Tamboran Resources (NYSE:TBN) Stock Price Down 7.3% – Should You Sell?

Tamboran Resources Corporation (NYSE:TBN) dropped 7.3% on Thursday. The stock traded as low as $33.01 and last traded at $32.7350. 180,430 shares traded hands during mid-day trading, an increase of 17% from the average daily volume of 154,643 shares. The stock had previously closed at $35.31.

Wall Street Analyst Weigh In

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

Tamboran Resources Stock Down 10.4%

The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -16.81 and a beta of -1.91. The business has a fifty day simple moving average of $36.63 and a two-hundred day simple moving average of $35.70.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Alberta Investment Management Corp bought a new stake in Tamboran Resources during the 2nd quarter worth about $27,916,000. HighTower Advisors LLC grew its stake in shares of Tamboran Resources by 860.9% during 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 last quarter. Alyeska Investment Group L.P. acquired a new position in Tamboran Resources during the 2nd quarter worth $8,818,000. The Manufacturers Life Insurance Company bought a new position in Tamboran Resources in the 2nd quarter valued at $8,040,000. Finally, SCS Capital Management LLC acquired a new stake in shares of Tamboran Resources in the 2nd quarter valued at $5,180,000.

About Tamboran Resources

Tamboran Resources is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is developing large-scale onshore natural gas resources, with an emphasis on producing lower-carbon-intensity gas for Australian energy markets.

Tamboran’s activities include exploration, appraisal drilling, resource development and the planning of production infrastructure. Its principal project area includes the Shenandoah South development in the Beetaloo Basin, where the company is working to establish a long-term supply of natural gas for domestic use and potential liquefied natural gas export markets.

Tamboran Resources is headquartered in Australia and has been led by Chief Executive Officer Joel Riddle.