Tamboran Resources (NYSE:TBN) Shares Gap Down - Time to Sell?

Key Points

• Tamboran Resources' share price gapped down from a previous close of $27.38 to an opening of $26.50 before last trading at $28.82, indicating fluctuating investor sentiment.
• Royal Bank Of Canada lowered its price target for Tamboran Resources from $31.00 to $30.00 while maintaining a "sector perform" rating as the stock enjoys a consensus rating of "Buy" with a target of $34.75.
• Significant insider buying was reported with major shareholder Bryan Sheffield purchasing over 563,697 shares for approximately $10 million, increasing his stake by 22.02%.

Tamboran Resources Corporation (NYSE:TBN - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $27.38, but opened at $26.50. Tamboran Resources shares last traded at $28.82, with a volume of 26,845 shares changing hands.

Analyst Ratings Changes

Separately, Royal Bank Of Canada cut their price objective on 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $34.75.

Tamboran Resources Price Performance

The stock has a market capitalization of $549.30 million, a PE ratio of -12.35 and a beta of -0.17. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average of $21.03 and a 200 day moving average of $21.31.

Insider Buying and Selling

In related news, major shareholder Bryan Sheffield acquired 563,697 shares of Tamboran Resources stock in a transaction that occurred on 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 completion of the transaction, the insider owned 3,123,601 shares in the company, valued at $55,412,681.74. This represents a 22.02% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 5.30% of the company's stock.

Hedge Funds Weigh In On Tamboran Resources

A number of institutional investors have recently added to or reduced their stakes in TBN. State of Wyoming acquired a new stake in Tamboran Resources during the second quarter worth $99,000. Bank of America Corp DE boosted its holdings in Tamboran Resources by 1,471.7% during the 2nd quarter. Bank of America Corp DE now owns 11,788 shares of the company's stock valued at $251,000 after acquiring an additional 11,038 shares during the period. Whitebox Advisors LLC purchased a new position in Tamboran Resources during the 2nd quarter valued at about $1,194,000. Alberta Investment Management Corp grew its stake in Tamboran Resources by 116.8% during the 2nd quarter. Alberta Investment Management Corp now owns 758,680 shares of the company's stock worth $16,175,000 after purchasing an additional 408,680 shares in the last quarter. Finally, Ingalls & Snyder LLC grew its stake in Tamboran Resources by 36.2% during the 2nd quarter. Ingalls & Snyder LLC now owns 115,340 shares of the company's stock worth $2,459,000 after purchasing an additional 30,650 shares in the last quarter.

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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