Tamboran Resources (NYSE:TBN) Price Target Raised to $58.00

Tamboran Resources (NYSE:TBN) had its price target lifted by Wells Fargo & Company from $35.00 to $58.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.50.

Tamboran Resources Price Performance

Shares of TBN opened at $45.05 on Monday. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of -23.58 and a beta of -1.62. The firm’s fifty day simple moving average is $31.22 and its 200-day simple moving average is $27.32. Tamboran Resources has a twelve month low of $17.29 and a twelve month high of $52.21. 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 issued its earnings results on Thursday, February 12th. The company reported ($0.33) EPS for the quarter, hitting analysts’ consensus estimates of ($0.33). Equities analysts forecast that Tamboran Resources will post -1.86 EPS for the current fiscal year.

Institutional Trading of Tamboran Resources

Institutional investors have recently modified their holdings of the stock. HITE Hedge Asset Management LLC boosted its holdings in shares of Tamboran Resources by 44.0% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock valued at $47,575,000 after buying an additional 530,850 shares in the last quarter. Arbiter Partners Capital Management LLC acquired a new stake in Tamboran Resources during the 3rd quarter worth $1,356,000. Ingalls & Snyder LLC raised its stake in Tamboran Resources by 124.1% during the 3rd quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock worth $7,079,000 after acquiring an additional 143,194 shares in the last quarter. Cooper Investors PTY Ltd. purchased a new stake in Tamboran Resources in the fourth quarter valued at $690,000. Finally, Encompass Capital Advisors LLC lifted its position in Tamboran Resources by 26.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company’s stock valued at $19,434,000 after acquiring an additional 150,000 shares during 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.