Tamboran Resources (NYSE:TBN) Stock Price Down 5.9% – Here’s Why

Tamboran Resources Corporation (NYSE:TBN) was down 5.9% on Monday . The stock traded as low as $37.56 and last traded at $37.9750. Approximately 78,776 shares traded hands during trading, a decline of 48% from the average daily volume of 152,837 shares. The stock had previously closed at $40.37.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on TBN shares. Piper Sandler reiterated an “overweight” rating and set a $74.00 target price (up from $41.00) on shares of Tamboran Resources in a research report on Tuesday, March 31st. Royal Bank Of Canada upgraded shares of Tamboran Resources from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $38.00 to $55.00 in a research note on Wednesday, April 29th. Wells Fargo & Company raised their target price on shares of Tamboran Resources from $35.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, March 30th. Roth Mkm began coverage on shares of Tamboran Resources in a research note on Thursday, May 21st. They set a “buy” rating and a $47.00 target price on the stock. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research note on Wednesday, April 8th. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.50.

Tamboran Resources Stock Performance

The stock has a market cap of $1.03 billion, a P/E ratio of -19.48 and a beta of -2.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00. The firm’s 50-day moving average price is $36.14 and its 200-day moving average price is $31.31.

Tamboran Resources (NYSE:TBN) last posted its earnings results on Wednesday, May 13th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). Sell-side analysts expect that Tamboran Resources Corporation will post -1.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Tamboran Resources

In other Tamboran Resources news, Director Scott D. Sheffield purchased 6,990 shares of Tamboran Resources stock in a transaction that occurred on Wednesday, April 8th. The shares were bought at an average price of $36.02 per share, for a total transaction of $251,779.80. Following the completion of the transaction, the director owned 292,430 shares of the company’s stock, valued at approximately $10,533,328.60. This trade represents a 2.45% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Phillip Z. Pace purchased 10,000 shares of Tamboran Resources stock in a transaction that occurred on Monday, April 13th. The stock was acquired at an average price of $36.99 per share, for a total transaction of $369,900.00. Following the transaction, the director directly owned 35,809 shares of the company’s stock, valued at $1,324,574.91. The trade was a 38.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Tamboran Resources

Several large investors have recently bought and sold shares of TBN. HITE Hedge Asset Management LLC increased its position in 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 worth $47,575,000 after purchasing an additional 530,850 shares during the last quarter. UBS Group AG increased its position in Tamboran Resources by 170.9% during the third quarter. UBS Group AG now owns 278,938 shares of the company’s stock valued at $7,637,000 after acquiring an additional 175,973 shares during the last quarter. Encompass Capital Advisors LLC increased its position in Tamboran Resources by 26.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company’s stock valued at $19,434,000 after acquiring an additional 150,000 shares during the last quarter. Zimmer Partners LP bought a new position in Tamboran Resources during the fourth quarter valued at $3,914,000. Finally, Ingalls & Snyder LLC increased its position in Tamboran Resources by 124.1% during the third quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock valued at $7,079,000 after acquiring an additional 143,194 shares during 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.