Tamboran Resources (NYSE:TBN) Shares Gap Up - Here's Why

Key Points

• Tamboran Resources shares opened sharply higher, rising from a prior close of $27.79 to $30.23 and last trading at $30.7660.
• Analyst sentiment improved overall: the stock carries a “Moderate Buy” consensus rating and a $60.80 average price target, including Scotiabank’s “outperform” rating and $70 target.
• Institutional interest increased, with several firms initiating positions and HighTower Advisors expanding its stake by 860.9% to 456,751 shares.

Tamboran Resources Corporation (NYSE:TBN - Get Free Report) shares gapped up before the market opened on Monday. The stock had previously closed at $27.79, but opened at $30.23. Tamboran Resources shares last traded at $30.7660, with a volume of 4,843 shares.

Analysts Set New Price Targets

Several research firms have recently issued reports on TBN. Zacks Research raised Tamboran Resources from a "strong sell" rating to a "hold" rating in a research note on Monday, September 21st. Wall Street Zen upgraded shares of Tamboran Resources from a "strong sell" rating to a "sell" rating in a report on Saturday, October 17th. Weiss Ratings restated a "sell (d)" rating on shares of Tamboran Resources in a research report on Friday, October 2nd. Finally, Scotiabank began coverage on shares of Tamboran Resources in a research report on Wednesday, October 14th. They set an "outperform" rating and a $70.00 target price for the company. Five equities 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. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $60.80.

Tamboran Resources Trading Up 0.8%

The business has a fifty day simple moving average of $35.89 and a 200 day simple moving average of $34.98. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -16.33 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 Trading of Tamboran Resources

Several institutional investors and hedge funds have recently made changes to their positions in TBN. Kings Path Partners LLC acquired a new position in Tamboran Resources in the 3rd quarter valued at about $262,000. Robertson Stephens Wealth Management LLC purchased a new position in Tamboran Resources in the 3rd quarter valued at about $2,757,000. GK Wealth Management LLC acquired a new stake in shares of Tamboran Resources during the 3rd quarter worth about $41,000. Engineers Gate Manager LP acquired a new stake in shares of Tamboran Resources during the 2nd quarter worth about $242,000. Finally, HighTower Advisors LLC boosted its stake 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 last quarter.

About Tamboran Resources

Tamboran Resources Corporation NYSE: TBN is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is working to develop large-scale natural gas resources in the basin for potential supply to Australia's domestic energy market and liquefied natural gas export markets.

Tamboran's activities include acquiring and managing exploration acreage, drilling and evaluating wells, and advancing gas development projects.

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