Tamboran Resources Corporation (NYSE:TBN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Tamboran Resources Corporation (NYSE:TBN) has been assigned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $35.25.

A number of research analysts have weighed in on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research report on Tuesday, October 14th. Royal Bank Of Canada boosted their price objective on Tamboran Resources from $30.00 to $38.00 and gave the stock a “sector perform” rating in a research report on Friday, October 24th. Finally, Wells Fargo & Company initiated coverage on Tamboran Resources in a research note on Tuesday, December 2nd. They set an “overweight” rating and a $35.00 target price for the company.

Tamboran Resources Stock Up 2.4%

Tamboran Resources stock opened at $27.89 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.02. Tamboran Resources has a 1-year low of $17.29 and a 1-year high of $34.50. The firm’s fifty day simple moving average is $24.85 and its 200-day simple moving average is $23.05. The company has a market capitalization of $571.47 million, a P/E ratio of -10.85 and a beta of 0.18.

Tamboran Resources (NYSE:TBN) last posted its earnings results on Thursday, November 13th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.21). The business had revenue of ($0.66) million during the quarter, compared to the consensus estimate of $0.51 million. Sell-side analysts forecast that Tamboran Resources will post -1.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Tamboran Resources

In related news, Director Phillip Z. Pace acquired 2,000 shares of the stock in a transaction dated Friday, November 21st. The shares were acquired at an average price of $23.50 per share, for a total transaction of $47,000.00. Following the completion of the purchase, the director owned 2,000 shares in the company, valued at approximately $47,000. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.50% of the company’s stock.

Institutional Trading of Tamboran Resources

Hedge funds have recently bought and sold shares of the stock. Alberta Investment Management Corp increased its position in shares of Tamboran Resources by 116.8% during the 2nd quarter. Alberta Investment Management Corp now owns 758,680 shares of the company’s stock worth $16,175,000 after purchasing an additional 408,680 shares in the last quarter. Ingalls & Snyder LLC boosted its position in Tamboran Resources by 36.2% in the second quarter. Ingalls & Snyder LLC now owns 115,340 shares of the company’s stock valued at $2,459,000 after buying an additional 30,650 shares in the last quarter. Financial Management Professionals Inc. bought a new stake in Tamboran Resources during the third quarter worth about $27,000. State of Wyoming grew its stake in Tamboran Resources by 178.9% during the third quarter. State of Wyoming now owns 12,954 shares of the company’s stock worth $355,000 after buying an additional 8,310 shares during the last quarter. Finally, Arbiter Partners Capital Management LLC acquired a new stake in shares of Tamboran Resources during the third quarter worth approximately $1,356,000.

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.