Tamboran Resources Corporation (NYSE:TBN) Stock Has Consensus Target Price of $60.80

Key Points

• Analysts rate Tamboran Resources a “Moderate Buy”: Five of seven covering analysts recommend buying, while one rates it hold and one sell. Their average 12-month price target is $60.80, compared with Wednesday’s opening price of $28.57.
• Several institutional investors added or initiated positions: Alberta Investment Management purchased a stake valued at about $27.9 million, while HighTower Advisors increased its holdings by 860.9%.
• Tamboran Resources is focused on exploring and developing unconventional natural gas resources in Australia’s Beetaloo Basin, with potential plans to supply domestic markets and, depending on development and market conditions, support future exports.

Shares of Tamboran Resources Corporation (NYSE:TBN - Get Free Report) have been given a consensus rating of "Moderate Buy" by the seven analysts that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $60.80.

TBN has been the subject of a number of research reports. Wall Street Zen upgraded shares of Tamboran Resources from a "strong sell" rating to a "sell" rating in a research report on Saturday, October 17th. Zacks Research upgraded shares of Tamboran Resources from a "strong sell" rating to a "hold" rating in a report on Monday, September 21st. Weiss Ratings reiterated a "sell (d)" rating on shares of Tamboran Resources in a research note on Friday, October 2nd. Finally, Scotiabank assumed coverage on shares of Tamboran Resources in a report on Wednesday, October 14th. They set an "outperform" rating and a $70.00 price objective for the company.

Institutional Investors Weigh In On Tamboran Resources

A number of hedge funds have recently made changes to their positions in TBN. Alberta Investment Management Corp purchased a new position in Tamboran Resources during the 2nd quarter valued at approximately $27,916,000. HighTower Advisors LLC increased its stake in Tamboran Resources by 860.9% in the 2nd quarter. HighTower Advisors LLC now owns 456,751 shares of the company's stock worth $14,849,000 after acquiring an additional 409,218 shares during the last quarter. Boston Partners purchased a new stake in shares of Tamboran Resources during the 3rd quarter worth approximately $10,482,000. Alyeska Investment Group L.P. bought a new position in shares of Tamboran Resources during the 2nd quarter valued at approximately $8,818,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Tamboran Resources during the 2nd quarter valued at approximately $8,040,000.

Tamboran Resources Trading Down 0.2%

Shares of TBN opened at $28.57 on Wednesday. The firm has a market cap of $998.98 million, a P/E ratio of -15.28 and a beta of -1.82. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.61 and a quick ratio of 2.61. Tamboran Resources has a 1 year low of $22.33 and a 1 year high of $52.21. The company has a 50 day simple moving average of $33.99 and a two-hundred day simple moving average of $33.88.

About Tamboran Resources

Tamboran Resources Limited is an independent natural gas company focused on exploring and developing unconventional gas resources in Australia's Beetaloo Basin in the Northern Territory. Its activities include drilling and evaluating wells to assess the basin's shale gas potential. The company's work is centered on the Beetaloo Basin, where it holds interests in exploration and appraisal acreage. Tamboran is working to advance potential gas resources toward development, with the aim of supplying Australian domestic markets and, subject to development and market conditions, supporting future gas exports.

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