Tamboran Resources (NYSE:TBN) Shares Up 0.6% - Here's Why

Tamboran Resources Corp (NYSE:TBN - Get Free Report)'s stock price rose 0.6% during mid-day trading on Friday . The stock traded as high as $23.31 and last traded at $23.23. Approximately 17,059 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 39,630 shares. The stock had previously closed at $23.10.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TBN. Alliance Global Partners assumed coverage on Tamboran Resources in a research report on Tuesday, January 21st. They set a "buy" rating and a $32.00 price target on the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $41.00 target price on shares of Tamboran Resources in a research report on Monday, December 23rd. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $31.00 price target on shares of Tamboran Resources in a research report on Thursday, January 9th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, Tamboran Resources has a consensus rating of "Moderate Buy" and a consensus price target of $36.60.

Tamboran Resources Trading Up 2.5 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.77 and a current ratio of 1.77. The company's 50-day moving average is $23.64 and its 200 day moving average is $20.45.

Tamboran Resources (NYSE:TBN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.01. On average, analysts forecast that Tamboran Resources Corp will post -1.86 EPS for the current year.

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Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company bought a new stake in Tamboran Resources in the 3rd quarter worth about $1,930,000. Baupost Group LLC MA bought a new stake in shares of Tamboran Resources in the third quarter worth approximately $11,599,000. Atom Investors LP purchased a new position in shares of Tamboran Resources during the third quarter valued at approximately $351,000. HITE Hedge Asset Management LLC boosted its holdings in Tamboran Resources by 63.1% in the third quarter. HITE Hedge Asset Management LLC now owns 489,417 shares of the company's stock worth $9,945,000 after purchasing an additional 189,417 shares during the last quarter. Finally, Ingalls & Snyder LLC bought a new stake in Tamboran Resources in the 3rd quarter worth approximately $1,287,000.

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.