Tamboran Resources (NYSE:TBN) Shares Gap Down – Here’s What Happened

Tamboran Resources Corporation (NYSE:TBN) shares gapped down prior to trading on Wednesday . The stock had previously closed at $35.27, but opened at $32.64. Tamboran Resources shares last traded at $32.8210, with a volume of 6,812 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on TBN shares. Wells Fargo & Company increased their target price on shares of Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, March 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research report on Wednesday, April 8th. Royal Bank Of Canada upgraded Tamboran Resources from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $38.00 to $55.00 in a report on Wednesday, April 29th. Piper Sandler reiterated an “overweight” rating and set a $74.00 price objective (up from $41.00) on shares of Tamboran Resources in a report on Tuesday, March 31st. Finally, Roth Mkm started coverage on Tamboran Resources in a research report on Thursday, May 21st. They issued a “buy” rating and a $47.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $58.50.

Tamboran Resources Trading Down 0.1%

The firm has a market cap of $942.40 million, a price-to-earnings ratio of -17.80 and a beta of -2.20. The company has a fifty day moving average price of $35.43 and a 200-day moving average price of $31.88. 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 earnings results on Wednesday, May 13th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.06). As a group, research analysts expect that Tamboran Resources Corporation will post -1.42 EPS for the current year.

Insider Activity

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

Institutional Trading of Tamboran Resources

A number of institutional investors and hedge funds have recently bought and sold shares of TBN. Bank of America Corp DE grew its stake 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 purchasing an additional 600 shares in the last quarter. State of Wyoming purchased a new stake in shares of Tamboran Resources during the second quarter worth approximately $99,000. Walleye Capital LLC acquired a new stake in Tamboran Resources in the fourth quarter valued at approximately $204,000. Janney Montgomery Scott LLC purchased a new position in Tamboran Resources in the first quarter worth approximately $240,000. Finally, XY Capital Ltd acquired a new position in Tamboran Resources during the 4th quarter worth approximately $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.