Tamboran Resources (NYSE:TBN) Trading 6.9% Higher on Insider Buying Activity

Tamboran Resources Corporation (NYSE:TBN - Get Free Report)'s share price traded up 6.9% during trading on Monday following insider buying activity. The stock traded as high as $37.49 and last traded at $38.3590. 61,461 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 117,667 shares. The stock had previously closed at $35.87.Get Tamboran Resources alerts:Specifically, Director Scott D. Sheffield purchased 6,990 shares of the company's stock in a transaction that occurred on Wednesday, April 8th. The stock was purchased at an average price of $36.02 per share, with a total value of $251,779.80. Following the completion of the transaction, the director owned 292,430 shares of the company's stock, valued at approximately $10,533,328.60. This trade represents a 2.45% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Analyst Ratings ChangesTBN has been the subject of several research analyst reports. Piper Sandler reaffirmed an "overweight" rating and set a $74.00 price target (up from $41.00) on shares of Tamboran Resources in a research report on Tuesday, March 31st. Wells Fargo & Company upped their price target on shares of Tamboran Resources from $35.00 to $58.00 and gave the stock an "overweight" rating in a research report on Monday, March 30th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Tamboran Resources in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $51.50.Check Out Our Latest Report on Tamboran ResourcesTamboran Resources Stock Up 5.3%The company has a debt-to-equity ratio of 0.09, a current ratio of 2.01 and a quick ratio of 2.01. The firm's 50-day moving average is $32.86 and its 200 day moving average is $28.27. The stock has a market cap of $856.56 million, a price-to-earnings ratio of -19.80 and a beta of -1.60. Tamboran Resources (NYSE:TBN - Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.33). Sell-side analysts anticipate that Tamboran Resources Corporation will post -1.86 earnings per share for the current fiscal year. Institutional Investors Weigh In On Tamboran ResourcesSeveral institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew its stake in Tamboran Resources by 66.7% during the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock worth $31,000 after buying an additional 600 shares during the period. Financial Management Professionals Inc. purchased a new stake in Tamboran Resources during the third quarter worth approximately $27,000. State of Wyoming purchased a new stake in Tamboran Resources during the second quarter worth approximately $99,000. Walleye Capital LLC purchased a new position in shares of Tamboran Resources in the fourth quarter valued at $204,000. Finally, Arbiter Partners Capital Management LLC boosted its stake in shares of Tamboran Resources by 15.5% in the fourth quarter. Arbiter Partners Capital Management LLC now owns 57,212 shares of the company's stock valued at $1,558,000 after purchasing an additional 7,670 shares during the period. Tamboran Resources Company Profile (Get Free Report)Tamboran Resources is an independent energy company focused on the exploration and development of unconventional natural gas resources. Headquartered in Canada and listed on the New York Stock Exchange under the ticker TBN, the company concentrates its activities on onshore basins in Australia. Tamboran's primary objective is to advance its exploration acreage toward commercial viability by leveraging modern drilling and reservoir evaluation techniques. The company holds exploration licenses in the Beetaloo Basin in the Northern Territory of Australia, where it is conducting appraisal drilling programs to define reservoir characteristics and recoverability.Featured ArticlesFive stocks we like better than Tamboran ResourcesThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Tamboran Resources Right Now?Before you consider Tamboran Resources, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. 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