Tamboran Resources Corporation (NYSE:TBN) Stock Has Consensus Target Price of $58.50 According to Brokerages

Tamboran Resources Corporation (NYSE:TBN) has received an average recommendation of “Moderate Buy” from the six research firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $58.50.

Several research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a report on Monday, July 6th. Zacks Research upgraded shares of Tamboran Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, September 21st.

Tamboran Resources Stock Down 4.4%

NYSE:TBN opened at $33.58 on Tuesday. The company has a market capitalization of $951.01 million, a price-to-earnings ratio of -17.96 and a beta of -2.03. The stock has a 50-day simple moving average of $36.36 and a 200 day simple moving average of $35.45. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.00 and a current ratio of 2.00. Tamboran Resources has a one year low of $21.04 and a one year high of $52.21.

Institutional Trading of Tamboran Resources

Hedge funds have recently modified their holdings of the business. Alberta Investment Management Corp bought a new position in Tamboran Resources during the second quarter valued at about $27,916,000. HighTower Advisors LLC increased its position in Tamboran Resources by 860.9% in the second quarter. HighTower Advisors LLC now owns 456,751 shares of the company’s stock worth $14,849,000 after purchasing an additional 409,218 shares during the period. HITE Hedge Asset Management LLC lifted its stake in Tamboran Resources by 17.2% in the fourth quarter. HITE Hedge Asset Management LLC now owns 2,036,603 shares of the company’s stock valued at $55,457,000 after buying an additional 299,028 shares during the period. Alyeska Investment Group L.P. acquired a new stake in Tamboran Resources during the 2nd quarter worth $8,818,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Tamboran Resources in the 2nd quarter valued at $8,040,000.

Tamboran Resources Company Profile

Tamboran Resources Corporation (NYSE:TBN) is an Australia-focused natural gas exploration and development company. The company’s primary asset base is located in the Beetaloo Basin in Australia’s Northern Territory, where it is pursuing the development of large-scale shale gas resources.

Tamboran’s activities include acquiring and evaluating exploration acreage, drilling and testing wells, and advancing infrastructure and commercial development plans for natural gas production. Its Beetaloo Basin portfolio includes the Shenandoah South and Amungee projects, which are intended to support future domestic gas supply and potential liquefied natural gas export opportunities.

The company was established to develop unconventional gas resources in Australia and has focused its operations on the Northern Territory rather than maintaining a broad international footprint.