Tamboran Resources Corporation (NYSE:TBN) Stock Has Average Target Price of $60.80 According to Brokerages

Tamboran Resources Corporation (NYSE:TBN) has been given an average recommendation of “Moderate Buy” by the seven analysts that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $60.80.

A number of equities research analysts have commented on TBN shares. Wall Street Zen raised shares of Tamboran Resources from a “strong sell” rating to a “sell” rating in a research report on Saturday. Scotiabank initiated coverage on shares of Tamboran Resources in a research report on Wednesday. They set an “outperform” rating and a $70.00 price objective for the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, October 2nd. Finally, Zacks Research upgraded shares of Tamboran Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, September 21st.

Tamboran Resources Stock Down 1.8%

Shares of TBN stock traded down $0.57 during trading hours on Friday, reaching $31.30. 312,364 shares of the stock were exchanged, compared to its average volume of 143,238. The business’s fifty day moving average is $36.56 and its two-hundred day moving average is $35.59. The firm has a market capitalization of $1.09 billion, a P/E ratio of -16.74 and a beta of -1.91. Tamboran Resources has a 12-month low of $22.33 and a 12-month high of $52.21. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.61 and a quick ratio of 2.61.

Institutional Trading of Tamboran Resources

A number of institutional investors have recently bought and sold shares of the business. GK Wealth Management LLC acquired a new position in shares of Tamboran Resources during the 3rd quarter worth about $41,000. Engineers Gate Manager LP acquired a new stake in shares of Tamboran Resources during the 2nd quarter worth about $242,000. HighTower Advisors LLC raised its position in shares of Tamboran Resources by 860.9% during 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 in the last quarter. Readystate Asset Management LP lifted its stake in Tamboran Resources by 231.9% during the second 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. Finally, Susquehanna International Group LLP purchased a new stake in Tamboran Resources during the second quarter worth approximately $803,000.

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.