Tamboran Resources (NYSE:TBN) Shares Gap Up – What’s Next?

Tamboran Resources Corporation (NYSE:TBN) gapped up before the market opened on Monday. The stock had previously closed at $27.79, but opened at $30.23. Tamboran Resources shares last traded at $30.7660, with a volume of 4,843 shares.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TBN. Scotiabank initiated coverage on shares of Tamboran Resources in a report on Wednesday, October 14th. They issued an “outperform” rating and a $70.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, October 2nd. Wall Street Zen upgraded shares of Tamboran Resources from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 17th. Finally, Zacks Research raised Tamboran Resources from a “strong sell” rating to a “hold” rating in a report on Monday, September 21st. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.80.

Tamboran Resources Price Performance

The company has a 50-day simple moving average of $35.60 and a 200-day simple moving average of $33.75. The stock has a market cap of $1.09 billion, a PE ratio of -16.68 and a beta of -1.91.

Institutional Trading of Tamboran Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alberta Investment Management Corp purchased a new position in shares of Tamboran Resources during the 2nd quarter worth $27,916,000. HighTower Advisors LLC grew its position in shares of Tamboran Resources by 860.9% in the second quarter. HighTower Advisors LLC now owns 456,751 shares of the company’s stock valued at $14,849,000 after purchasing an additional 409,218 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of Tamboran Resources in the second quarter valued at $8,818,000. The Manufacturers Life Insurance Company acquired a new position in Tamboran Resources in the second quarter valued at $8,040,000. Finally, SCS Capital Management LLC acquired a new position in Tamboran Resources in the second quarter valued at $5,180,000.

About Tamboran Resources

Tamboran Resources Corporation (NYSE:TBN) is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is working to develop large-scale natural gas resources in the basin for potential supply to Australia’s domestic energy market and liquefied natural gas export markets.

Tamboran’s activities include acquiring and managing exploration acreage, drilling and evaluating wells, and advancing gas development projects.