Royal Bank Of Canada Cuts Tamboran Resources (NYSE:TBN) Price Target to $30.00

Tamboran Resources (NYSE:TBN - Get Free Report) had its target price lowered by investment analysts at Royal Bank Of Canada from $31.00 to $30.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's target price points to a potential upside of 54.88% from the stock's current price.

Several other research firms have also issued reports on TBN. Northland Capmk upgraded Tamboran Resources to a "strong-buy" rating in a research report on Wednesday, May 28th. Northland Securities began coverage on Tamboran Resources in a research note on Wednesday, May 28th. They set an "outperform" rating and a $36.00 price objective for the company. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Tamboran Resources presently has an average rating of "Buy" and an average price target of $36.33.

Tamboran Resources Stock Performance

Shares of TBN traded up $0.68 during mid-day trading on Wednesday, reaching $19.37. The company's stock had a trading volume of 5,750 shares, compared to its average volume of 29,079. Tamboran Resources has a 52 week low of $15.75 and a 52 week high of $34.50. The company's fifty day moving average price is $20.90 and its two-hundred day moving average price is $22.24. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.04.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. HITE Hedge Asset Management LLC boosted its position in shares of Tamboran Resources by 58.3% during the first quarter. HITE Hedge Asset Management LLC now owns 809,505 shares of the company's stock valued at $19,420,000 after purchasing an additional 298,084 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Tamboran Resources by 1.5% during the 4th quarter. Nuveen Asset Management LLC now owns 304,410 shares of the company's stock valued at $6,390,000 after buying an additional 4,410 shares in the last quarter. Bank of America Corp DE grew its position in shares of Tamboran Resources by 66.7% in the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock worth $31,000 after buying an additional 600 shares during the period. Finally, Yaupon Capital Management LP increased its stake in shares of Tamboran Resources by 126.4% during the fourth quarter. Yaupon Capital Management LP now owns 315,544 shares of the company's stock valued at $6,623,000 after purchasing an additional 176,189 shares in 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.