Tamboran Resources (NYSE:TBN) Shares Gap Up – Should You Buy?

Tamboran Resources Corporation (NYSE:TBN) shares gapped up prior to trading on Friday . The stock had previously closed at $34.55, but opened at $36.57. Tamboran Resources shares last traded at $39.1050, with a volume of 72,191 shares changing hands.

Analyst Upgrades and Downgrades

TBN has been the subject of a number of analyst reports. Wells Fargo & Company began 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. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.33.

Tamboran Resources Trading Up 25.8%

The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.09. The business’s fifty day moving average is $30.05 and its 200 day moving average is $26.80. The stock has a market cap of $984.07 million, a PE ratio of -22.76 and a beta of 0.13.

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

Hedge Funds Weigh In On Tamboran Resources

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