Analysts Set Tamboran Resources Corporation (NYSE:TBN) Price Target at $51.50

Tamboran Resources Corporation (NYSE:TBN) has been given a consensus recommendation of “Moderate Buy” by the five brokerages that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $51.50.

Several equities research analysts recently issued reports on TBN shares. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, January 9th. Wells Fargo & Company lifted their price objective on shares of Tamboran Resources from $35.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, March 30th. Finally, Piper Sandler reiterated an “overweight” rating and set a $74.00 target price (up from $41.00) on shares of Tamboran Resources in a research note on Tuesday, March 31st.

Institutional Investors Weigh In On Tamboran Resources

A number of institutional investors have recently modified their holdings of TBN. HITE Hedge Asset Management LLC lifted its holdings in Tamboran Resources by 44.0% in the third quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock worth $47,575,000 after acquiring an additional 530,850 shares during the last quarter. Arbiter Partners Capital Management LLC bought a new position in shares of Tamboran Resources during the third quarter valued at approximately $1,356,000. Ingalls & Snyder LLC grew its holdings in shares of Tamboran Resources by 124.1% during the third quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock valued at $7,079,000 after purchasing an additional 143,194 shares during the last quarter. Cooper Investors PTY Ltd. acquired a new stake in shares of Tamboran Resources during the 4th quarter worth approximately $690,000. Finally, State of Wyoming raised its position in shares of Tamboran Resources by 178.9% during the 3rd quarter. State of Wyoming now owns 12,954 shares of the company’s stock worth $355,000 after purchasing an additional 8,310 shares during the period.

Tamboran Resources Stock Down 0.0%

NYSE:TBN opened at $43.72 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.01 and a current ratio of 2.01. The company has a market capitalization of $989.87 million, a price-to-earnings ratio of -22.89 and a beta of -1.60. Tamboran Resources has a one year low of $17.29 and a one year high of $52.21. The stock has a 50-day simple moving average of $31.86 and a 200 day simple moving average of $27.63.

Tamboran Resources (NYSE:TBN) last released its earnings results on Thursday, February 12th. The company reported ($0.33) EPS for the quarter, hitting analysts’ consensus estimates of ($0.33). Sell-side analysts predict that Tamboran Resources will post -1.86 EPS for the current fiscal year.

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.