Tamboran Resources (NYSE:TBN) Trading 5.6% Higher – What’s Next?

Tamboran Resources Corporation (NYSE:TBN) traded up 5.6% on Tuesday . The company traded as high as $39.68 and last traded at $39.66. Approximately 77,408 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 157,043 shares. The stock had previously closed at $37.57.

Analyst Upgrades and Downgrades

TBN has been the subject of several research analyst reports. Roth Capital started coverage on Tamboran Resources in a research note on Thursday, May 21st. They set a “buy” rating and a $47.00 price objective for the company. Zacks Research lowered shares of Tamboran Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research report on Monday, July 6th. Four research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $58.50.

Tamboran Resources Price 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 firm has a market cap of $1.08 billion, a P/E ratio of -20.47 and a beta of -2.03. The stock’s 50-day simple moving average is $35.66 and its two-hundred day simple moving average is $35.16.

Institutional Investors Weigh In On Tamboran Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Quantbot Technologies LP purchased a new position in Tamboran Resources in the 2nd quarter worth about $39,000. Deutsche Bank AG purchased a new position in shares of Tamboran Resources during the second quarter worth approximately $42,000. Avalon Trust Co bought a new stake in shares of Tamboran Resources during the second quarter valued at approximately $44,000. Janney Montgomery Scott LLC bought a new position in Tamboran Resources in the first quarter worth approximately $240,000. Finally, Engineers Gate Manager LP purchased a new position in Tamboran Resources during the 2nd quarter worth $242,000.

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.