Tamboran Resources (NYSE:TBN) Shares Gap Down – Time to Sell?

Tamboran Resources Corporation (NYSE:TBN)’s stock price gapped down prior to trading on Tuesday. The stock had previously closed at $31.14, but opened at $29.30. Tamboran Resources shares last traded at $29.6860, with a volume of 9,359 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have commented on TBN. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, October 2nd. Zacks Research upgraded Tamboran Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, September 21st. Wall Street Zen upgraded Tamboran Resources from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 17th. Finally, Scotiabank began coverage on Tamboran Resources in a report on Wednesday, October 14th. They set an “outperform” rating and a $70.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.80.

Tamboran Resources Stock Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 2.61 and a quick ratio of 2.61. The stock has a market capitalization of $1.04 billion, a P/E ratio of -15.91 and a beta of -1.91. The company has a fifty day moving average of $35.05 and a two-hundred day moving average of $33.83.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Quantbot Technologies LP acquired a new position in Tamboran Resources in the second quarter worth approximately $39,000. GK Wealth Management LLC acquired a new position in Tamboran Resources in the 3rd quarter worth approximately $41,000. Deutsche Bank AG purchased a new position in shares of Tamboran Resources during the second quarter valued at $42,000. Avalon Trust Co purchased a new position in Tamboran Resources during the second quarter valued at approximately $44,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Tamboran Resources during the first quarter worth $240,000.

About Tamboran Resources

Tamboran Resources Corporation (NYSE:TBN) is an Australian natural gas exploration and development company focused on the Beetaloo Basin in the Northern Territory. The company is working to develop large-scale natural gas resources in the basin for potential supply to Australia’s domestic energy market and liquefied natural gas export markets.

Tamboran’s activities include acquiring and managing exploration acreage, drilling and evaluating wells, and advancing gas development projects.