Wells Fargo & Company Raises Tamboran Resources (NYSE:TBN) Price Target to $58.00

Tamboran Resources (NYSE:TBN) had its target price upped by research analysts at Wells Fargo & Company from $35.00 to $58.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 14.98% from the stock’s previous close.

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, two 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, the stock has an average rating of “Moderate Buy” and an average price target of $51.50.

Tamboran Resources Stock Performance

Shares of TBN stock opened at $50.44 on Monday. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -26.41 and a beta of 0.13. Tamboran Resources has a one year low of $17.29 and a one year high of $52.21. The company’s 50-day simple moving average is $30.87 and its 200-day simple moving average is $27.20. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.01 and a current ratio of 2.01.

Tamboran Resources (NYSE:TBN) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.33) earnings per share for the quarter, meeting the consensus estimate of ($0.33). Equities analysts anticipate that Tamboran Resources will post -1.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Financial Management Professionals Inc. bought a new stake in shares of Tamboran Resources during the 3rd quarter valued at about $27,000. Bank of America Corp DE raised its stake in Tamboran Resources by 66.7% during the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock worth $31,000 after acquiring an additional 600 shares during the period. State of Wyoming bought a new position in Tamboran Resources in the second quarter worth about $99,000. Walleye Capital LLC bought a new position in Tamboran Resources in the fourth quarter worth about $204,000. Finally, XY Capital Ltd acquired a new position in Tamboran Resources in the fourth quarter valued at approximately $253,000.

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.