Tamboran Resources (NYSE:TBN) Trading 1.5% Higher – Time to Buy?
by Renee Jackson · The Cerbat GemTamboran Resources Corporation (NYSE:TBN – Get Free Report) shares traded up 1.5% on Wednesday . The stock traded as high as $27.23 and last traded at $26.9150. 29,828 shares were traded during mid-day trading, a decline of 32% from the average session volume of 43,800 shares. The stock had previously closed at $26.53.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on TBN. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a report on Tuesday, October 14th. Royal Bank Of Canada lifted their target price on Tamboran Resources from $30.00 to $38.00 and gave the stock a “sector perform” rating in a report on Friday, October 24th. Finally, Wells Fargo & Company started coverage on Tamboran Resources in a research note on Tuesday, December 2nd. They issued an “overweight” rating and a $35.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Tamboran Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.25.
Read Our Latest Stock Report on TBN
Tamboran Resources Trading Up 1.5%
The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $551.49 million, a P/E ratio of -10.47 and a beta of 0.17. The business has a fifty day moving average price of $24.82 and a 200 day moving average price of $23.02.
Tamboran Resources (NYSE:TBN – Get Free Report) last announced its earnings results on Thursday, November 13th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.21). The company had revenue of ($0.66) million during the quarter, compared to analyst estimates of $0.51 million. On average, analysts expect that Tamboran Resources Corporation will post -1.86 earnings per share for the current fiscal year.
Insider Transactions at Tamboran Resources
In other Tamboran Resources news, Director Phillip Z. Pace purchased 2,000 shares of the business’s stock in a transaction on Friday, November 21st. The shares were purchased at an average cost of $23.50 per share, with a total value of $47,000.00. Following the transaction, the director directly owned 2,000 shares of the company’s stock, valued at $47,000. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.50% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake in Tamboran Resources by 66.7% in the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock valued at $31,000 after purchasing an additional 600 shares in the last quarter. Financial Management Professionals Inc. bought a new position in shares of Tamboran Resources in the third quarter valued at $27,000. State of Wyoming acquired a new position in Tamboran Resources during the second quarter worth $99,000. Ingalls & Snyder LLC raised its position in Tamboran Resources by 36.2% during the second quarter. Ingalls & Snyder LLC now owns 115,340 shares of the company’s stock worth $2,459,000 after acquiring an additional 30,650 shares in the last quarter. Finally, Arbiter Partners Capital Management LLC acquired a new stake in Tamboran Resources in the third quarter valued at $1,356,000.
About Tamboran Resources
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.