Zacks Research Upgrades Tamboran Resources (NYSE:TBN) to Hold

Tamboran Resources (NYSE:TBN) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research note on Monday, July 6th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Tamboran Resources has an average rating of “Moderate Buy” and a consensus price target of $58.50.

Tamboran Resources Price Performance

NYSE:TBN opened at $35.48 on Monday. The business’s 50-day moving average is $36.09 and its 200 day moving average is $35.33. Tamboran Resources has a 12 month low of $19.55 and a 12 month high of $52.21. The company has a market capitalization of $1.00 billion, a P/E ratio of -18.98 and a beta of -2.03. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.10.

Hedge Funds Weigh In On Tamboran Resources

Large investors have recently made changes to their positions in the company. Alberta Investment Management Corp purchased a new stake in Tamboran Resources in the 2nd quarter worth about $27,916,000. Ranger Investment Management L.P. purchased a new position in shares of Tamboran Resources during the second quarter valued at approximately $2,609,000. The Manufacturers Life Insurance Company bought a new position in shares of Tamboran Resources during the second quarter valued at approximately $8,040,000. Cooper Investors PTY Ltd. grew its stake in shares of Tamboran Resources by 514.0% during the second quarter. Cooper Investors PTY Ltd. now owns 155,479 shares of the company’s stock valued at $5,055,000 after buying an additional 130,157 shares during the last quarter. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Tamboran Resources in the second quarter worth approximately $8,818,000.

About Tamboran Resources

Tamboran Resources Corporation (NYSE:TBN) is an Australia-focused natural gas exploration and development company. The company’s primary asset base is located in the Beetaloo Basin in Australia’s Northern Territory, where it is pursuing the development of large-scale shale gas resources.

Tamboran’s activities include acquiring and evaluating exploration acreage, drilling and testing wells, and advancing infrastructure and commercial development plans for natural gas production. Its Beetaloo Basin portfolio includes the Shenandoah South and Amungee projects, which are intended to support future domestic gas supply and potential liquefied natural gas export opportunities.

The company was established to develop unconventional gas resources in Australia and has focused its operations on the Northern Territory rather than maintaining a broad international footprint.