Tamboran Resources (NYSE:TBN) Shares Down 3.9% – Time to Sell?

Tamboran Resources Corporation (NYSE:TBN) dropped 3.9% on Monday . The company traded as low as $36.83 and last traded at $36.7550. Approximately 27,052 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 156,467 shares. The stock had previously closed at $38.25.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TBN shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research report on Monday, July 6th. Zacks Research upgraded shares of Tamboran Resources from a “strong sell” rating to a “hold” rating in a research report on Monday. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.50.

Tamboran Resources Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00. The company has a 50 day simple moving average of $36.09 and a 200-day simple moving average of $35.33. The stock has a market cap of $1.00 billion, a P/E ratio of -18.98 and a beta of -2.03.

Institutional Trading of Tamboran Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Engineers Gate Manager LP purchased a new position in shares of Tamboran Resources during the second quarter worth approximately $242,000. HighTower Advisors LLC boosted its stake in shares of Tamboran Resources by 860.9% in the 2nd quarter. HighTower Advisors LLC now owns 456,751 shares of the company’s stock valued at $14,849,000 after purchasing an additional 409,218 shares in the last quarter. Readystate Asset Management LP boosted its stake in shares of Tamboran Resources by 231.9% in the 2nd quarter. Readystate Asset Management LP now owns 44,147 shares of the company’s stock valued at $1,435,000 after purchasing an additional 30,846 shares in the last quarter. Susquehanna International Group LLP bought a new position in shares of Tamboran Resources during the 2nd quarter valued at $803,000. Finally, Alyeska Investment Group L.P. bought a new position in shares of Tamboran Resources during the 2nd quarter valued at $8,818,000.

About Tamboran Resources

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.