Tamboran Resources (NYSE:TBN) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Tamboran Resources from “strong sell” to “hold,” while Weiss Ratings maintained a “sell (d)” rating.
• Despite mixed analyst opinions, Tamboran has a consensus “Moderate Buy” rating from six analysts, with an average price target of $58.50 versus its $35.48 opening price.
• Several hedge funds increased or initiated positions in the company during the second quarter, including Alyeska Investment Group, which acquired shares valued at approximately $8.8 million.

Tamboran Resources (NYSE:TBN - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Monday, Zacks reports.

Separately, Weiss Ratings reiterated a "sell (d)" rating on shares of Tamboran Resources in a report on Monday, July 6th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $58.50.

Tamboran Resources Price Performance

Shares of TBN stock opened at $35.48 on Monday. The company has a market capitalization of $1.00 billion, a PE ratio of -18.98 and a beta of -2.03. The firm has a fifty day simple moving average of $36.09 and a 200-day simple moving average of $35.33. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.10. Tamboran Resources has a twelve month low of $19.55 and a twelve month high of $52.21.

Hedge Funds Weigh In On Tamboran Resources

Hedge funds have recently bought and sold shares of the company. Engineers Gate Manager LP acquired a new position in Tamboran Resources in the second quarter valued at approximately $242,000. HighTower Advisors LLC raised its position in shares of Tamboran Resources by 860.9% during the 2nd quarter. HighTower Advisors LLC now owns 456,751 shares of the company's stock worth $14,849,000 after purchasing an additional 409,218 shares during the period. Readystate Asset Management LP raised its position in shares of Tamboran Resources by 231.9% during the 2nd quarter. Readystate Asset Management LP now owns 44,147 shares of the company's stock worth $1,435,000 after purchasing an additional 30,846 shares during the period. Susquehanna International Group LLP acquired a new position in Tamboran Resources during the 2nd quarter valued at approximately $803,000. Finally, Alyeska Investment Group L.P. acquired a new position in Tamboran Resources during the 2nd quarter valued at approximately $8,818,000.

Tamboran Resources Company Profile

Tamboran Resources Corporation NYSE: TBN is an Australia-focused natural gas exploration and development company. The company's primary asset base is located in the Beetaloo Basin in Australia's Northern Territory, where it is pursuing the development of large-scale shale gas resources.

Tamboran's activities include acquiring and evaluating exploration acreage, drilling and testing wells, and advancing infrastructure and commercial development plans for natural gas production. Its Beetaloo Basin portfolio includes the Shenandoah South and Amungee projects, which are intended to support future domestic gas supply and potential liquefied natural gas export opportunities.

The company was established to develop unconventional gas resources in Australia and has focused its operations on the Northern Territory rather than maintaining a broad international footprint.

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