Tamboran Resources (NYSE:TBN) Shares Up 10.3% Following Analyst Upgrade

Tamboran Resources Corporation (NYSE:TBN)’s share price rose 10.3% during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $35.00 to $58.00. Wells Fargo & Company currently has an overweight rating on the stock. Tamboran Resources traded as high as $48.75 and last traded at $49.01. Approximately 29,988 shares were traded during trading, a decline of 57% from the average daily volume of 69,871 shares. The stock had previously closed at $44.44.

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Institutional Investors Weigh In On Tamboran Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. bought a new stake in Tamboran Resources during the 3rd quarter worth about $27,000. Bank of America Corp DE grew its holdings in shares of Tamboran Resources by 66.7% in the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock valued at $31,000 after acquiring an additional 600 shares in the last quarter. State of Wyoming acquired a new stake in shares of Tamboran Resources in the second quarter valued at about $99,000. Walleye Capital LLC acquired a new stake in shares of Tamboran Resources in the fourth quarter valued at about $204,000. Finally, XY Capital Ltd bought a new stake in Tamboran Resources during the fourth quarter worth about $253,000.

Tamboran Resources Stock Up 10.3%

The firm has a fifty day moving average of $30.40 and a 200-day moving average of $27.00. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.09. The firm has a market cap of $1.11 billion, a P/E ratio of -25.92 and a beta of 0.13.

Tamboran Resources (NYSE:TBN) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.33) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.33). On average, equities research analysts anticipate that Tamboran Resources Corporation will post -1.86 earnings per share for the current year.

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.