Tamboran Resources (NYSE:TBN) Stock Price Up 7.2% – Here’s Why

Tamboran Resources Corporation (NYSE:TBN) was up 7.2% during mid-day trading on Friday. The stock traded as high as $29.54 and last traded at $29.7850. 44,540 shares traded hands during trading, a decline of 72% from the average daily volume of 158,122 shares. The stock had previously closed at $27.79.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TBN. Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, October 2nd. Scotiabank initiated coverage on Tamboran Resources in a research note on Wednesday, October 14th. They issued an “outperform” rating and a $70.00 price target on the stock. Zacks Research raised Tamboran Resources from a “strong sell” rating to a “hold” rating in a report on Monday, September 21st. Finally, Wall Street Zen raised shares of Tamboran Resources from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 17th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $60.80.

Tamboran Resources Trading Up 9.2%

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 firm has a market capitalization of $1.06 billion, a PE ratio of -16.22 and a beta of -1.91. The firm’s fifty day moving average is $36.02 and its two-hundred day moving average is $35.06.

Institutional Investors Weigh In On Tamboran Resources

A number of hedge funds and other institutional investors have recently modified their holdings of TBN. Alberta Investment Management Corp purchased a new position in shares of Tamboran Resources during the second quarter valued at approximately $27,916,000. HighTower Advisors LLC boosted its holdings in shares of Tamboran Resources by 860.9% during the 2nd quarter. HighTower Advisors LLC now owns 456,751 shares of the company’s stock valued at $14,849,000 after acquiring an additional 409,218 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Tamboran Resources during the 2nd quarter valued at $8,818,000. The Manufacturers Life Insurance Company bought a new position in shares of Tamboran Resources in the 2nd quarter worth approximately $8,040,000. Finally, SCS Capital Management LLC purchased a new stake in Tamboran Resources during the second quarter valued at approximately $5,180,000.

Tamboran Resources Company Profile

Tamboran Resources Corporation (NYSE:TBN) is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is working to develop large-scale natural gas resources in the basin for potential supply to Australia’s domestic energy market and liquefied natural gas export markets.

Tamboran’s activities include acquiring and managing exploration acreage, drilling and evaluating wells, and advancing gas development projects.