Tamboran Resources Corporation (NYSE:TBN) Receives $58.50 Consensus Price Target from Analysts

Tamboran Resources Corporation (NYSE:TBN) has received an average rating of “Moderate Buy” from the five brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $58.50.

Several research firms recently weighed in on TBN. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research report on Monday, July 6th. Royal Bank Of Canada upgraded Tamboran Resources from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $38.00 to $55.00 in a report on Wednesday, April 29th. Piper Sandler reiterated an “overweight” rating and set a $74.00 price objective (up from $41.00) on shares of Tamboran Resources in a research note on Tuesday, March 31st. Wells Fargo & Company increased their target price on Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, March 30th. Finally, Roth Capital assumed coverage on Tamboran Resources in a research report on Thursday, May 21st. They issued a “buy” rating and a $47.00 target price on the stock.

Tamboran Resources Trading Up 0.6%

Shares of NYSE:TBN opened at $31.99 on Thursday. The business’s 50 day moving average price is $34.12 and its 200-day moving average price is $32.62. Tamboran Resources has a 1 year low of $19.11 and a 1 year high of $52.21. The firm has a market capitalization of $905.98 million, a price-to-earnings ratio of -17.11 and a beta of -2.10. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00.

Tamboran Resources (NYSE:TBN) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). On average, equities research analysts forecast that Tamboran Resources will post -1.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its holdings in shares of 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 buying an additional 600 shares in the last quarter. State of Wyoming purchased a new position in shares of Tamboran Resources in the second quarter worth about $99,000. Janney Montgomery Scott LLC acquired a new position in Tamboran Resources during the first quarter worth about $240,000. Walleye Capital LLC acquired a new position in Tamboran Resources during the fourth quarter worth about $204,000. Finally, XY Capital Ltd purchased a new stake in Tamboran Resources during the 4th quarter valued at about $253,000.

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.