Tamboran Resources (NYSE:TBN) Stock Price Down 7.3% – Time to Sell?

Shares of Tamboran Resources Corporation (NYSE:TBN) were down 7.3% during trading on Thursday. The company traded as low as $33.01 and last traded at $32.7350. Approximately 180,430 shares were traded during mid-day trading, an increase of 17% from the average daily volume of 154,643 shares. The stock had previously closed at $35.31.

Wall Street Analysts Forecast Growth

TBN has been the topic of a number of research reports. Zacks Research upgraded shares of Tamboran Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, September 21st. Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, October 2nd. Finally, Scotiabank began coverage on shares of Tamboran Resources in a research note on Wednesday. They set an “outperform” rating and a $70.00 price target for the company. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.80.

Tamboran Resources Trading Down 10.4%

The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.11 billion, a P/E ratio of -16.81 and a beta of -1.91. The business has a 50 day moving average of $36.63 and a 200-day moving average of $35.70.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Quantbot Technologies LP bought a new position in shares of Tamboran Resources during the second quarter worth about $39,000. GK Wealth Management LLC acquired a new position in Tamboran Resources during the third quarter worth $41,000. Deutsche Bank AG acquired a new position in Tamboran Resources during the second quarter worth $42,000. Avalon Trust Co acquired a new position in Tamboran Resources during the second quarter worth $44,000. Finally, Janney Montgomery Scott LLC bought a new position in Tamboran Resources in the first quarter valued at $240,000.

Tamboran Resources Company Profile

Tamboran Resources is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is developing large-scale onshore natural gas resources, with an emphasis on producing lower-carbon-intensity gas for Australian energy markets.

Tamboran’s activities include exploration, appraisal drilling, resource development and the planning of production infrastructure. Its principal project area includes the Shenandoah South development in the Beetaloo Basin, where the company is working to establish a long-term supply of natural gas for domestic use and potential liquefied natural gas export markets.

Tamboran Resources is headquartered in Australia and has been led by Chief Executive Officer Joel Riddle.