Roth Mkm Upgrades Tamboran Resources (NYSE:TBN) to Strong-Buy

Tamboran Resources (NYSE:TBN) was upgraded by analysts at Roth Mkm to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. Royal Bank Of Canada upgraded Tamboran Resources from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $38.00 to $55.00 in a report on Wednesday, April 29th. Wells Fargo & Company lifted their target price on Tamboran Resources from $35.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, March 30th. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research note on Wednesday, April 8th. Finally, Piper Sandler restated an “overweight” rating and issued a $74.00 price target (up from $41.00) on shares of Tamboran Resources in a report on Tuesday, March 31st. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $54.00.

Tamboran Resources Stock Performance

Tamboran Resources stock opened at $35.10 on Thursday. 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 capitalization of $993.98 million, a P/E ratio of -18.77 and a beta of -2.17. Tamboran Resources has a 1-year low of $17.29 and a 1-year high of $52.21. The company’s 50-day moving average is $36.24 and its 200 day moving average is $30.11.

Tamboran Resources (NYSE:TBN) last released 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). The firm had revenue of $0.99 million during the quarter, compared to analysts’ expectations of $2.40 million. Research analysts forecast that Tamboran Resources will post -1.45 EPS for the current year.

Insider Activity at Tamboran Resources

In other news, Director Phillip Z. Pace acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 13th. The shares were bought at an average price of $36.99 per share, with a total value of $369,900.00. Following the completion of the purchase, the director directly owned 35,809 shares in the company, valued at $1,324,574.91. This trade represents a 38.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott D. Sheffield acquired 6,990 shares of Tamboran Resources stock in a transaction on Wednesday, April 8th. The shares were purchased at an average price of $36.02 per share, for a total transaction of $251,779.80. Following the completion of the acquisition, the director directly owned 292,430 shares in the company, valued at $10,533,328.60. This trade represents a 2.45% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 4.50% of the stock is owned by corporate insiders.

Institutional Trading of Tamboran Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE lifted its stake 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 worth $31,000 after acquiring an additional 600 shares during the period. State of Wyoming bought a new stake in shares of Tamboran Resources in the 2nd quarter valued at about $99,000. Walleye Capital LLC bought a new stake in shares of Tamboran Resources in the 4th quarter valued at about $204,000. Janney Montgomery Scott LLC purchased a new stake in shares of Tamboran Resources in the 1st quarter worth approximately $240,000. Finally, XY Capital Ltd purchased a new stake in shares of Tamboran Resources in the 4th quarter worth approximately $253,000.

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.