Tamboran Resources (NYSE:TBN) Shares Up 5.6% - Time to Buy?

Key Points

• Tamboran Resources shares rose 5.6% to about $39.66, outperforming its 50-day and 200-day moving averages, though trading volume was 51% below average.
• Analyst sentiment is mixed: Roth Capital initiated coverage with a Buy rating and a $47 target, while Weiss Ratings and Zacks Research issued bearish views. The stock carries an overall “Hold” rating and an average price target of $58.50.
• Several institutional investors increased their positions, while Tamboran continues developing shale-gas assets in Australia’s Beetaloo Basin, including the Shenandoah South and Amungee projects.

Tamboran Resources Corporation (NYSE:TBN - Get Free Report) shot up 5.6% during mid-day trading on Tuesday . The stock traded as high as $39.68 and last traded at $39.66. Approximately 77,408 shares were traded during mid-day trading, a decline of 51% from the average session volume of 157,043 shares. The stock had previously closed at $37.57.

Analyst Ratings Changes

A number of research firms recently weighed in on TBN. Roth Capital initiated coverage on shares of Tamboran Resources in a research note on Thursday, May 21st. They set a "buy" rating and a $47.00 price target for the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Tamboran Resources in a research note on Monday, July 6th. Finally, Zacks Research lowered shares of Tamboran Resources from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 29th. Four analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, Tamboran Resources presently has an average rating of "Hold" and an average target price of $58.50.

Tamboran Resources Trading Up 6.8%

The company's fifty day simple moving average is $35.37 and its two-hundred day simple moving average is $35.05. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -21.39 and a beta of -2.03.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TBN. HITE Hedge Asset Management LLC lifted its stake in Tamboran Resources by 17.2% in the 4th quarter. HITE Hedge Asset Management LLC now owns 2,036,603 shares of the company's stock valued at $55,457,000 after acquiring an additional 299,028 shares in the last quarter. Alberta Investment Management Corp grew its position in shares of Tamboran Resources by 13.2% in the 4th quarter. Alberta Investment Management Corp now owns 858,680 shares of the company's stock valued at $23,382,000 after acquiring an additional 100,000 shares during the period. Encompass Capital Advisors LLC grew its holdings in Tamboran Resources by 26.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company's stock worth $19,434,000 after purchasing an additional 150,000 shares during the period. HighTower Advisors LLC grew its holdings in Tamboran Resources by 860.9% during the second 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. Finally, Alyeska Investment Group L.P. acquired a new position in Tamboran Resources during the second quarter worth approximately $8,818,000.

About Tamboran Resources

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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