Tamboran Resources (NYSE:TBN) Trading 8.7% Higher – Should You Buy?

Tamboran Resources Corporation (NYSE:TBN)’s share price rose 8.7% during trading on Friday . The company traded as high as $35.25 and last traded at $36.5950. Approximately 94,522 shares traded hands during trading, a decline of 37% from the average daily volume of 149,811 shares. The stock had previously closed at $33.66.

Wall Street Analysts Forecast Growth

TBN has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a report on Wednesday, April 8th. 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 report on Monday, March 30th. Piper Sandler reaffirmed an “overweight” rating and set a $74.00 target price (up from $41.00) on shares of Tamboran Resources in a report on Tuesday, March 31st. Royal Bank Of Canada raised Tamboran Resources from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $38.00 to $55.00 in a report on Wednesday, April 29th. Finally, Roth Mkm initiated coverage on Tamboran Resources in a report on Thursday, May 21st. They set a “buy” rating and a $47.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Tamboran Resources has an average rating of “Moderate Buy” and a consensus target price of $58.50.

Tamboran Resources Price Performance

The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of -20.46 and a beta of -2.20. The stock has a fifty day simple moving average of $36.24 and a 200-day simple moving average of $31.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00.

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

Insider Buying and Selling

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

Institutional Trading of Tamboran Resources

Large investors have recently made changes to their positions in the company. HITE Hedge Asset Management LLC boosted its stake in Tamboran Resources by 44.0% during the third quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock worth $47,575,000 after buying an additional 530,850 shares during the last quarter. Ingalls & Snyder LLC boosted its stake in Tamboran Resources by 124.1% during the third quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock worth $7,079,000 after buying an additional 143,194 shares during the last quarter. Cooper Investors PTY Ltd. acquired a new position in Tamboran Resources during the fourth quarter worth $690,000. Arbiter Partners Capital Management LLC acquired a new position in Tamboran Resources during the third quarter worth $1,356,000. 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 worth $11,807,000 after buying an additional 154,660 shares during 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.