Tamboran Resources (NYSE:TBN) Reaches New 12-Month High – Should You Buy?

Tamboran Resources Corporation (NYSE:TBN) hit a new 52-week high on Wednesday . The stock traded as high as $52.21 and last traded at $50.4440, with a volume of 326744 shares changing hands. The stock had previously closed at $44.44.

Wall Street Analysts Forecast Growth

TBN has been the subject of a number of analyst reports. Wells Fargo & Company lifted their price objective on Tamboran Resources from $35.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, January 9th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $74.00 price target (up from $41.00) on shares of Tamboran Resources in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.50.

Tamboran Resources Price Performance

The company has a 50 day moving average of $31.54 and a 200 day moving average of $27.44. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.09. The firm has a market cap of $989.87 million, a price-to-earnings ratio of -22.89 and a beta of -1.60.

Tamboran Resources (NYSE:TBN) last posted 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). Equities research analysts predict that Tamboran Resources Corporation will post -1.86 EPS for the current fiscal year.

Institutional Trading of Tamboran Resources

Several hedge funds have recently bought and sold shares of TBN. HITE Hedge Asset Management LLC boosted its holdings in shares of Tamboran Resources by 44.0% in the third quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock valued at $47,575,000 after buying an additional 530,850 shares during the period. Arbiter Partners Capital Management LLC bought a new stake in Tamboran Resources in the 3rd quarter valued at $1,356,000. Ingalls & Snyder LLC boosted its stake in Tamboran Resources by 124.1% in the 3rd quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock worth $7,079,000 after purchasing an additional 143,194 shares during the period. Cooper Investors PTY Ltd. bought a new position in Tamboran Resources during the 4th quarter worth about $690,000. Finally, State of Wyoming increased its holdings in Tamboran Resources by 178.9% during the 3rd quarter. State of Wyoming now owns 12,954 shares of the company’s stock worth $355,000 after purchasing an additional 8,310 shares in the last quarter.

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.