Tamboran Resources (NYSE:TBN) Shares Gap Up – Here’s What Happened

Shares of Tamboran Resources Corporation (NYSE:TBN) gapped up prior to trading on Wednesday . The stock had previously closed at $29.72, but opened at $31.63. Tamboran Resources shares last traded at $31.6750, with a volume of 2,545 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wells Fargo & Company assumed coverage on shares of Tamboran Resources in a research report on Tuesday, December 2nd. They set an “overweight” rating and a $35.00 target price on the stock. 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, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.33.

Tamboran Resources Price Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 2.01 and a quick ratio of 2.01. The stock’s 50 day moving average price is $28.95 and its two-hundred day moving average price is $26.16. The firm has a market capitalization of $707.61 million, a price-to-earnings ratio of -16.36 and a beta of 0.13.

Tamboran Resources (NYSE:TBN) last announced its earnings results on Wednesday, February 11th. The company reported ($0.33) EPS for the quarter, hitting the consensus estimate of ($0.33). On average, equities research analysts anticipate that Tamboran Resources Corporation will post -1.86 EPS for the current year.

Institutional Trading of Tamboran Resources

Hedge funds have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. acquired a new stake in Tamboran Resources in the 3rd quarter valued at approximately $27,000. Bank of America Corp DE lifted its holdings in shares of Tamboran Resources by 66.7% during the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock worth $31,000 after buying an additional 600 shares during the last quarter. State of Wyoming bought a new stake in shares of Tamboran Resources in the second quarter valued at approximately $99,000. Walleye Capital LLC bought a new stake in shares of Tamboran Resources in the fourth quarter valued at approximately $204,000. Finally, XY Capital Ltd acquired a new stake in shares of Tamboran Resources in the fourth quarter worth $253,000.

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.