Royal Bank of Canada Reiterates Sector Perform Rating for Tamboran Resources (NYSE:TBN)

Tamboran Resources (NYSE:TBN)‘s stock had its “sector perform” rating reaffirmed by equities research analysts at Royal Bank of Canada in a report released on Tuesday, Benzinga reports. They currently have a $31.00 target price on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 63.67% from the stock’s current price.

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

Tamboran Resources Price Performance

Shares of TBN opened at $18.94 on Tuesday. Tamboran Resources has a 52 week low of $17.92 and a 52 week high of $25.99. The stock has a 50-day moving average of $20.15.

Insider Activity

In other news, major shareholder Bryan Sheffield bought 12,424 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 2,247,404 shares in the company, valued at $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 at this hyperlink.

Hedge Funds Weigh In On Tamboran Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of TBN. Edge Capital Group LLC purchased a new position in Tamboran Resources in the 2nd quarter valued at approximately $4,687,000. Encompass Capital Advisors LLC bought a new position in shares of Tamboran Resources during the second quarter worth about $4,687,000. Finally, HITE Hedge Asset Management LLC bought a new position in shares of Tamboran Resources in the 2nd quarter worth about $6,750,000.

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.