Tamboran Resources' (TBN) Sector Perform Rating Reiterated at Royal Bank of Canada

Tamboran Resources (NYSE:TBN - Get Free Report)'s stock had its "sector perform" rating restated by research analysts at Royal Bank of Canada in a report issued on Tuesday,Benzinga reports. They currently have a $31.00 price objective on the stock. Royal Bank of Canada's target price indicates a potential upside of 66.13% from the stock's previous close.

TBN has been the subject of several other reports. Citigroup started 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. Johnson Rice assumed coverage on shares of Tamboran Resources in a report on Tuesday, July 23rd. They set a "buy" rating and a $47.00 price target for the company. Finally, Piper Sandler initiated coverage on shares of Tamboran Resources in a research report on Monday, July 22nd. They set an "overweight" rating and a $41.00 price objective for the company.

Tamboran Resources Stock Down 0.6 %

NYSE TBN traded down $0.12 during trading hours on Tuesday, reaching $18.66. The company's stock had a trading volume of 12,333 shares, compared to its average volume of 45,798. The company's fifty day simple moving average is $19.27. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.59 and a quick ratio of 2.59. Tamboran Resources has a 52 week low of $17.48 and a 52 week high of $25.99.

Insider Transactions at Tamboran Resources

In other news, major shareholder Bryan Sheffield acquired 12,424 shares of Tamboran Resources stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average price of $20.12 per share, with a total value of $249,970.88. Following the completion of the purchase, the insider now owns 2,247,404 shares in the company, valued at approximately $45,217,768.48. The trade was a 0.56 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 5.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC purchased a new stake in Tamboran Resources during the 2nd quarter valued at about $4,687,000. HITE Hedge Asset Management LLC purchased a new stake in Tamboran Resources in the second quarter worth $6,750,000. Edge Capital Group LLC purchased a new position in Tamboran Resources during the 2nd quarter valued at about $4,687,000. The Manufacturers Life Insurance Company bought a new stake in shares of Tamboran Resources in the 3rd quarter worth approximately $1,930,000. Finally, Yaupon Capital Management LP grew its stake in shares of Tamboran Resources by 7.2% in the third quarter. Yaupon Capital Management LP now owns 139,355 shares of the company's stock worth $2,832,000 after acquiring an additional 9,355 shares during the last quarter.

About Tamboran Resources

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.