Tamboran Resources (NYSE:TBN) Shares Up 5.6% – Here’s What Happened
by Kim Johansen · The Markets DailyTamboran Resources Corporation (NYSE:TBN – Get Free Report) rose 5.6% during trading on Tuesday . The stock traded as high as $39.68 and last traded at $39.66. 77,408 shares were traded during trading, a decline of 51% from the average daily volume of 157,043 shares. The stock had previously closed at $37.57.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research note on Monday, July 6th. Zacks Research downgraded shares of Tamboran Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 29th. Finally, Roth Capital assumed coverage on shares of Tamboran Resources in a research report on Thursday, May 21st. They issued a “buy” rating and a $47.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Tamboran Resources presently has an average rating of “Hold” and a consensus price target of $58.50.
Check Out Our Latest Report on TBN
Tamboran Resources Stock Up 6.8%
The firm has a 50-day moving average price of $35.37 and a 200 day moving average price of $35.05. 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 company has a market cap of $1.14 billion, a price-to-earnings ratio of -21.39 and a beta of -2.03.
Institutional Trading of Tamboran Resources
Institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new position in Tamboran Resources in the 2nd quarter valued at $39,000. Deutsche Bank AG acquired a new stake in shares of Tamboran Resources during the second quarter worth $42,000. Avalon Trust Co acquired a new stake in shares of Tamboran Resources during the second quarter worth $44,000. Janney Montgomery Scott LLC bought a new stake in shares of Tamboran Resources in the first quarter valued at about $240,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Tamboran Resources in the second quarter valued at about $242,000.
Tamboran Resources Company Profile
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.