN) Given Average Recommendation of “Moderate Buy” by Brokerages

Tamboran Resources Corporation (NYSE:TBN) has received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $54.00.

Several equities analysts recently issued reports on the company. Roth Mkm assumed coverage on Tamboran Resources in a report on Thursday, May 21st. They issued a “buy” rating and a $47.00 price target on the stock. Royal Bank Of Canada upgraded Tamboran Resources from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $38.00 to $55.00 in a report on Wednesday, April 29th. Wells Fargo & Company raised their price target on Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, March 30th. Piper Sandler reiterated an “overweight” rating and issued a $74.00 price target (up from $41.00) on shares of Tamboran Resources in a report on Tuesday, March 31st. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a report on Wednesday, April 8th.

Insider Transactions at Tamboran Resources

In related news, Director Scott D. Sheffield bought 6,990 shares of Tamboran Resources stock in a transaction on Wednesday, April 8th. The shares were purchased at an average price of $36.02 per share, for a total transaction 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 represents a 2.45% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Phillip Z. Pace bought 10,000 shares of Tamboran Resources stock in a transaction on Monday, April 13th. The shares were bought at an average price of $36.99 per share, for a total transaction of $369,900.00. Following the acquisition, the director owned 35,809 shares of the company’s stock, valued at approximately $1,324,574.91. The trade was a 38.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 4.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tamboran Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its holdings in 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 last quarter. State of Wyoming bought a new position in Tamboran Resources during the second quarter worth about $99,000. Janney Montgomery Scott LLC bought a new position in Tamboran Resources during the first quarter worth about $240,000. Walleye Capital LLC bought a new position in Tamboran Resources during the fourth quarter worth about $204,000. Finally, XY Capital Ltd bought a new position in Tamboran Resources during the fourth quarter worth about $253,000.

Tamboran Resources Price Performance

Tamboran Resources stock opened at $34.07 on Wednesday. The business’s 50-day simple moving average is $36.54 and its 200 day simple moving average is $30.34. The stock has a market cap of $964.86 million, a price-to-earnings ratio of -18.22 and a beta of -2.17. Tamboran Resources has a 12-month low of $17.29 and a 12-month high of $52.21. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.10.

Tamboran Resources (NYSE:TBN) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.06). As a group, research analysts anticipate that Tamboran Resources will post -1.42 earnings per share for the current year.

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.