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

Tamboran Resources Corporation (NYSE:TBN)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $23.73, but opened at $25.00. Tamboran Resources shares last traded at $24.4350, with a volume of 13,597 shares changing hands.

Wall Street Analysts Forecast Growth

TBN has been the subject of a number of research reports. Royal Bank Of Canada upped their target price on shares of Tamboran Resources from $30.00 to $38.00 and gave the company a “sector perform” rating in a report on Friday, October 24th. Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research report on Tuesday, October 14th. Finally, Wells Fargo & Company started coverage on Tamboran Resources in a research note on Tuesday. They issued an “overweight” rating and a $35.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Tamboran Resources presently has a consensus rating of “Moderate Buy” and an average target price of $36.40.

Tamboran Resources Trading Up 2.1%

The stock has a market cap of $496.68 million, a P/E ratio of -9.43 and a beta of 0.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.92 and a current ratio of 0.92. The stock’s fifty day moving average is $25.06 and its 200 day moving average is $22.28.

Tamboran Resources (NYSE:TBN) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.21). The business had revenue of ($0.66) million during the quarter, compared to analyst estimates of $0.51 million. As a group, equities research analysts predict that Tamboran Resources Corporation will post -1.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Tamboran Resources

In other news, Director Phillip Z. Pace bought 2,000 shares of Tamboran Resources stock in a transaction dated Friday, November 21st. The shares were acquired at an average price of $23.50 per share, with a total value of $47,000.00. Following the completion of the purchase, the director owned 2,000 shares in the company, valued at $47,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Tamboran Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Alberta Investment Management Corp grew its position in Tamboran Resources by 116.8% in the 2nd quarter. Alberta Investment Management Corp now owns 758,680 shares of the company’s stock valued at $16,175,000 after acquiring an additional 408,680 shares during the last quarter. HITE Hedge Asset Management LLC boosted its stake in shares of Tamboran Resources by 58.3% during the first quarter. HITE Hedge Asset Management LLC now owns 809,505 shares of the company’s stock valued at $19,420,000 after purchasing an additional 298,084 shares during the period. Ingalls & Snyder LLC grew its holdings in shares of Tamboran Resources by 36.2% in the second quarter. Ingalls & Snyder LLC now owns 115,340 shares of the company’s stock worth $2,459,000 after purchasing an additional 30,650 shares during the last quarter. Whitebox Advisors LLC purchased a new position in Tamboran Resources in the 2nd quarter worth about $1,194,000. Finally, UBS Group AG boosted its position in Tamboran Resources by 170.9% in the 3rd quarter. UBS Group AG now owns 278,938 shares of the company’s stock valued at $7,637,000 after buying an additional 175,973 shares during the period.

About Tamboran Resources

Tamboran Resources Corporation, a natural gas company, focuses on developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin.