Tamboran Resources (NYSE:TBN) Sees Strong Trading Volume – Should You Buy?

Tamboran Resources Corporation (NYSE:TBN) saw unusually-strong trading volume on Wednesday . Approximately 153,194 shares were traded during trading, an increase of 6% from the previous session’s volume of 145,184 shares.The stock last traded at $33.01 and had previously closed at $32.62.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on TBN shares. Wells Fargo & Company lifted their price target on shares of Tamboran Resources from $35.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, March 30th. Royal Bank Of Canada raised shares of Tamboran Resources from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $38.00 to $55.00 in a research report on Wednesday, April 29th. Roth Mkm initiated coverage on shares of Tamboran Resources in a research report on Thursday, May 21st. They issued a “buy” rating and a $47.00 target price on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research report on Wednesday, April 8th. Finally, Piper Sandler reissued an “overweight” rating and issued a $74.00 target price (up from $41.00) on shares of Tamboran Resources in a research report on Tuesday, March 31st. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.50.

Tamboran Resources Trading Up 1.8%

The business’s 50-day moving average price is $36.91 and its 200 day moving average price is $30.82. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00. The firm has a market capitalization of $998.99 million, a price-to-earnings ratio of -18.86 and a beta of -2.20.

Tamboran Resources (NYSE:TBN) last posted its earnings results on Wednesday, May 13th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). On average, equities analysts forecast that Tamboran Resources Corporation will post -1.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Phillip Z. Pace bought 10,000 shares of Tamboran Resources stock in a transaction dated Monday, April 13th. The shares were acquired at an average cost of $36.99 per share, with a total value of $369,900.00. Following the completion of the transaction, the director owned 35,809 shares in the company, valued at approximately $1,324,574.91. This trade represents a 38.75% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott D. Sheffield bought 6,990 shares of Tamboran Resources stock in a transaction dated Wednesday, April 8th. The shares were purchased at an average cost of $36.02 per share, for a total transaction of $251,779.80. Following the completion of the transaction, the director owned 292,430 shares of the company’s stock, valued at approximately $10,533,328.60. This represents a 2.45% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TBN. HITE Hedge Asset Management LLC lifted its position in shares of Tamboran Resources by 44.0% during the third quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock worth $47,575,000 after purchasing an additional 530,850 shares in the last quarter. UBS Group AG lifted its position in shares of Tamboran Resources by 170.9% during the third quarter. UBS Group AG now owns 278,938 shares of the company’s stock worth $7,637,000 after purchasing an additional 175,973 shares in the last quarter. Encompass Capital Advisors LLC increased its stake in shares of Tamboran Resources by 26.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company’s stock worth $19,434,000 after buying an additional 150,000 shares during the last quarter. Zimmer Partners LP bought a new stake in shares of Tamboran Resources in the fourth quarter worth $3,914,000. Finally, Ingalls & Snyder LLC increased its stake in shares of Tamboran Resources by 124.1% in the third quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock worth $7,079,000 after buying an additional 143,194 shares during the last quarter.

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.