Tamboran Resources’ (TBN) Sector Perform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Tamboran Resources (NYSE:TBN) in a research note issued to investors on Tuesday morning, Benzinga reports. The firm currently has a $31.00 price target on the stock.

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

Tamboran Resources Trading Up 2.2 %

NYSE:TBN opened at $19.36 on Tuesday. Tamboran Resources has a 1 year low of $17.92 and a 1 year high of $25.99. The firm has a fifty day moving average price of $20.09. The company has a current ratio of 3.48, a quick ratio of 3.48 and a debt-to-equity ratio of 0.05.

Insiders Place Their Bets

In related news, major shareholder Bryan Sheffield acquired 12,424 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were bought at an average cost of $20.12 per share, with a total value of $249,970.88. Following the completion of the transaction, the insider now directly owns 2,247,404 shares of the company’s stock, valued at $45,217,768.48. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On Tamboran Resources

Several hedge funds have recently bought and sold shares of TBN. Edge Capital Group LLC bought a new stake in shares of Tamboran Resources during the 2nd quarter valued at approximately $4,687,000. Encompass Capital Advisors LLC acquired a new stake in Tamboran Resources during the 2nd quarter worth approximately $4,687,000. Finally, HITE Hedge Asset Management LLC acquired a new stake in Tamboran Resources during the 2nd quarter worth approximately $6,750,000.

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.