Tamboran Resources (NYSE:TBN) Trading 5.5% Higher – Should You Buy?

Tamboran Resources Corporation (NYSE:TBN)’s stock price traded up 5.5% during mid-day trading on Tuesday . The company traded as high as $44.82 and last traded at $45.2840. 137,866 shares traded hands during mid-day trading, an increase of 67% from the average session volume of 82,651 shares. The stock had previously closed at $42.94.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Wells Fargo & Company boosted their price objective on Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, March 30th. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, January 9th. Finally, Piper Sandler reissued an “overweight” rating and issued a $74.00 price objective (up from $41.00) on shares of Tamboran Resources in a research note on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Tamboran Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.50.

Tamboran Resources Stock Up 5.5%

The company has a market cap of $1.03 billion, a P/E ratio of -23.73 and a beta of -1.60. The stock’s 50-day moving average price is $32.16 and its 200-day moving average price is $27.81. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.09.

Tamboran Resources (NYSE:TBN) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.33). As a group, research analysts forecast that Tamboran Resources Corporation will post -1.86 EPS for the current year.

Hedge Funds Weigh In On Tamboran Resources

A number of institutional investors and hedge funds have recently made changes to their positions in TBN. HITE Hedge Asset Management LLC boosted its position in shares of Tamboran Resources by 44.0% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock worth $47,575,000 after purchasing an additional 530,850 shares in the last quarter. UBS Group AG boosted its position in shares of Tamboran Resources by 170.9% during the 3rd quarter. UBS Group AG now owns 278,938 shares of the company’s stock worth $7,637,000 after purchasing an additional 175,973 shares in the last quarter. Encompass Capital Advisors LLC boosted its position in shares of Tamboran Resources by 26.6% during the 4th quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company’s stock worth $19,434,000 after purchasing an additional 150,000 shares in the last quarter. Zimmer Partners LP bought a new position in shares of Tamboran Resources during the 4th quarter worth about $3,914,000. Finally, Ingalls & Snyder LLC lifted its position in 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 in the last quarter.

About Tamboran Resources

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.