Tamboran Resources (NYSE:TBN) Sees Large Volume Increase – Here’s What Happened
by Sarita Garza · The Markets DailyShares of Tamboran Resources Corporation (NYSE:TBN – Get Free Report) saw unusually-strong trading volume on Friday . Approximately 180,917 shares traded hands during trading, an increase of 271% from the previous session’s volume of 48,756 shares.The stock last traded at $31.4650 and had previously closed at $30.97.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on TBN shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a report on Friday, January 9th. Wells Fargo & Company assumed coverage on Tamboran Resources in a research note on Tuesday, December 2nd. They set an “overweight” rating and a $35.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.33.
View Our Latest Analysis on Tamboran Resources
Tamboran Resources Trading Up 4.1%
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 cap of $729.66 million, a price-to-earnings ratio of -16.82 and a beta of 0.18. The company’s fifty day moving average is $27.82 and its two-hundred day moving average is $25.17.
Tamboran Resources (NYSE:TBN – Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The company reported ($0.33) EPS for the quarter, meeting the consensus estimate of ($0.33). The business had revenue of $0.05 million for the quarter. On average, research analysts anticipate that Tamboran Resources Corporation will post -1.86 EPS for the current year.
Institutional Trading of Tamboran Resources
A number of hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its position 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 valued at $31,000 after acquiring an additional 600 shares in the last quarter. Financial Management Professionals Inc. acquired a new stake in shares of Tamboran Resources during the 3rd quarter worth approximately $27,000. State of Wyoming purchased a new position in shares of Tamboran Resources during the 2nd quarter valued at approximately $99,000. Walleye Capital LLC acquired a new position in shares of Tamboran Resources in the 4th quarter valued at $204,000. Finally, Arbiter Partners Capital Management LLC boosted its holdings in Tamboran Resources by 15.5% during the fourth quarter. Arbiter Partners Capital Management LLC now owns 57,212 shares of the company’s stock worth $1,558,000 after buying an additional 7,670 shares in the last quarter.
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.