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

Royal Bank of Canada reaffirmed their sector perform rating on shares of Tamboran Resources (NYSE:TBN) in a research note published on Tuesday, Benzinga reports. Royal Bank of Canada currently has a $31.00 price target on the stock.

Several other equities research analysts also recently commented on the company. Johnson Rice began coverage on Tamboran Resources in a report on Tuesday, July 23rd. They issued a buy rating and a $47.00 price objective for the company. Piper Sandler began coverage on Tamboran Resources in a research note on Monday, July 22nd. They set an overweight rating and a $41.00 price target for the company. Finally, Citigroup began coverage on Tamboran Resources in a research note on Monday, July 22nd. They set a buy rating and a $32.00 price target for the company.

Tamboran Resources Stock Down 2.1 %

NYSE TBN opened at $18.89 on Tuesday. Tamboran Resources has a one year low of $17.92 and a one year high of $25.99. The stock has a 50-day simple moving average of $20.20.

Insider Buying and Selling at Tamboran Resources

In related news, major shareholder Bryan Sheffield acquired 12,424 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average cost of $20.12 per share, for a total transaction of $249,970.88. Following the purchase, the insider now owns 2,247,404 shares in the company, valued at $45,217,768.48. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TBN. HITE Hedge Asset Management LLC bought a new position in shares of Tamboran Resources during the 2nd quarter valued at approximately $6,750,000. Encompass Capital Advisors LLC bought a new position in shares of Tamboran Resources during the 2nd quarter valued at approximately $4,687,000. Finally, Edge Capital Group LLC bought a new position in shares of Tamboran Resources during the 2nd quarter valued at approximately $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.