Tamboran Resources (NYSE:TBN) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Tamboran Resources (NYSE:TBN) in a research report sent to investors on Tuesday,Benzinga reports. Royal Bank of Canada currently has a $31.00 price objective on the stock.

Other analysts also recently issued research reports about the company. Citigroup began coverage on Tamboran Resources in a research report on Monday, July 22nd. They set a “buy” rating and a $32.00 price target for the company. Piper Sandler began coverage on Tamboran Resources in a research report on Monday, July 22nd. They set an “overweight” rating and a $41.00 price target for the company. Finally, Johnson Rice began coverage on Tamboran Resources in a research report on Tuesday, July 23rd. They set a “buy” rating and a $47.00 price target for the company.

Tamboran Resources Trading Down 0.6 %

Shares of TBN opened at $18.66 on Tuesday. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.03. The firm’s 50-day simple moving average is $19.27. Tamboran Resources has a 12-month low of $17.48 and a 12-month high of $25.99.

Insider Activity at Tamboran Resources

In other news, major shareholder Bryan Sheffield acquired 12,424 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were bought at an average cost of $20.12 per share, with a total value of $249,970.88. Following the acquisition, the insider now owns 2,247,404 shares in the company, valued at approximately $45,217,768.48. This represents a 0.56 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tamboran Resources

A number of large investors have recently modified their holdings of the company. Yaupon Capital Management LP raised its holdings in shares of Tamboran Resources by 7.2% during the 3rd quarter. Yaupon Capital Management LP now owns 139,355 shares of the company’s stock valued at $2,832,000 after buying an additional 9,355 shares in the last quarter. Ingalls & Snyder LLC purchased a new position in Tamboran Resources in the 3rd quarter worth approximately $1,287,000. HITE Hedge Asset Management LLC increased its stake in Tamboran Resources by 63.1% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 489,417 shares of the company’s stock worth $9,945,000 after purchasing an additional 189,417 shares during the period. Atom Investors LP purchased a new position in Tamboran Resources in the 3rd quarter worth approximately $351,000. Finally, Baupost Group LLC MA purchased a new position in Tamboran Resources in the 3rd quarter worth approximately $11,599,000.

About Tamboran Resources

Tamboran Resources Corporation, a natural gas company, focuses on developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin.