Tamboran Resources Corporation (NYSE:TBN) Receives Average Rating of "Buy" from Brokerages

Key Points

• Tamboran Resources Corporation (NYSE:TBN) holds an average analyst rating of "Buy", with analysts recommending it as a strong investment opportunity.
• Major shareholder Bryan Sheffield recently increased his stake by purchasing 563,697 shares for approximately $10 million, boosting his total holdings significantly.
• Alberta Investment Management Corp raised its stake in the company by 116.8%, highlighting growing institutional interest in Tamboran Resources.

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

Several research firms have commented on TBN. Northland Capmk upgraded Tamboran Resources to a "strong-buy" rating in a research report on Wednesday, May 28th. Royal Bank Of Canada decreased their target price on Tamboran Resources from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research report on Wednesday, July 9th. Finally, Northland Securities started coverage on Tamboran Resources in a research report on Wednesday, May 28th. They set an "outperform" rating and a $36.00 target price on the stock.

Insider Activity

In other Tamboran Resources news, major shareholder Bryan Sheffield bought 563,697 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were purchased at an average price of $17.74 per share, for a total transaction of $9,999,984.78. Following the transaction, the insider directly owned 3,123,601 shares of the company's stock, valued at approximately $55,412,681.74. This represents a 22.02% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TBN. Bank of America Corp DE raised its stake in Tamboran Resources by 66.7% in the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock valued at $31,000 after purchasing an additional 600 shares during the last quarter. State of Wyoming acquired a new position in Tamboran Resources in the 2nd quarter valued at $99,000. Whitebox Advisors LLC acquired a new position in Tamboran Resources in the 2nd quarter valued at $1,194,000. Ingalls & Snyder LLC raised its stake in Tamboran Resources by 36.2% in the 2nd 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 last quarter. Finally, Nuveen Asset Management LLC raised its stake in Tamboran Resources by 1.5% in the 4th 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 last quarter.

Tamboran Resources Stock Performance

Tamboran Resources stock traded down $0.27 during mid-day trading on Monday, hitting $21.73. The company had a trading volume of 6,636 shares, compared to its average volume of 16,120. 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 has a 12-month low of $15.75 and a 12-month high of $34.50. The company's fifty day moving average is $20.15 and its 200-day moving average is $21.61.

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.