Tamboran Resources (NYSE:TBN) Shares Gap Down – What’s Next?

Tamboran Resources Corporation (NYSE:TBN)’s stock price gapped down prior to trading on Monday. The stock had previously closed at $31.87, but opened at $30.78. Tamboran Resources shares last traded at $30.72, with a volume of 11,340 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Zacks Research raised shares of Tamboran Resources from a “strong sell” rating to a “hold” rating in a report on Monday, September 21st. Scotiabank assumed coverage on shares of Tamboran Resources in a report on Wednesday, October 14th. They issued an “outperform” rating and a $70.00 target price for the company. Wall Street Zen raised shares of Tamboran Resources from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, October 2nd. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Tamboran Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.80.

Tamboran Resources Price Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 2.61 and a quick ratio of 2.61. The business has a 50-day moving average price of $36.32 and a two-hundred day moving average price of $35.28.

Institutional Investors Weigh In On Tamboran Resources

A number of large investors have recently added to or reduced their stakes in the business. Alberta Investment Management Corp acquired a new stake in shares of Tamboran Resources in the second quarter valued at approximately $27,916,000. Ranger Investment Management L.P. purchased a new position in shares of Tamboran Resources during the 2nd quarter worth approximately $2,609,000. Bank of America Corp DE acquired a new position in shares of Tamboran Resources during the 2nd quarter worth approximately $2,938,000. The Manufacturers Life Insurance Company acquired a new position in shares of Tamboran Resources during the 2nd quarter worth approximately $8,040,000. Finally, Cooper Investors PTY Ltd. raised its position in shares of Tamboran Resources by 514.0% during the 2nd quarter. Cooper Investors PTY Ltd. now owns 155,479 shares of the company’s stock worth $5,055,000 after purchasing an additional 130,157 shares during the last quarter.

About Tamboran Resources

Tamboran Resources is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is developing large-scale onshore natural gas resources, with an emphasis on producing lower-carbon-intensity gas for Australian energy markets.

Tamboran’s activities include exploration, appraisal drilling, resource development and the planning of production infrastructure. Its principal project area includes the Shenandoah South development in the Beetaloo Basin, where the company is working to establish a long-term supply of natural gas for domestic use and potential liquefied natural gas export markets.

Tamboran Resources is headquartered in Australia and has been led by Chief Executive Officer Joel Riddle.