Tamboran Resources (NYSE:TBN) Rating Increased to Strong-Buy at Roth Mkm

Roth Mkm upgraded shares of Tamboran Resources (NYSE:TBN) to a strong-buy rating in a research note released on Thursday morning,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research note on Wednesday, April 8th. Wells Fargo & Company upped their target price on shares of Tamboran Resources from $35.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, March 30th. Royal Bank Of Canada upgraded shares of Tamboran Resources from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $38.00 to $55.00 in a report on Wednesday, April 29th. Finally, Piper Sandler reiterated an “overweight” rating and set a $74.00 price target (up from $41.00) on shares of Tamboran Resources in a report on Tuesday, March 31st. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $54.00.

Tamboran Resources Price Performance

Shares of TBN opened at $35.10 on Thursday. Tamboran Resources has a 1-year low of $17.29 and a 1-year high of $52.21. The stock has a market cap of $993.98 million, a PE ratio of -18.77 and a beta of -2.17. The firm has a 50-day simple moving average of $36.24 and a two-hundred day simple moving average of $30.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00.

Tamboran Resources (NYSE:TBN) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). The business had revenue of $0.99 million for the quarter, compared to analyst estimates of $2.40 million. As a group, analysts forecast that Tamboran Resources will post -1.45 EPS for the current year.

Insider Transactions at Tamboran Resources

In other news, Director Phillip Z. Pace purchased 10,000 shares of the firm’s stock in a transaction on Monday, April 13th. The shares were bought at an average cost of $36.99 per share, with a total value of $369,900.00. Following the purchase, the director directly owned 35,809 shares of the company’s stock, valued at approximately $1,324,574.91. This trade represents a 38.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott D. Sheffield bought 6,990 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was bought at an average price of $36.02 per share, with a total value of $251,779.80. Following the completion of the acquisition, the director owned 292,430 shares of the company’s stock, valued at $10,533,328.60. This trade represents a 2.45% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 4.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tamboran Resources

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE boosted its holdings in shares of Tamboran Resources by 64.5% during the first quarter. Bank of America Corp DE now owns 53,374 shares of the company’s stock valued at $2,668,000 after acquiring an additional 20,932 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Tamboran Resources by 113.8% during the first quarter. The Manufacturers Life Insurance Company now owns 237,748 shares of the company’s stock valued at $11,885,000 after acquiring an additional 126,549 shares during the period. Clough Capital Partners L P acquired a new stake in Tamboran Resources in the first quarter worth about $2,344,000. Sei Investments Co. acquired a new stake in Tamboran Resources in the first quarter worth about $526,000. Finally, Walleye Capital LLC lifted its holdings in Tamboran Resources by 6.4% in the first quarter. Walleye Capital LLC now owns 7,983 shares of the company’s stock worth $399,000 after purchasing an additional 482 shares during the period.

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.