Tamboran Resources (NYSE:TBN) Stock Price Up 10.3% Following Analyst Upgrade

Shares of Tamboran Resources Corporation (NYSE:TBN) rose 10.3% on Tuesday 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. Tamboran Resources traded as high as $48.75 and last traded at $49.01. Approximately 29,988 shares traded hands during trading, a decline of 57% from the average daily volume of 69,871 shares. The stock had previously closed at $44.44.

Separately, Weiss Ratings reaffirmed 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, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.50.

Institutional Trading of Tamboran Resources

A number of large investors have recently made changes to their positions in TBN. Financial Management Professionals Inc. purchased a new position in Tamboran Resources during the 3rd quarter worth approximately $27,000. Bank of America Corp DE lifted its stake in Tamboran Resources by 66.7% in the fourth 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 last quarter. State of Wyoming acquired a new stake in shares of Tamboran Resources in the second quarter valued at approximately $99,000. Walleye Capital LLC acquired a new stake in shares of Tamboran Resources in the fourth quarter valued at approximately $204,000. Finally, XY Capital Ltd purchased a new position in shares of Tamboran Resources during the fourth quarter worth approximately $253,000.

Tamboran Resources Trading Up 13.5%

The business’s 50-day moving average price is $30.87 and its 200-day moving average price is $27.20. The firm has a market capitalization of $1.14 billion, a PE ratio of -26.41 and a beta of 0.13. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.01 and a quick ratio of 2.01.

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

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.