Tamboran Resources (NYSE:TBN) Stock Lifted to “Sell” by Wall Street Zen

Wall Street Zen upgraded shares of Tamboran Resources (NYSE:TBN) from a strong sell rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the company. Scotiabank assumed coverage on Tamboran Resources in a report on Wednesday. They issued an “outperform” rating and a $70.00 target price on the stock. Zacks Research raised Tamboran Resources from a “strong sell” rating to a “hold” rating in a report on Monday, September 21st. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, October 2nd. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Tamboran Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.80.

Tamboran Resources Stock Down 1.8%

Shares of TBN opened at $31.30 on Friday. Tamboran Resources has a one year low of $22.33 and a one year high of $52.21. The company has a market cap of $1.09 billion, a P/E ratio of -16.74 and a beta of -1.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.61 and a quick ratio of 2.61. The firm has a 50 day simple moving average of $36.56 and a two-hundred day simple moving average of $35.59.

Hedge Funds Weigh In On Tamboran Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in TBN. Robertson Stephens Wealth Management LLC acquired a new position in shares of Tamboran Resources during the third quarter worth $2,757,000. GK Wealth Management LLC acquired a new stake in Tamboran Resources in the third quarter valued at $41,000. Engineers Gate Manager LP acquired a new stake in Tamboran Resources in the second quarter valued at $242,000. HighTower Advisors LLC increased its holdings in Tamboran Resources by 860.9% in the second quarter. HighTower Advisors LLC now owns 456,751 shares of the company’s stock valued at $14,849,000 after purchasing an additional 409,218 shares during the period. Finally, Readystate Asset Management LP raised its position in Tamboran Resources by 231.9% during the 2nd quarter. Readystate Asset Management LP now owns 44,147 shares of the company’s stock worth $1,435,000 after purchasing an additional 30,846 shares during the last quarter.

About Tamboran Resources

Tamboran Resources is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is developing large-scale onshore natural gas resources, with an emphasis on producing lower-carbon-intensity gas for Australian energy markets.

Tamboran’s activities include exploration, appraisal drilling, resource development and the planning of production infrastructure. Its principal project area includes the Shenandoah South development in the Beetaloo Basin, where the company is working to establish a long-term supply of natural gas for domestic use and potential liquefied natural gas export markets.

Tamboran Resources is headquartered in Australia and has been led by Chief Executive Officer Joel Riddle.