Tamboran Resources Corporation (NYSE:TBN – Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 268,569 shares changed hands during trading, an increase of 66% from the previous session’s volume of 161,418 shares.The stock last traded at $35.0150 and had previously closed at $35.27.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on TBN. Royal Bank Of Canada raised shares of Tamboran Resources from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $38.00 to $55.00 in a report on Wednesday, April 29th. Wells Fargo & Company increased their target price on Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, March 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research note on Wednesday, April 8th. Piper Sandler reaffirmed an “overweight” rating and issued a $74.00 price target (up from $41.00) on shares of Tamboran Resources in a research note on Tuesday, March 31st. Finally, 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. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.50.
Check Out Our Latest Stock Analysis on TBN
Tamboran Resources Trading Down 2.3%
Tamboran Resources (NYSE:TBN – Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.06). Analysts expect that Tamboran Resources Corporation will post -1.42 EPS for the current fiscal year.
Insider Transactions at Tamboran Resources
In related news, Director Phillip Z. Pace purchased 10,000 shares of Tamboran Resources stock in a transaction dated Monday, April 13th. The shares were acquired at an average cost of $36.99 per share, with a total value of $369,900.00. Following the purchase, the director owned 35,809 shares of the company’s stock, valued at approximately $1,324,574.91. The trade was a 38.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Scott D. Sheffield acquired 6,990 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The stock was bought 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 owned 292,430 shares in the company, valued at approximately $10,533,328.60. The trade was a 2.45% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 4.50% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in TBN. Walleye Capital LLC boosted its position in shares of Tamboran Resources by 6.4% during the first quarter. Walleye Capital LLC now owns 7,983 shares of the company’s stock worth $399,000 after buying an additional 482 shares during the period. Bank of America Corp DE raised its holdings in shares of Tamboran Resources by 66.7% in the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock valued at $31,000 after buying an additional 600 shares during the period. State of Wyoming acquired a new position in Tamboran Resources during the 2nd quarter worth about $99,000. Janney Montgomery Scott LLC acquired a new position in Tamboran Resources during the 1st quarter worth about $240,000. Finally, Arbiter Partners Capital Management LLC boosted its holdings in Tamboran Resources by 15.5% during the 4th quarter. Arbiter Partners Capital Management LLC now owns 57,212 shares of the company’s stock valued at $1,558,000 after acquiring an additional 7,670 shares during the period.
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.
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