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

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

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

Tamboran Resources Trading Down 7.2 %

TBN stock opened at $17.25 on Tuesday. 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 $16.47 and a 52-week high of $25.99. The company’s 50-day moving average is $19.22.

Insider Buying and Selling at Tamboran Resources

In other news, major shareholder Bryan Sheffield purchased 12,424 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were purchased at an average price 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 of the company’s stock, valued at approximately $45,217,768.48. This represents a 0.56 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Atom Investors LP purchased a new position in shares of Tamboran Resources during the 3rd quarter valued at $351,000. Ingalls & Snyder LLC purchased a new position in shares of Tamboran Resources during the 3rd quarter valued at $1,287,000. The Manufacturers Life Insurance Company purchased a new position in shares of Tamboran Resources during the 3rd quarter valued at $1,930,000. Yaupon Capital Management LP lifted its position in shares of Tamboran Resources by 7.2% during the 3rd quarter. Yaupon Capital Management LP now owns 139,355 shares of the company’s stock valued at $2,832,000 after buying an additional 9,355 shares during the last quarter. Finally, Edge Capital Group LLC purchased a new position in shares of Tamboran Resources during the 2nd quarter valued at $4,687,000.

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.