Tamboran Resources (NYSE:TBN) Given “Sector Perform” Rating at Royal Bank of Canada

Tamboran Resources (NYSE:TBN)‘s stock had its “sector perform” rating reiterated by investment analysts at Royal Bank of Canada in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $31.00 target price on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 72.70% from the stock’s current price.

A number of other brokerages have also issued reports on TBN. Piper Sandler initiated coverage on Tamboran Resources in a research note on Monday, July 22nd. They set an “overweight” rating and a $41.00 price target for the company. Johnson Rice assumed coverage on Tamboran Resources in a research note on Tuesday, July 23rd. They set a “buy” rating and a $47.00 price target for the company. Finally, Citigroup initiated coverage on Tamboran Resources in a research report on Monday, July 22nd. They set a “buy” rating and a $32.00 target price for the company.

Tamboran Resources Trading Down 3.8 %

Shares of Tamboran Resources stock opened at $17.95 on Tuesday. Tamboran Resources has a one year low of $17.48 and a one year high of $25.99. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.59 and a quick ratio of 2.59. The business has a 50 day moving average of $19.25.

Insider Buying and Selling

In other news, major shareholder Bryan Sheffield purchased 12,424 shares of the company’s stock in a transaction on Friday, August 30th. The shares were acquired at an average price of $20.12 per share, for a total transaction of $249,970.88. Following the purchase, the insider now owns 2,247,404 shares in the company, valued at $45,217,768.48. This trade represents a 0.56 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.10% of the stock is owned by company insiders.

Institutional Trading of Tamboran Resources

Several large investors have recently added to or reduced their stakes in TBN. Baupost Group LLC MA acquired a new position in shares of Tamboran Resources in the 3rd quarter valued at about $11,599,000. HITE Hedge Asset Management LLC acquired a new position in Tamboran Resources in the 2nd quarter worth about $6,750,000. Encompass Capital Advisors LLC acquired a new position in shares of Tamboran Resources during the second quarter valued at approximately $4,687,000. Edge Capital Group LLC acquired a new position in shares of Tamboran Resources during the second quarter valued at approximately $4,687,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Tamboran Resources during the third quarter valued at approximately $1,930,000.

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.