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

Royal Bank of Canada reissued their sector perform rating on shares of Tamboran Resources (NYSE:TBN) in a research report report published on Tuesday, Benzinga reports. They currently have a $31.00 target price on the stock.

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

Tamboran Resources Price Performance

Tamboran Resources stock opened at $19.04 on Tuesday. The company has a quick ratio of 3.48, a current ratio of 3.48 and a debt-to-equity ratio of 0.05. The firm’s 50-day moving average price is $20.04. Tamboran Resources has a 52-week low of $17.92 and a 52-week high of $25.99.

Insider Transactions at Tamboran Resources

In related news, major shareholder Bryan Sheffield purchased 12,424 shares of Tamboran Resources stock in a transaction dated Friday, August 30th. The stock was bought at an average cost of $20.12 per share, with a total value of $249,970.88. Following the purchase, the insider now owns 2,247,404 shares in the company, valued at approximately $45,217,768.48. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Institutional Trading of Tamboran Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in TBN. HITE Hedge Asset Management LLC bought a new stake in shares of Tamboran Resources in the 2nd quarter worth approximately $6,750,000. Encompass Capital Advisors LLC bought a new stake in shares of Tamboran Resources in the 2nd quarter worth approximately $4,687,000. Finally, Edge Capital Group LLC bought a new stake in shares of Tamboran Resources in the 2nd quarter worth approximately $4,687,000.

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.