Tamboran Resources (NYSE:TBN) Stock Price Up 8.7% – Here’s Why

Tamboran Resources Corporation (NYSE:TBN) was up 8.7% on Friday . The company traded as high as $35.25 and last traded at $36.5950. Approximately 94,522 shares changed hands during trading, a decline of 37% from the average daily volume of 149,811 shares. The stock had previously closed at $33.66.

Analyst Ratings Changes

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

Tamboran Resources Trading Up 13.9%

The company has a 50 day moving average of $36.24 and a 200-day moving average of $31.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.00 and a current ratio of 2.00. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of -20.46 and a beta of -2.20.

Tamboran Resources (NYSE:TBN) last posted its 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). On average, research analysts anticipate that Tamboran Resources Corporation will post -1.42 earnings per share for the current year.

Insider Activity

In other news, Director Phillip Z. Pace bought 10,000 shares of Tamboran Resources stock in a transaction that occurred on Monday, April 13th. The shares were purchased at an average price of $36.99 per share, with a total value of $369,900.00. Following the completion of the acquisition, the director directly owned 35,809 shares in the company, valued at $1,324,574.91. The trade was a 38.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott D. Sheffield acquired 6,990 shares of the company’s stock in a transaction on Wednesday, April 8th. The stock was purchased at an average cost of $36.02 per share, for a total transaction of $251,779.80. Following the completion of the transaction, the director owned 292,430 shares in the company, valued at approximately $10,533,328.60. The trade was a 2.45% increase in their position. The SEC filing for this purchase provides additional information. 4.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tamboran Resources

A number of large investors have recently modified their holdings of TBN. Bank of America Corp DE increased its position in shares of Tamboran Resources by 66.7% in the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock valued at $31,000 after purchasing an additional 600 shares during the last quarter. Whitebox Advisors LLC purchased a new position in shares of Tamboran Resources in the 2nd quarter valued at about $1,194,000. State of Wyoming purchased a new position in shares of Tamboran Resources in the 2nd quarter valued at about $99,000. Ingalls & Snyder LLC increased its holdings in shares of Tamboran Resources by 124.1% in the 3rd quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock valued at $7,079,000 after acquiring an additional 143,194 shares during the last quarter. Finally, Arbiter Partners Capital Management LLC purchased a new position in shares of Tamboran Resources in the 3rd quarter valued at about $1,356,000.

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.