Tamboran Resources (NYSE:TBN) Cut to Strong Sell at Zacks Research

Tamboran Resources (NYSE:TBN) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Royal Bank Of Canada raised shares of Tamboran Resources from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $38.00 to $55.00 in a report on Wednesday, April 29th. Roth Capital initiated coverage on shares of Tamboran Resources in a research note on Thursday, May 21st. They set a “buy” rating and a $47.00 price objective for the company. Piper Sandler reissued an “overweight” rating and issued a $74.00 price target (up from $41.00) on shares of Tamboran Resources in a report on Tuesday, March 31st. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research note on Monday, July 6th. Four investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $58.50.

Tamboran Resources Price Performance

Shares of NYSE TBN opened at $32.60 on Wednesday. The stock has a fifty day moving average of $33.41 and a 200-day moving average of $33.10. The stock has a market cap of $923.34 million, a PE ratio of -17.44 and a beta of -2.10. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.00 and a current ratio of 2.00. Tamboran Resources has a fifty-two week low of $19.55 and a fifty-two week high of $52.21.

Tamboran Resources (NYSE:TBN) last issued its earnings results on Wednesday, May 13th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.06). Equities research analysts anticipate that Tamboran Resources will post -1.41 earnings per share for the current year.

Institutional Trading of Tamboran Resources

Several institutional investors have recently added to or reduced their stakes in the business. HITE Hedge Asset Management LLC grew its stake in shares of Tamboran Resources by 17.2% during the fourth quarter. HITE Hedge Asset Management LLC now owns 2,036,603 shares of the company’s stock valued at $55,457,000 after buying an additional 299,028 shares during the last quarter. Alberta Investment Management Corp lifted its stake in shares of Tamboran Resources by 13.2% in the 4th quarter. Alberta Investment Management Corp now owns 858,680 shares of the company’s stock valued at $23,382,000 after acquiring an additional 100,000 shares during the last quarter. Encompass Capital Advisors LLC boosted its holdings in 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 period. Yaupon Capital Management LP boosted its holdings in Tamboran Resources by 10.7% during the 4th quarter. Yaupon Capital Management LP now owns 515,544 shares of the company’s stock valued at $14,038,000 after acquiring an additional 50,000 shares during the period. Finally, UBS Group AG grew its position in Tamboran Resources by 55.4% during the 4th quarter. UBS Group AG now owns 433,598 shares of the company’s stock worth $11,807,000 after acquiring an additional 154,660 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.