Royal Bank Of Canada Issues Pessimistic Forecast for Tamboran Resources (NYSE:TBN) Stock Price

Tamboran Resources (NYSE:TBN - Get Free Report) had its price target cut by analysts at Royal Bank Of Canada from $31.00 to $30.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target points to a potential upside of 59.11% from the company's current price.

Other analysts also recently issued reports about the company. Northland Capmk upgraded Tamboran Resources to a "strong-buy" rating in a research report on Wednesday, May 28th. Northland Securities started coverage on Tamboran Resources in a research note on Wednesday, May 28th. They issued an "outperform" rating and a $36.00 target price for the company. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $36.33.

Tamboran Resources Price Performance

Shares of NYSE:TBN opened at $18.86 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.10 and a current ratio of 1.10. Tamboran Resources has a 52-week low of $15.75 and a 52-week high of $34.50. The stock's fifty day simple moving average is $20.94 and its 200-day simple moving average is $22.26.

Tamboran Resources (NYSE:TBN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.09). On average, research analysts predict that Tamboran Resources will post -1.86 EPS for the current year.

Hedge Funds Weigh In On Tamboran Resources

Several institutional investors have recently added to or reduced their stakes in TBN. Bank of America Corp DE increased its stake in Tamboran Resources by 66.7% during the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock worth $31,000 after acquiring an additional 600 shares during the last quarter. Nuveen Asset Management LLC increased its stake in Tamboran Resources by 1.5% during the fourth quarter. Nuveen Asset Management LLC now owns 304,410 shares of the company's stock worth $6,390,000 after acquiring an additional 4,410 shares during the last quarter. HITE Hedge Asset Management LLC increased its stake in Tamboran Resources by 4.5% during the fourth quarter. HITE Hedge Asset Management LLC now owns 511,421 shares of the company's stock worth $10,735,000 after acquiring an additional 22,004 shares during the last quarter. Finally, Yaupon Capital Management LP increased its stake in Tamboran Resources by 126.4% during the fourth quarter. Yaupon Capital Management LP now owns 315,544 shares of the company's stock worth $6,623,000 after acquiring an additional 176,189 shares during the last quarter.

About Tamboran Resources

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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