Tamboran Resources initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of Tamboran Resources with an Overweight rating and $41 price target. Tamboran is an Australian exploration and production company with large natural gas resource potential across 1.9mm net acres the Beetaloo Basin located in the country’s Northern Territory, the analyst tells investors in a research note. The firm says the company is in position to translate nearly two decades of shale development and technological advancement in the U.S. to a potential resource that has similar properties as the Marcellus, but should also benefit from access to premium domestic and international markets.