Wells Fargo & Company Increases Tamboran Resources (NYSE:TBN) Price Target to $58.00

Tamboran Resources (NYSE:TBN) had its price target raised by stock analysts at Wells Fargo & Company from $35.00 to $58.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 32.19% from the stock’s previous close.

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Tamboran Resources Price Performance

NYSE TBN traded up $0.48 on Monday, reaching $43.88. The company’s stock had a trading volume of 69,795 shares, compared to its average volume of 68,373. Tamboran Resources has a 52 week low of $17.29 and a 52 week high of $45.07. 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 $30.05 and a 200 day moving average price of $26.84. The firm has a market cap of $993.33 million, a PE ratio of -22.90 and a beta of 0.13.

Tamboran Resources (NYSE:TBN) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.33). Sell-side analysts expect that Tamboran Resources will post -1.86 EPS for the current year.

Institutional Trading of Tamboran Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. HITE Hedge Asset Management LLC grew its position in shares of 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 during the period. UBS Group AG grew its holdings in Tamboran Resources by 170.9% during the 3rd quarter. UBS Group AG now owns 278,938 shares of the company’s stock worth $7,637,000 after acquiring an additional 175,973 shares during the period. Encompass Capital Advisors LLC raised its position in shares of Tamboran Resources by 26.6% during 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 last quarter. Zimmer Partners LP bought a new stake in shares of Tamboran Resources during the 4th quarter valued at $3,914,000. Finally, Ingalls & Snyder LLC lifted its stake in shares of Tamboran Resources by 124.1% in the 3rd quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock valued at $7,079,000 after purchasing an additional 143,194 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.