Tamboran Resources (NYSE:TBN) Shares Gap Down - Here's What Happened

Key Points

• Tamboran Resources shares fell at the open, dropping from a prior close of $31.87 to $30.78 and last trading at $30.72.
• Analyst sentiment remains mixed: recent changes ranged from upgrades to “hold” and “sell” to Scotiabank’s new “outperform” rating with a $70 target. Overall, analysts maintain a “Moderate Buy” consensus and an average target price of $60.80.
• Several institutional investors increased or initiated positions, including HighTower Advisors, which expanded its holdings by 860.9%, and Readystate Asset Management, which increased its stake by 231.9%.

Shares of Tamboran Resources Corporation (NYSE:TBN - Get Free Report) gapped down prior to trading on Monday. The stock had previously closed at $31.87, but opened at $30.78. Tamboran Resources shares last traded at $30.72, with a volume of 11,340 shares trading hands.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Zacks Research upgraded shares of Tamboran Resources from a "strong sell" rating to a "hold" rating in a research report on Monday, September 21st. Weiss Ratings restated a "sell (d)" rating on shares of Tamboran Resources in a research report on Friday, October 2nd. Wall Street Zen upgraded shares of Tamboran Resources from a "strong sell" rating to a "sell" rating in a research note on Saturday. Finally, Scotiabank initiated coverage on shares of Tamboran Resources in a report on Wednesday. They issued an "outperform" rating and a $70.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Tamboran Resources currently has an average rating of "Moderate Buy" and an average target price of $60.80.

Tamboran Resources Price Performance

The stock's fifty day moving average price is $36.56 and its 200-day moving average price is $35.53. The firm has a market cap of $1.04 billion, a PE ratio of -15.98 and a beta of -1.91. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.61 and a current ratio of 2.61.

Institutional Investors Weigh In On Tamboran Resources

Institutional investors have recently added to or reduced their stakes in the company. Robertson Stephens Wealth Management LLC acquired a new stake in Tamboran Resources during the third quarter valued at approximately $2,757,000. GK Wealth Management LLC bought a new stake in shares of Tamboran Resources in the 3rd quarter worth $41,000. Engineers Gate Manager LP bought a new position in Tamboran Resources during the second quarter valued at about $242,000. HighTower Advisors LLC grew its holdings in shares of 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. Finally, Readystate Asset Management LP boosted its holdings in shares of Tamboran Resources by 231.9% in the second quarter. Readystate Asset Management LP now owns 44,147 shares of the company's stock worth $1,435,000 after buying an additional 30,846 shares during the period.

Tamboran Resources Company Profile

Tamboran Resources is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is developing large-scale onshore natural gas resources, with an emphasis on producing lower-carbon-intensity gas for Australian energy markets.

Tamboran's activities include exploration, appraisal drilling, resource development and the planning of production infrastructure. Its principal project area includes the Shenandoah South development in the Beetaloo Basin, where the company is working to establish a long-term supply of natural gas for domestic use and potential liquefied natural gas export markets.

Tamboran Resources is headquartered in Australia and has been led by Chief Executive Officer Joel Riddle.

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