Tamboran Resources (NYSE:TBN) Shares Gap Down – Time to Sell?

Tamboran Resources Corporation (NYSE:TBN) gapped down prior to trading on Monday. The stock had previously closed at $31.87, but opened at $30.78. Tamboran Resources shares last traded at $30.72, with a volume of 11,340 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wall Street Zen raised shares of Tamboran Resources from a “strong sell” rating to a “sell” rating in a research report on Saturday. Zacks Research upgraded shares of Tamboran Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, September 21st. Scotiabank started coverage on shares of Tamboran Resources in a research report on Wednesday. They issued an “outperform” rating and a $70.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a report on Friday, October 2nd. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Tamboran Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.80.

Tamboran Resources Price Performance

The firm has a market capitalization of $1.04 billion, a P/E ratio of -15.98 and a beta of -1.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.61 and a quick ratio of 2.61. The company’s 50 day moving average price is $36.56 and its 200 day moving average price is $35.53.

Institutional Investors Weigh In On Tamboran Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP bought a new stake in Tamboran Resources in the second quarter valued at approximately $39,000. GK Wealth Management LLC acquired a new position in Tamboran Resources during the 3rd quarter worth approximately $41,000. Deutsche Bank AG acquired a new position in Tamboran Resources during the 2nd quarter worth approximately $42,000. Avalon Trust Co bought a new position in shares of Tamboran Resources during the 2nd quarter worth approximately $44,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of Tamboran Resources during the 1st quarter worth approximately $240,000.

Tamboran Resources Company Profile

Tamboran Resources is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is developing large-scale onshore natural gas resources, with an emphasis on producing lower-carbon-intensity gas for Australian energy markets.

Tamboran’s activities include exploration, appraisal drilling, resource development and the planning of production infrastructure. Its principal project area includes the Shenandoah South development in the Beetaloo Basin, where the company is working to establish a long-term supply of natural gas for domestic use and potential liquefied natural gas export markets.

Tamboran Resources is headquartered in Australia and has been led by Chief Executive Officer Joel Riddle.