Tamboran Resources (NYSE:TBN) Reaches New 1-Year High – Still a Buy?
by Tristan Rich · The Markets DailyShares of Tamboran Resources Corporation (NYSE:TBN – Get Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as $33.54 and last traded at $33.5310, with a volume of 9716 shares trading hands. The stock had previously closed at $31.95.
Analyst Ratings Changes
TBN has been the topic of a number of research reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, January 9th. Wells Fargo & Company began coverage on Tamboran Resources in a research note on Tuesday, December 2nd. They set an “overweight” rating and a $35.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $36.33.
Read Our Latest Stock Analysis on Tamboran Resources
Tamboran Resources Stock Performance
The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average is $29.55 and its two-hundred day moving average is $26.56. The stock has a market capitalization of $789.12 million, a P/E ratio of -18.25 and a beta of 0.13.
Tamboran Resources (NYSE:TBN – Get Free Report) last posted its earnings results on Wednesday, February 11th. The company reported ($0.33) EPS for the quarter, hitting the consensus estimate of ($0.33). As a group, sell-side analysts anticipate that Tamboran Resources Corporation will post -1.86 EPS for the current fiscal year.
Institutional Trading of Tamboran Resources
Hedge funds have recently added to or reduced their stakes in the business. HITE Hedge Asset Management LLC increased its holdings in shares of Tamboran Resources by 44.0% during the third quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock valued at $47,575,000 after purchasing an additional 530,850 shares during the period. Arbiter Partners Capital Management LLC acquired a new stake in Tamboran Resources in the third quarter worth about $1,356,000. Ingalls & Snyder LLC grew its position in Tamboran Resources by 124.1% in the 3rd quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock valued at $7,079,000 after buying an additional 143,194 shares in the last quarter. State of Wyoming increased its stake in Tamboran Resources by 178.9% during the 3rd quarter. State of Wyoming now owns 12,954 shares of the company’s stock valued at $355,000 after buying an additional 8,310 shares during the period. Finally, Financial Management Professionals Inc. bought a new stake in shares of Tamboran Resources during the 3rd quarter worth about $27,000.
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.