Tamboran Resources (NYSE:TBN) Stock Jumps 7.2% - Still a Buy?

Key Points

• Tamboran Resources shares rose 7.2% to approximately $29.79 in mid-day trading, though volume was 72% below the average session level.
• Analyst views remain mixed, but the stock carries a “Moderate Buy” consensus from seven analysts, with an average price target of $60.80; Scotiabank set a $70 target and an “outperform” rating.
• Tamboran has a market capitalization of about $1.06 billion and is developing natural gas resources in Australia’s Beetaloo Basin for domestic and potential LNG export markets.

Tamboran Resources Corporation (NYSE:TBN - Get Free Report)'s share price traded up 7.2% during mid-day trading on Friday. The stock traded as high as $29.54 and last traded at $29.7850. 44,540 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 158,122 shares. The stock had previously closed at $27.79.

Analysts Set New Price Targets

TBN has been the subject of a number of analyst reports. Scotiabank initiated coverage on shares of Tamboran Resources in a research note on Wednesday, October 14th. They set an "outperform" rating and a $70.00 price objective for the company. Wall Street Zen raised 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. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Tamboran Resources in a research note on Friday, October 2nd. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.80.

Tamboran Resources Price Performance

The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -16.22 and a beta of -1.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.61 and a quick ratio of 2.61. The stock's 50 day simple moving average is $36.02 and its two-hundred day simple moving average is $35.06.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Quantbot Technologies LP acquired a new position in Tamboran Resources during the second quarter worth $39,000. GK Wealth Management LLC acquired a new stake in Tamboran Resources in the 3rd quarter valued at $41,000. Deutsche Bank AG acquired a new stake in Tamboran Resources in the 2nd quarter valued at $42,000. Avalon Trust Co bought a new stake in Tamboran Resources during the 2nd quarter worth about $44,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Tamboran Resources during the 1st quarter worth about $240,000.

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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