Royal Bank Of Canada Forecasts Strong Price Appreciation for Tamboran Resources (NYSE:TBN) Stock

Key Points

• Royal Bank Of Canada has increased its price target for Tamboran Resources from $30.00 to $38.00, suggesting a potential upside of 40.48% from its previous close.
• Despite the positive outlook from Royal Bank, Weiss Ratings has reaffirmed a "sell" rating on the stock, highlighting a mixed analyst sentiment with varying ratings from Strong Buy to Sell.
• Recent institutional investments show increased interest in Tamboran Resources, with Bank of America boosting its stake by 66.7% during the last quarter, indicating growing confidence among hedge funds.

Tamboran Resources (NYSE:TBN - Get Free Report) had its price objective hoisted by investment analysts at Royal Bank Of Canada from $30.00 to $38.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential upside of 40.48% from the stock's previous close.

Separately, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Tamboran Resources in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $36.75.

Tamboran Resources Stock Performance

TBN stock traded up $1.09 during trading on Friday, reaching $27.05. 45,110 shares of the company's stock were exchanged, compared to its average volume of 34,780. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.02. Tamboran Resources has a 1-year low of $15.75 and a 1-year high of $34.50. The company's fifty day moving average price is $23.41 and its 200-day moving average price is $21.76. The firm has a market cap of $482.03 million, a PE ratio of -10.81 and a beta of 0.32.

Institutional Investors Weigh In On Tamboran Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. Financial Management Professionals Inc. acquired a new stake in shares of Tamboran Resources in the 3rd quarter valued at $27,000. Bank of America Corp DE lifted its stake in Tamboran Resources by 66.7% in the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock valued at $31,000 after buying an additional 600 shares during the period. State of Wyoming acquired a new stake in shares of Tamboran Resources in the 2nd quarter valued at approximately $99,000. Whitebox Advisors LLC acquired a new stake in shares of Tamboran Resources in the 2nd quarter valued at approximately $1,194,000. Finally, Ingalls & Snyder LLC boosted its stake in Tamboran Resources by 36.2% during the 2nd quarter. Ingalls & Snyder LLC now owns 115,340 shares of the company's stock worth $2,459,000 after acquiring an additional 30,650 shares during the last quarter.

Tamboran Resources Company Profile

Tamboran Resources Corporation, a natural gas company, focuses on developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin.

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