Tamboran Resources (NYSE:TBN) Sets New 12-Month High – Here’s What Happened

Shares of Tamboran Resources Corporation (NYSE:TBN) reached a new 52-week high during trading on Tuesday . The company traded as high as $32.57 and last traded at $31.8810, with a volume of 14453 shares. The stock had previously closed at $31.07.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wells Fargo & Company started coverage on shares of Tamboran Resources in a report on Tuesday, December 2nd. They issued an “overweight” rating and a $35.00 price target on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.33.

Tamboran Resources Price Performance

The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average price is $27.37 and its two-hundred day moving average price is $25.01. The stock has a market cap of $714.36 million, a PE ratio of -16.52 and a beta of 0.18.

Tamboran Resources (NYSE:TBN) last announced its earnings results on Wednesday, February 11th. The company reported ($0.33) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.33). The company had revenue of $0.05 million for the quarter. On average, equities analysts expect that Tamboran Resources Corporation will post -1.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tamboran Resources

A number of large investors have recently added to or reduced their stakes in TBN. Bank of America Corp DE lifted its position in shares of Tamboran Resources by 66.7% during the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock valued at $31,000 after buying an additional 600 shares during the last quarter. Financial Management Professionals Inc. bought a new position in shares of Tamboran Resources during the 3rd quarter worth approximately $27,000. State of Wyoming purchased a new stake in Tamboran Resources during the second quarter valued at approximately $99,000. Walleye Capital LLC acquired a new stake in Tamboran Resources in the fourth quarter valued at approximately $204,000. Finally, Arbiter Partners Capital Management LLC boosted its stake in Tamboran Resources by 15.5% in the fourth quarter. Arbiter Partners Capital Management LLC now owns 57,212 shares of the company’s stock valued at $1,558,000 after acquiring an additional 7,670 shares in 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.