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

Tamboran Resources (NYSE:TBN)‘s stock had its “sector perform” rating reiterated by equities researchers at Royal Bank of Canada in a report released on Thursday,Benzinga reports. They currently have a $31.00 price objective on the stock. Royal Bank of Canada’s price target suggests a potential upside of 51.89% from the company’s current price.

Separately, Piper Sandler reiterated an “overweight” rating and issued a $41.00 target price on shares of Tamboran Resources in a research note on Monday, December 23rd.

Tamboran Resources Trading Down 5.8 %

NYSE:TBN opened at $20.41 on Thursday. The stock has a 50-day simple moving average of $18.50. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.59 and a current ratio of 2.59. Tamboran Resources has a one year low of $15.75 and a one year high of $25.99.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Baupost Group LLC MA acquired a new stake in Tamboran Resources during the third quarter valued at approximately $11,599,000. HITE Hedge Asset Management LLC bought a new position in Tamboran Resources during the 2nd quarter valued at about $6,750,000. Encompass Capital Advisors LLC bought a new stake in Tamboran Resources during the second quarter worth about $4,687,000. Edge Capital Group LLC acquired a new stake in shares of Tamboran Resources during the second quarter worth approximately $4,687,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Tamboran Resources in the third quarter valued at approximately $1,930,000.

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.