Tamboran Resources’ (TBN) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Tamboran Resources (NYSE:TBN)‘s stock had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada in a report released on Tuesday, Benzinga reports. They presently have a $31.00 price target on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 60.87% from the stock’s current price.

TBN has been the topic of a number of other research reports. Piper Sandler initiated coverage on shares of Tamboran Resources in a research report on Monday, July 22nd. They issued an “overweight” rating and a $41.00 price objective on the stock. 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 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 target price on the stock.

Tamboran Resources Stock Down 0.2 %

Tamboran Resources stock traded down $0.03 during mid-day trading on Tuesday, reaching $19.27. 187 shares of the company were exchanged, compared to its average volume of 55,310. Tamboran Resources has a 12-month low of $17.92 and a 12-month high of $25.99. The firm’s fifty day moving average is $20.26.

Insiders Place Their Bets

In other news, major shareholder Bryan Sheffield bought 12,424 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was purchased at an average cost of $20.12 per share, with a total value of $249,970.88. Following the acquisition, the insider now directly owns 2,247,404 shares in the company, valued at $45,217,768.48. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Institutional Trading of Tamboran Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Edge Capital Group LLC purchased a new position in shares of Tamboran Resources during the 2nd quarter valued at approximately $4,687,000. Encompass Capital Advisors LLC acquired a new stake in shares of Tamboran Resources in the second quarter valued at about $4,687,000. Finally, HITE Hedge Asset Management LLC purchased a new stake in shares of Tamboran Resources during the second quarter worth about $6,750,000.

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.