Tamboran Resources (NYSE:TBN) Shares Gap Up – Still a Buy?

Tamboran Resources Corporation (NYSE:TBN)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $29.72, but opened at $31.63. Tamboran Resources shares last traded at $31.6750, with a volume of 2,545 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on TBN shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a report on Friday, January 9th. Wells Fargo & Company initiated coverage on Tamboran Resources in a report on Tuesday, December 2nd. They issued an “overweight” rating and a $35.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.33.

Tamboran Resources Price Performance

The stock has a fifty day moving average of $29.17 and a 200-day moving average of $26.24. The firm has a market capitalization of $719.84 million, a P/E ratio of -16.65 and a beta of 0.13. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.09.

Tamboran Resources (NYSE:TBN) last issued its quarterly earnings data on Wednesday, February 11th. The company reported ($0.33) EPS for the quarter, hitting analysts’ consensus estimates of ($0.33). Equities analysts predict that Tamboran Resources Corporation will post -1.86 EPS for the current fiscal year.

Institutional Trading of Tamboran Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. HITE Hedge Asset Management LLC lifted its holdings in Tamboran Resources by 44.0% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock worth $47,575,000 after buying an additional 530,850 shares in the last quarter. Arbiter Partners Capital Management LLC acquired a new stake in shares of Tamboran Resources in the 3rd quarter valued at $1,356,000. Ingalls & Snyder LLC raised its position in shares of Tamboran Resources by 124.1% during the third quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock worth $7,079,000 after acquiring an additional 143,194 shares during the last quarter. State of Wyoming raised its position in shares of Tamboran Resources by 178.9% during the third quarter. State of Wyoming now owns 12,954 shares of the company’s stock worth $355,000 after acquiring an additional 8,310 shares during the last quarter. Finally, Financial Management Professionals Inc. acquired a new position in shares of Tamboran Resources during the third quarter valued at $27,000.

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.