Tamboran Resources (NYSE:TBN) Upgraded at Zacks Research

Tamboran Resources (NYSE:TBN) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research note on Monday, July 6th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Tamboran Resources has an average rating of “Moderate Buy” and an average price target of $58.50.

Tamboran Resources Stock Performance

Shares of NYSE TBN opened at $35.48 on Monday. Tamboran Resources has a 12-month low of $19.55 and a 12-month high of $52.21. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.00 billion, a PE ratio of -18.98 and a beta of -2.03. The stock has a 50 day simple moving average of $36.09 and a 200-day simple moving average of $35.33.

Institutional Trading of Tamboran Resources

Hedge funds have recently made changes to their positions in the stock. Alberta Investment Management Corp purchased a new position in shares of Tamboran Resources during the 2nd quarter valued at $27,916,000. HighTower Advisors LLC increased its stake 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 worth $14,849,000 after acquiring an additional 409,218 shares during the last quarter. HITE Hedge Asset Management LLC raised its holdings in shares of Tamboran Resources by 17.2% during the fourth quarter. HITE Hedge Asset Management LLC now owns 2,036,603 shares of the company’s stock worth $55,457,000 after acquiring an additional 299,028 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Tamboran Resources during the second quarter worth $8,818,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Tamboran Resources during the second quarter valued at $8,040,000.

Tamboran Resources Company Profile

Tamboran Resources Corporation (NYSE:TBN) is an Australia-focused natural gas exploration and development company. The company’s primary asset base is located in the Beetaloo Basin in Australia’s Northern Territory, where it is pursuing the development of large-scale shale gas resources.

Tamboran’s activities include acquiring and evaluating exploration acreage, drilling and testing wells, and advancing infrastructure and commercial development plans for natural gas production. Its Beetaloo Basin portfolio includes the Shenandoah South and Amungee projects, which are intended to support future domestic gas supply and potential liquefied natural gas export opportunities.

The company was established to develop unconventional gas resources in Australia and has focused its operations on the Northern Territory rather than maintaining a broad international footprint.