Tamboran Resources (NYSE:TBN) Posts Quarterly Earnings Results, Misses Estimates By $0.39 EPS

Key Points

• Tamboran Resources reported a quarterly EPS of ($0.59), missing estimates by ($0.39), which contributed to a 3.1% drop in share price to $20.84.
• Major shareholder Bryan Sheffield increased his stake by buying 563,697 shares at an average price of $17.74, representing a 22.02% increase in ownership.
• Analysts currently rate Tamboran Resources with a consensus of "Buy" and an average price target of $34.75, despite a recent decrease in price target by Royal Bank Of Canada from $31.00 to $30.00.

Tamboran Resources (NYSE:TBN - Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.39), Zacks reports.

Tamboran Resources Trading Down 3.1%

TBN stock traded down $0.66 during midday trading on Thursday, reaching $20.84. The company had a trading volume of 29,289 shares, compared to its average volume of 22,992. Tamboran Resources has a 1 year low of $15.75 and a 1 year high of $34.50. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average of $20.75 and a two-hundred day moving average of $21.30.

Insider Transactions at Tamboran Resources

In related news, major shareholder Bryan Sheffield bought 563,697 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was bought 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 in the company, valued at $55,412,681.74. This represents a 22.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.30% of the stock is currently owned by insiders.

Institutional Trading of Tamboran Resources

Several hedge funds and other institutional investors have recently bought and sold shares of TBN. Bank of America Corp DE grew its position 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 worth $31,000 after purchasing an additional 600 shares during the last quarter. Whitebox Advisors LLC acquired a new stake in Tamboran Resources in the 2nd quarter worth $1,194,000. Finally, State of Wyoming acquired a new stake in Tamboran Resources in the 2nd quarter worth $99,000.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Royal Bank Of Canada decreased their price target on shares of 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. Northland Capmk raised Tamboran Resources to a "strong-buy" rating in a report on Wednesday, May 28th. Finally, Northland Securities started coverage on Tamboran Resources in a report on Wednesday, May 28th. They issued an "outperform" rating and a $36.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Tamboran Resources presently has a consensus rating of "Buy" and an average price target of $34.75.

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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