Tamboran Resources (NYSE:TBN) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Tamboran Resources Corporation (NYSE:TBN) saw unusually-high trading volume on Monday after Wells Fargo & Company raised their price target on the stock from $35.00 to $58.00. Wells Fargo & Company currently has an overweight rating on the stock. Approximately 50,386 shares traded hands during trading, a decline of 25% from the previous session’s volume of 67,562 shares.The stock last traded at $42.7060 and had previously closed at $43.40.

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Institutional Trading of Tamboran Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alberta Investment Management Corp increased its holdings in Tamboran Resources by 13.2% during the 4th quarter. Alberta Investment Management Corp now owns 858,680 shares of the company’s stock worth $23,382,000 after purchasing an additional 100,000 shares in the last quarter. Yaupon Capital Management LP lifted its holdings in shares of Tamboran Resources by 10.7% in the fourth quarter. Yaupon Capital Management LP now owns 515,544 shares of the company’s stock valued at $14,038,000 after purchasing an additional 50,000 shares in the last quarter. Zimmer Partners LP purchased a new position in shares of Tamboran Resources during the fourth quarter valued at approximately $3,914,000. Readystate Asset Management LP bought a new stake in Tamboran Resources during the fourth quarter worth $433,000. Finally, Millennium Management LLC bought a new stake in Tamboran Resources during the fourth quarter worth $1,019,000.

Tamboran Resources Price Performance

The firm has a market capitalization of $1.01 billion, a PE ratio of -23.25 and a beta of 0.13. The business has a 50-day moving average of $30.40 and a 200 day moving average of $27.00. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.09.

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

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.