Tamboran Resources (NYSE:TBN) Earns Sector Perform Rating from Royal Bank of Canada

Tamboran Resources (NYSE:TBN)‘s stock had its “sector perform” rating reaffirmed by Royal Bank of Canada in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $31.00 price target on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 51.89% from the company’s previous close.

Separately, Piper Sandler restated an “overweight” rating and set a $41.00 price objective on shares of Tamboran Resources in a research report on Monday, December 23rd.

Tamboran Resources Price Performance

NYSE:TBN opened at $20.41 on Thursday. The firm’s 50-day moving average is $18.50. 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 $15.75 and a 52-week high of $25.99.

Institutional Investors Weigh In On Tamboran Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Baupost Group LLC MA acquired a new position in Tamboran Resources in the 3rd quarter valued at about $11,599,000. HITE Hedge Asset Management LLC grew its stake in shares of Tamboran Resources by 63.1% during the third quarter. HITE Hedge Asset Management LLC now owns 489,417 shares of the company’s stock worth $9,945,000 after purchasing an additional 189,417 shares in the last quarter. Encompass Capital Advisors LLC purchased a new position in shares of Tamboran Resources in the 2nd quarter valued at about $4,687,000. Edge Capital Group LLC purchased a new stake in Tamboran Resources in the second quarter valued at $4,687,000. Finally, Yaupon Capital Management LP grew its stake in Tamboran Resources by 7.2% during the 3rd quarter. Yaupon Capital Management LP now owns 139,355 shares of the company’s stock worth $2,832,000 after buying an additional 9,355 shares during the last quarter.

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.