Tamboran Resources (NYSE:TBN) Hits New 52-Week High – Here’s Why

Tamboran Resources Corporation (NYSE:TBN)’s stock price reached a new 52-week high during trading on Wednesday . The company 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.

Analyst Ratings Changes

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

Tamboran Resources Stock Performance

The business has a fifty day moving average of $30.87 and a 200 day moving average of $27.20. The company has a market cap of $1.14 billion, a P/E ratio of -26.41 and a beta of 0.13. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.09.

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

Hedge Funds Weigh In On Tamboran Resources

A number of institutional investors have recently bought and sold shares of TBN. HITE Hedge Asset Management LLC boosted its position in Tamboran Resources by 44.0% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock valued at $47,575,000 after acquiring an additional 530,850 shares in the last quarter. Arbiter Partners Capital Management LLC purchased a new position in shares of Tamboran Resources during the 3rd quarter worth approximately $1,356,000. Ingalls & Snyder LLC raised its position in shares of 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 acquiring an additional 143,194 shares in the last quarter. Cooper Investors PTY Ltd. purchased a new position in shares of Tamboran Resources in the 4th quarter valued at approximately $690,000. Finally, State of Wyoming lifted its stake in shares of Tamboran Resources by 178.9% in the 3rd quarter. State of Wyoming now owns 12,954 shares of the company’s stock valued at $355,000 after purchasing an additional 8,310 shares during the period.

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.