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

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

Other equities research analysts have also issued reports about the company. Johnson Rice started coverage on Tamboran Resources in a research report on Tuesday, July 23rd. They issued a “buy” rating and a $47.00 price objective on the stock. Piper Sandler started coverage on Tamboran Resources in a research report on Monday, July 22nd. They issued an “overweight” rating and a $41.00 price objective on the stock. Finally, Citigroup started coverage on Tamboran Resources in a research report on Monday, July 22nd. They issued a “buy” rating and a $32.00 price objective on the stock.

Tamboran Resources Trading Down 0.6 %

Shares of TBN stock opened at $18.66 on Tuesday. Tamboran Resources has a fifty-two week low of $17.48 and a fifty-two week high of $25.99. The stock has a 50 day simple moving average of $19.27. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.59 and a current ratio of 2.59.

Insider Activity at Tamboran Resources

In other news, major shareholder Bryan Sheffield purchased 12,424 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were bought at an average cost of $20.12 per share, for a total transaction 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 0.56 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tamboran Resources

Several hedge funds have recently added to or reduced their stakes in TBN. Atom Investors LP bought a new stake in Tamboran Resources in the third quarter worth $351,000. Ingalls & Snyder LLC bought a new stake in Tamboran Resources in the third quarter worth $1,287,000. The Manufacturers Life Insurance Company bought a new stake in Tamboran Resources in the third quarter worth $1,930,000. Yaupon Capital Management LP boosted its holdings in Tamboran Resources by 7.2% in the third quarter. Yaupon Capital Management LP now owns 139,355 shares of the company’s stock worth $2,832,000 after acquiring an additional 9,355 shares in the last quarter. Finally, Edge Capital Group LLC bought a new stake in Tamboran Resources in the second quarter worth $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.