Tamboran Resources Corporation (NYSE:TBN) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Tamboran Resources Corporation (NYSE:TBN) has been given a consensus rating of "Buy" by five research firms, with an average one-year price target of $34.75.
• Major shareholder Bryan Sheffield acquired 563,697 shares of Tamboran Resources, increasing his position in the company by 22.02% and valuing his stake at approximately $55.4 million.
• Recent institutional activity includes Bank of America growing its holdings in Tamboran Resources by 66.7% during the fourth quarter, signaling strong investor interest in the company.

Shares of Tamboran Resources Corporation (NYSE:TBN - Get Free Report) have been assigned a consensus rating of "Buy" from the five research firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $34.75.

Separately, Royal Bank Of Canada decreased their target price on shares of Tamboran Resources from $31.00 to $30.00 and set a "sector perform" rating for the company in a research report on Wednesday, July 9th.

Insider Activity

In other Tamboran Resources news, major shareholder Bryan Sheffield bought 563,697 shares of Tamboran Resources stock in a transaction that occurred on Tuesday, July 22nd. The stock was purchased at an average price of $17.74 per share, with a total value of $9,999,984.78. Following the completion of the acquisition, the insider directly owned 3,123,601 shares in the company, valued at approximately $55,412,681.74. This trade represents a 22.02% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.30% of the stock is currently owned by company insiders.

Institutional Trading of Tamboran Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position 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 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 second quarter valued at about $99,000. Whitebox Advisors LLC acquired a new stake in shares of Tamboran Resources in the second quarter valued at about $1,194,000. Ingalls & Snyder LLC grew its position in shares of Tamboran Resources by 36.2% in the second quarter. Ingalls & Snyder LLC now owns 115,340 shares of the company's stock valued at $2,459,000 after purchasing an additional 30,650 shares during the period. Finally, Nuveen Asset Management LLC grew its position in shares of Tamboran Resources by 1.5% in the fourth quarter. Nuveen Asset Management LLC now owns 304,410 shares of the company's stock valued at $6,390,000 after purchasing an additional 4,410 shares during the period.

Tamboran Resources Stock Performance

NYSE:TBN opened at $20.84 on Friday. Tamboran Resources has a 52 week low of $15.75 and a 52 week high of $34.50. The firm has a 50 day moving average of $20.78 and a 200 day moving average of $21.29. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.10 and a quick ratio of 1.10.

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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