Tamboran Resources Corporation (NYSE:TBN) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Tamboran Resources Corporation (NYSE:TBN) have received a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $58.50.

A number of research firms have weighed in on TBN. Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research note on Wednesday, April 8th. Piper Sandler restated an “overweight” rating and issued a $74.00 target price (up from $41.00) on shares of Tamboran Resources in a research note on Tuesday, March 31st. Royal Bank Of Canada upgraded shares of Tamboran Resources from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $38.00 to $55.00 in a research note on Wednesday, April 29th. Wells Fargo & Company boosted their target price on shares of Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, March 30th. Finally, Roth Mkm initiated coverage on shares of Tamboran Resources in a research note on Thursday, May 21st. They issued a “buy” rating and a $47.00 target price on the stock.

Tamboran Resources Trading Up 18.7%

Shares of TBN stock opened at $39.96 on Friday. Tamboran Resources has a 1 year low of $17.29 and a 1 year high of $52.21. The firm’s fifty day simple moving average is $36.14 and its 200 day simple moving average is $31.25. The firm has a market capitalization of $1.13 billion, a P/E ratio of -21.37 and a beta of -2.20. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.10.

Tamboran Resources (NYSE:TBN) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). As a group, sell-side analysts predict that Tamboran Resources will post -1.42 EPS for the current year.

Insider Buying and Selling at Tamboran Resources

In other news, Director Phillip Z. Pace bought 10,000 shares of Tamboran Resources stock in a transaction dated Monday, April 13th. The shares were bought at an average price of $36.99 per share, for a total transaction of $369,900.00. Following the purchase, the director owned 35,809 shares of the company’s stock, valued at approximately $1,324,574.91. This trade represents a 38.75% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Scott D. Sheffield bought 6,990 shares of Tamboran Resources stock in a transaction dated Wednesday, April 8th. The stock was purchased at an average price of $36.02 per share, for a total transaction of $251,779.80. Following the purchase, the director directly owned 292,430 shares in the company, valued at $10,533,328.60. This represents a 2.45% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 4.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tamboran Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE lifted its position in Tamboran Resources by 66.7% during the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock worth $31,000 after buying an additional 600 shares in the last quarter. State of Wyoming acquired a new position in Tamboran Resources during the 2nd quarter worth about $99,000. Janney Montgomery Scott LLC acquired a new position in Tamboran Resources during the 1st quarter worth about $240,000. Walleye Capital LLC acquired a new position in Tamboran Resources during the 4th quarter worth about $204,000. Finally, XY Capital Ltd acquired a new position in Tamboran Resources during the 4th quarter worth about $253,000.

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.