Tamboran Resources Corporation (NYSE:TBN – Get Free Report) shares gapped up before the market opened on Monday. The stock had previously closed at $27.79, but opened at $30.23. Tamboran Resources shares last traded at $30.7660, with a volume of 4,843 shares changing hands.
Analyst Upgrades and Downgrades
Several analysts have commented on TBN shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, October 2nd. Wall Street Zen upgraded Tamboran Resources from a “strong sell” rating to a “sell” rating in a report on Saturday, October 17th. Scotiabank initiated coverage on Tamboran Resources in a research note on Wednesday, October 14th. They issued an “outperform” rating and a $70.00 target price for the company. Finally, Zacks Research upgraded Tamboran Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, September 21st. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.80.
Check Out Our Latest Stock Analysis on TBN
Tamboran Resources Stock Performance
The company has a market cap of $1.07 billion, a price-to-earnings ratio of -16.33 and a beta of -1.91. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.61 and a current ratio of 2.61. The stock’s fifty day simple moving average is $35.89 and its two-hundred day simple moving average is $34.98.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Alberta Investment Management Corp acquired a new position in shares of Tamboran Resources during the second quarter worth $27,916,000. HighTower Advisors LLC increased its stake in Tamboran Resources by 860.9% during the 2nd quarter. HighTower Advisors LLC now owns 456,751 shares of the company’s stock worth $14,849,000 after buying an additional 409,218 shares during the period. Alyeska Investment Group L.P. acquired a new position in Tamboran Resources in the 2nd quarter worth $8,818,000. The Manufacturers Life Insurance Company acquired a new position in Tamboran Resources in the 2nd quarter worth $8,040,000. Finally, SCS Capital Management LLC purchased a new position in Tamboran Resources in the 2nd quarter valued at about $5,180,000.
Tamboran Resources Company Profile
Tamboran Resources Corporation (NYSE:TBN) is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is working to develop large-scale natural gas resources in the basin for potential supply to Australia’s domestic energy market and liquefied natural gas export markets.
Tamboran’s activities include acquiring and managing exploration acreage, drilling and evaluating wells, and advancing gas development projects.
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