Tamboran Resources (NYSE:TBN) Shares Gap Down – Here’s What Happened

Tamboran Resources Corporation (NYSE:TBN) shares gapped down before the market opened on Tuesday. The stock had previously closed at $31.14, but opened at $29.30. Tamboran Resources shares last traded at $29.6860, with a volume of 9,359 shares.

Analyst Ratings Changes

A number of brokerages recently commented on TBN. Scotiabank started coverage on Tamboran Resources in a report on Wednesday, October 14th. They set an “outperform” rating and a $70.00 target price for the company. Wall Street Zen upgraded shares of Tamboran Resources from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 17th. Zacks Research raised shares of Tamboran Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, September 21st. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, October 2nd. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.80.

Tamboran Resources Stock Performance

The company has a market cap of $1.04 billion, a PE ratio of -15.91 and a beta of -1.91. The firm has a fifty day simple moving average of $35.05 and a 200-day simple moving average of $33.83. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.07.

Institutional Investors Weigh In On Tamboran Resources

Several hedge funds have recently modified their holdings of TBN. Alberta Investment Management Corp purchased a new stake in shares of Tamboran Resources in the 2nd quarter worth about $27,916,000. HighTower Advisors LLC grew its stake in Tamboran Resources by 860.9% in the 2nd quarter. HighTower Advisors LLC now owns 456,751 shares of the company’s stock worth $14,849,000 after acquiring an additional 409,218 shares during the period. Alyeska Investment Group L.P. acquired a new position in Tamboran Resources in the second quarter valued at $8,818,000. The Manufacturers Life Insurance Company acquired a new position in shares of Tamboran Resources during the 2nd quarter valued at about $8,040,000. Finally, SCS Capital Management LLC acquired a new position in Tamboran Resources during the second quarter worth approximately $5,180,000.

About Tamboran Resources

Tamboran Resources Corporation (NYSE:TBN) is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is working to develop large-scale natural gas resources in the basin for potential supply to Australia’s domestic energy market and liquefied natural gas export markets.

Tamboran’s activities include acquiring and managing exploration acreage, drilling and evaluating wells, and advancing gas development projects.