Tamboran Resources (NYSE:TBN) Reaches New 12-Month High – What’s Next?

Shares of Tamboran Resources Corporation (NYSE:TBN) reached a new 52-week high on Thursday . The company traded as high as $33.54 and last traded at $33.5310, with a volume of 9716 shares trading hands. The stock had previously closed at $31.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TBN shares. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, January 9th. Wells Fargo & Company began coverage on shares of Tamboran Resources in a report on Tuesday, December 2nd. They issued an “overweight” rating and a $35.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Tamboran Resources currently has a consensus rating of “Moderate Buy” and an average price target of $36.33.

Tamboran Resources Trading Up 25.8%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.01 and a current ratio of 2.01. The company has a market capitalization of $984.07 million, a PE ratio of -22.76 and a beta of 0.13. The stock has a fifty day moving average of $30.05 and a 200 day moving average of $26.77.

Tamboran Resources (NYSE:TBN) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.33). As a group, sell-side analysts predict that Tamboran Resources Corporation will post -1.86 earnings per share for the current fiscal year.

Institutional Trading of Tamboran Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. HITE Hedge Asset Management LLC lifted its stake in Tamboran Resources by 44.0% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock worth $47,575,000 after purchasing an additional 530,850 shares in the last quarter. UBS Group AG raised its holdings in shares of Tamboran Resources by 170.9% during the 3rd quarter. UBS Group AG now owns 278,938 shares of the company’s stock worth $7,637,000 after acquiring an additional 175,973 shares in the last quarter. Encompass Capital Advisors LLC boosted its position in shares of Tamboran Resources by 26.6% during the 4th quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company’s stock valued at $19,434,000 after acquiring an additional 150,000 shares during the last quarter. Zimmer Partners LP bought a new position in shares of Tamboran Resources during the 4th quarter valued at approximately $3,914,000. Finally, Ingalls & Snyder LLC grew its holdings in shares of Tamboran Resources by 124.1% in the third quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock valued at $7,079,000 after purchasing an additional 143,194 shares in the last quarter.

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.