Tamboran Resources (NYSE:TBN) Sees Large Volume Increase – What’s Next?

Shares of Tamboran Resources Corporation (NYSE:TBN) saw strong trading volume on Wednesday . 153,194 shares traded hands during trading, an increase of 6% from the previous session’s volume of 145,184 shares.The stock last traded at $33.01 and had previously closed at $32.62.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research report on Wednesday, April 8th. Roth Mkm assumed coverage on shares of Tamboran Resources in a research report on Thursday, May 21st. They set a “buy” rating and a $47.00 price target on the stock. Wells Fargo & Company upped their price target 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. Piper Sandler reaffirmed an “overweight” rating and set a $74.00 price target (up from $41.00) on shares of Tamboran Resources in a research report on Tuesday, March 31st. Finally, Royal Bank Of Canada raised shares of Tamboran Resources from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $38.00 to $55.00 in a research note on Wednesday, April 29th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Tamboran Resources presently has an average rating of “Moderate Buy” and an average price target of $58.50.

Tamboran Resources Trading Up 9.4%

The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -19.09 and a beta of -2.20. The business has a 50 day moving average of $36.74 and a two-hundred day moving average of $30.61. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.00 and a current ratio of 2.00.

Tamboran Resources (NYSE:TBN) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). Equities analysts predict that Tamboran Resources Corporation will post -1.42 EPS for the current year.

Insiders Place Their Bets

In other Tamboran Resources news, Director Scott D. Sheffield purchased 6,990 shares of the firm’s stock in a transaction on Wednesday, April 8th. The stock was acquired at an average price of $36.02 per share, for a total transaction of $251,779.80. Following the purchase, the director owned 292,430 shares of the company’s stock, valued at $10,533,328.60. This trade represents a 2.45% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Phillip Z. Pace purchased 10,000 shares of the firm’s stock in a transaction on 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 purchase, the director directly owned 35,809 shares in the company, valued at $1,324,574.91. This represents a 38.75% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Tamboran Resources

A number of institutional investors and hedge funds have recently bought and sold shares of TBN. HITE Hedge Asset Management LLC raised its position in 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 during the last quarter. UBS Group AG raised its position in Tamboran Resources by 170.9% in the 3rd quarter. UBS Group AG now owns 278,938 shares of the company’s stock valued at $7,637,000 after buying an additional 175,973 shares during the last quarter. Encompass Capital Advisors LLC raised its position in Tamboran Resources by 26.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company’s stock valued at $19,434,000 after buying an additional 150,000 shares during the last quarter. Zimmer Partners LP purchased a new stake in Tamboran Resources in the 4th quarter valued at $3,914,000. Finally, Ingalls & Snyder LLC grew its position in Tamboran Resources by 124.1% in the 3rd quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock worth $7,079,000 after purchasing an additional 143,194 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.