Tamboran Resources (NYSE:TBN) Shares Gap Up – What’s Next?

Tamboran Resources Corporation (NYSE:TBN) shares gapped up before the market opened on Thursday . The stock had previously closed at $32.62, but opened at $34.29. Tamboran Resources shares last traded at $34.86, with a volume of 8,631 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently commented on TBN shares. Roth Mkm started coverage on Tamboran Resources in a research report on Thursday, May 21st. They set a “buy” rating and a $47.00 price target for the company. Piper Sandler reissued an “overweight” rating and issued a $74.00 target price (up from $41.00) on shares of Tamboran Resources in a research report on Tuesday, March 31st. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research report on Wednesday, April 8th. Wells Fargo & Company raised 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. Finally, Royal Bank Of Canada raised Tamboran Resources from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $38.00 to $55.00 in a research report on Wednesday, April 29th. Four equities 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 stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.50.

Tamboran Resources Stock Up 0.9%

The stock has a 50-day simple moving average of $36.83 and a 200-day simple moving average of $30.74. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $989.53 million, a PE ratio of -18.69 and a beta of -2.20.

Tamboran Resources (NYSE:TBN) last posted 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). Analysts forecast that Tamboran Resources Corporation will post -1.42 EPS for the current year.

Insiders Place Their Bets

In related news, Director Scott D. Sheffield purchased 6,990 shares of the business’s stock in a transaction dated Wednesday, April 8th. The stock was purchased at an average cost of $36.02 per share, with a total value of $251,779.80. Following the completion of the acquisition, the director directly owned 292,430 shares of the company’s stock, valued at approximately $10,533,328.60. The trade was a 2.45% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Phillip Z. Pace purchased 10,000 shares of the business’s stock in a transaction dated Monday, April 13th. The stock was bought at an average cost of $36.99 per share, with a total value of $369,900.00. Following the completion of the acquisition, the director directly owned 35,809 shares of the company’s stock, valued at approximately $1,324,574.91. This trade represents a 38.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tamboran Resources

A number of large investors have recently made changes to their positions in the stock. HITE Hedge Asset Management LLC boosted its holdings in shares of Tamboran Resources by 17.2% in the fourth quarter. HITE Hedge Asset Management LLC now owns 2,036,603 shares of the company’s stock worth $55,457,000 after acquiring an additional 299,028 shares during the period. Alberta Investment Management Corp boosted its holdings in shares of Tamboran Resources by 13.2% in the fourth quarter. Alberta Investment Management Corp now owns 858,680 shares of the company’s stock worth $23,382,000 after acquiring an additional 100,000 shares during the period. Encompass Capital Advisors LLC boosted its stake in Tamboran Resources by 26.6% during the fourth 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 period. Yaupon Capital Management LP boosted its stake in Tamboran Resources by 10.7% during the fourth quarter. Yaupon Capital Management LP now owns 515,544 shares of the company’s stock valued at $14,038,000 after buying an additional 50,000 shares during the period. Finally, UBS Group AG boosted its stake in Tamboran Resources by 55.4% during the fourth quarter. UBS Group AG now owns 433,598 shares of the company’s stock valued at $11,807,000 after buying an additional 154,660 shares during the period.

Tamboran Resources Company Profile

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.