Tamboran Resources (NYSE:TBN) Lowered to "Strong Sell" Rating by Zacks Research

Key Points

• Zacks Research downgraded Tamboran Resources from “hold” to “strong sell,” although analyst sentiment remains mixed, with a consensus “hold” rating and an average price target of $58.50.
• Tamboran shares opened at $32.60, well below their 52-week high of $52.21. The company reported a quarterly loss of $0.42 per share, missing the $0.36-per-share consensus estimate.
• Tamboran is an energy company developing unconventional natural-gas resources in Australia’s Beetaloo Basin, while several institutional investors recently initiated or increased positions in the stock.

Tamboran Resources (NYSE:TBN - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Wednesday,Zacks.com reports.

TBN has been the topic of a number of other reports. Roth Capital initiated coverage on Tamboran Resources in a research report on Thursday, May 21st. They set a "buy" rating and a $47.00 target price on the stock. Royal Bank Of Canada raised shares of Tamboran Resources from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $38.00 to $55.00 in a research report on Wednesday, April 29th. Piper Sandler reaffirmed an "overweight" rating and issued a $74.00 price objective (up from $41.00) on shares of Tamboran Resources in a research note on Tuesday, March 31st. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Tamboran Resources in a research report on Monday, July 6th. Four investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $58.50.

Tamboran Resources Price Performance

Tamboran Resources stock opened at $32.60 on Wednesday. The stock has a market capitalization of $923.34 million, a price-to-earnings ratio of -17.44 and a beta of -2.10. Tamboran Resources has a 52-week low of $19.55 and a 52-week high of $52.21. The stock's 50 day moving average price is $33.41 and its two-hundred day moving average price is $33.10. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.00 and a current ratio of 2.00.

Tamboran Resources (NYSE:TBN - Get Free Report) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.06). On average, equities analysts predict that Tamboran Resources will post -1.41 earnings per share for the current year.

Hedge Funds Weigh In On Tamboran Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE grew its holdings in shares of 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 acquiring an additional 600 shares in the last quarter. State of Wyoming purchased a new stake in Tamboran Resources during the second quarter worth about $99,000. Walleye Capital LLC purchased a new position in Tamboran Resources in the fourth quarter valued at about $204,000. Janney Montgomery Scott LLC purchased a new stake in shares of Tamboran Resources during the 1st quarter worth approximately $240,000. Finally, XY Capital Ltd purchased a new position in Tamboran Resources in the fourth quarter valued at approximately $253,000.

Tamboran Resources Company Profile

Tamboran Resources is an independent energy company focused on the exploration and development of unconventional natural gas resources. Headquartered in Canada and listed on the New York Stock Exchange under the ticker TBN, the company concentrates its activities on onshore basins in Australia. Tamboran's primary objective is to advance its exploration acreage toward commercial viability by leveraging modern drilling and reservoir evaluation techniques.

The company holds exploration licenses in the Beetaloo Basin in the Northern Territory of Australia, where it is conducting appraisal drilling programs to define reservoir characteristics and recoverability.

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