Tamboran Resources (NYSE:TBN) Shares Gap Up – Still a Buy?

Tamboran Resources Corporation (NYSE:TBN) gapped up prior to trading on Tuesday . The stock had previously closed at $37.88, but opened at $40.30. Tamboran Resources shares last traded at $40.2290, with a volume of 20,402 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have commented on TBN. Zacks Research cut Tamboran Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 29th. Roth Capital assumed coverage on Tamboran Resources in a research report on Thursday, May 21st. They issued a “buy” rating and a $47.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research note on Monday, July 6th. Four research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Tamboran Resources has an average rating of “Hold” and a consensus price target of $58.50.

Tamboran Resources Stock Performance

The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -20.69 and a beta of -2.03. 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 has a 50 day moving average price of $34.16 and a 200-day moving average price of $34.51.

Institutional Trading of Tamboran Resources

Several hedge funds have recently added to or reduced their stakes in TBN. Bank of America Corp DE lifted its stake in Tamboran Resources by 66.7% in the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock worth $31,000 after acquiring an additional 600 shares during the last quarter. Whitebox Advisors LLC purchased a new stake in shares of Tamboran Resources in the 2nd quarter valued at approximately $1,194,000. State of Wyoming acquired a new stake in shares of Tamboran Resources in the 2nd quarter valued at $99,000. UBS Group AG raised its holdings in shares of Tamboran Resources by 170.9% in the 3rd quarter. UBS Group AG now owns 278,938 shares of the company’s stock valued at $7,637,000 after purchasing an additional 175,973 shares in the last quarter. Finally, HighTower Advisors LLC purchased a new stake in shares of Tamboran Resources during the 4th quarter worth $493,000.

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.