Tamboran Resources (NYSE:TBN) Shares Down 5.2% – What’s Next?

Tamboran Resources Corporation (NYSE:TBN)’s share price dropped 5.2% on Thursday . The company traded as low as $42.51 and last traded at $42.6650. Approximately 64,981 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 79,431 shares. The stock had previously closed at $45.00.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TBN. Wells Fargo & Company upped their target price on Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a report on Friday, January 9th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $74.00 price objective (up from $41.00) on shares of Tamboran Resources in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.50.

Tamboran Resources Stock Down 4.9%

The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average price of $31.22 and a 200-day moving average price of $27.32. The firm has a market cap of $968.83 million, a P/E ratio of -22.40 and a beta of -1.62.

Tamboran Resources (NYSE:TBN) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.33) earnings per share for the quarter, meeting the consensus estimate of ($0.33). On average, equities analysts forecast that Tamboran Resources Corporation will post -1.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Tamboran Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the business. HITE Hedge Asset Management LLC raised 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 worth $55,457,000 after buying an additional 299,028 shares in the last quarter. Alberta Investment Management Corp boosted its position in Tamboran Resources by 13.2% during the 4th quarter. Alberta Investment Management Corp now owns 858,680 shares of the company’s stock valued at $23,382,000 after acquiring an additional 100,000 shares in the last quarter. Encompass Capital Advisors LLC increased its holdings in shares of Tamboran Resources by 26.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company’s stock valued at $19,434,000 after acquiring an additional 150,000 shares during the period. Yaupon Capital Management LP raised its position in shares of Tamboran Resources by 10.7% in the 4th quarter. Yaupon Capital Management LP now owns 515,544 shares of the company’s stock worth $14,038,000 after acquiring an additional 50,000 shares in the last quarter. Finally, UBS Group AG raised its position in shares of Tamboran Resources by 55.4% in the 4th quarter. UBS Group AG now owns 433,598 shares of the company’s stock worth $11,807,000 after acquiring an additional 154,660 shares in the last quarter.

About Tamboran Resources

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.