Tamboran Resources (NYSE:TBN) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of Tamboran Resources (NYSE:TBN) from a strong sell rating to a hold rating in a research report sent to investors on Monday morning,Zacks reports.

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research report on Monday, July 6th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.50.

Tamboran Resources Price Performance

TBN opened at $35.48 on Monday. 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 stock has a market capitalization of $1.00 billion, a P/E ratio of -18.98 and a beta of -2.03. The company’s 50 day simple moving average is $36.09 and its 200-day simple moving average is $35.33. Tamboran Resources has a one year low of $19.55 and a one year high of $52.21.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Alberta Investment Management Corp bought a new position in Tamboran Resources during the second quarter worth about $27,916,000. Ranger Investment Management L.P. bought a new stake in shares of Tamboran Resources in the 2nd quarter valued at about $2,609,000. The Manufacturers Life Insurance Company bought a new stake in shares of Tamboran Resources in the 2nd quarter valued at about $8,040,000. Cooper Investors PTY Ltd. raised its position in shares of Tamboran Resources by 514.0% in the 2nd quarter. Cooper Investors PTY Ltd. now owns 155,479 shares of the company’s stock valued at $5,055,000 after acquiring an additional 130,157 shares during the period. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Tamboran Resources in the 2nd quarter valued at approximately $8,818,000.

About Tamboran Resources

Tamboran Resources Corporation (NYSE:TBN) is an Australia-focused natural gas exploration and development company. The company’s primary asset base is located in the Beetaloo Basin in Australia’s Northern Territory, where it is pursuing the development of large-scale shale gas resources.

Tamboran’s activities include acquiring and evaluating exploration acreage, drilling and testing wells, and advancing infrastructure and commercial development plans for natural gas production. Its Beetaloo Basin portfolio includes the Shenandoah South and Amungee projects, which are intended to support future domestic gas supply and potential liquefied natural gas export opportunities.

The company was established to develop unconventional gas resources in Australia and has focused its operations on the Northern Territory rather than maintaining a broad international footprint.