Tamboran Resources (NYSE:TBN) Sees Strong Trading Volume - Here's What Happened

Key Points

• Tamboran experienced unusually strong trading volume with about 99,256 shares changing hands mid-day (down 8% from the prior session) and the stock last trading around $36.33 versus a $35.75 close.
• Analysts boosted targets—Wells Fargo raised its target to $58 (overweight) and Piper Sandler to $74—leaving a MarketBeat consensus price target of $51.50 and an average rating of "Moderate Buy."
• Company fundamentals show a market cap of roughly $811M, negative earnings (last quarter EPS -$0.33; FY forecast -$1.86) but solid liquidity (current and quick ratios 2.01) and low leverage (debt/equity 0.09).

Tamboran Resources Corporation (NYSE:TBN - Get Free Report) shares saw unusually-strong trading volume on Thursday . Approximately 99,256 shares traded hands during mid-day trading, a decline of 8% from the previous session's volume of 107,853 shares.The stock last traded at $36.3250 and had previously closed at $35.75.

Analysts Set New Price Targets

Several equities analysts recently commented on TBN shares. Wells Fargo & Company upped their target price on Tamboran Resources from $35.00 to $58.00 and gave the company an "overweight" rating in a research note on Monday, March 30th. Weiss Ratings reiterated a "sell (d)" rating on shares of Tamboran Resources in a research note on Friday, January 9th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $74.00 target price (up from $41.00) on shares of Tamboran Resources in a research note on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Tamboran Resources has an average rating of "Moderate Buy" and a consensus price target of $51.50.

Tamboran Resources Price Performance

The stock has a market capitalization of $810.96 million, a price-to-earnings ratio of -18.75 and a beta of -1.60. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average of $32.64 and a 200 day moving average of $28.03.

Tamboran Resources (NYSE:TBN - Get Free Report) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.33) EPS for the quarter, hitting the consensus estimate of ($0.33). As a group, equities research analysts forecast that Tamboran Resources Corporation will post -1.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Tamboran Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in TBN. Financial Management Professionals Inc. acquired a new stake in Tamboran Resources during the third quarter worth about $27,000. Bank of America Corp DE increased its stake 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 worth $31,000 after acquiring an additional 600 shares during the last quarter. State of Wyoming acquired a new stake in Tamboran Resources during the second quarter worth about $99,000. Walleye Capital LLC acquired a new stake in Tamboran Resources during the fourth quarter worth about $204,000. Finally, XY Capital Ltd acquired a new stake in Tamboran Resources during the fourth quarter worth about $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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