Tamboran Resources (NYSE:TBN) Sees Strong Trading Volume – Here’s Why

Tamboran Resources Corporation (NYSE:TBN) shares saw strong trading volume on Tuesday . Approximately 268,569 shares changed hands during mid-day trading, an increase of 66% from the previous session’s volume of 161,418 shares.The stock last traded at $35.0150 and had previously closed at $35.27.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $74.00 target price (up from $41.00) on shares of Tamboran Resources in a research note on Tuesday, March 31st. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research note on Wednesday, April 8th. Wells Fargo & Company boosted their price target on shares of Tamboran Resources from $35.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, March 30th. Royal Bank Of Canada upgraded shares of 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. Finally, Roth Mkm assumed coverage on Tamboran Resources in a report on Thursday, May 21st. They set a “buy” rating and a $47.00 target price on the stock. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.50.

Tamboran Resources Stock Performance

The stock’s 50-day simple moving average is $35.48 and its 200 day simple moving average is $31.82. The company has a market capitalization of $976.53 million, a PE ratio of -18.49 and a beta of -2.20. 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 posted its 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). As a group, research analysts expect that Tamboran Resources Corporation will post -1.42 earnings per share for the current fiscal year.

Insider Transactions at Tamboran Resources

In other Tamboran Resources news, Director Scott D. Sheffield acquired 6,990 shares of the stock in a transaction on Wednesday, April 8th. The shares were bought at an average price of $36.02 per share, with a total value of $251,779.80. Following the acquisition, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Phillip Z. Pace bought 10,000 shares of the business’s stock in a transaction dated Monday, April 13th. The shares were acquired at an average cost of $36.99 per share, with a total value of $369,900.00. Following the completion of the purchase, the director owned 35,809 shares in the company, valued at approximately $1,324,574.91. This represents a 38.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tamboran Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE grew its holdings in Tamboran Resources by 66.7% in the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock valued at $31,000 after purchasing an additional 600 shares during the period. Whitebox Advisors LLC acquired a new stake in Tamboran Resources during the 2nd quarter valued at $1,194,000. State of Wyoming purchased a new position in Tamboran Resources in the 2nd quarter valued at about $99,000. Arbiter Partners Capital Management LLC purchased a new position in Tamboran Resources in the 3rd quarter valued at about $1,356,000. Finally, UBS Group AG grew its stake in shares of Tamboran Resources by 170.9% during the third quarter. UBS Group AG now owns 278,938 shares of the company’s stock valued at $7,637,000 after acquiring an additional 175,973 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.