90,383 Shares in Tamboran Resources Corporation $TBN Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 90,383 shares of Tamboran Resources during the second quarter, valued at approximately $2.94 million and representing 0.32% of the company.
• Several other institutional investors initiated or increased positions in Tamboran, while analyst sentiment remains mixed but leans positive: the stock has a “Moderate Buy” consensus rating and a $58.50 average price target.
• Tamboran shares opened at $33.05, below their 50-day and 200-day moving averages, and have traded between $22.33 and $52.21 over the past year. The company is focused on developing shale gas resources in Australia’s Beetaloo Basin.

Bank of America Corp DE purchased a new stake in Tamboran Resources Corporation (NYSE:TBN - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 90,383 shares of the company's stock, valued at approximately $2,938,000. Bank of America Corp DE owned 0.32% of Tamboran Resources as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Quantbot Technologies LP acquired a new stake in shares of Tamboran Resources in the second quarter valued at about $39,000. Deutsche Bank AG acquired a new position in Tamboran Resources during the second quarter worth about $42,000. Avalon Trust Co purchased a new position in Tamboran Resources in the second quarter valued at about $44,000. Janney Montgomery Scott LLC acquired a new stake in shares of Tamboran Resources during the 1st quarter valued at approximately $240,000. Finally, Walleye Capital LLC lifted its position in shares of Tamboran Resources by 6.4% during the 1st quarter. Walleye Capital LLC now owns 7,983 shares of the company's stock valued at $399,000 after acquiring an additional 482 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Weiss Ratings restated a "sell (d)" rating on shares of Tamboran Resources in a report on Monday, July 6th. Zacks Research upgraded Tamboran Resources from a "strong sell" rating to a "hold" rating in a research report on Monday, September 21st. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $58.50.

Tamboran Resources Stock Performance

Shares of TBN stock opened at $33.05 on Wednesday. The company has a 50 day moving average price of $36.36 and a 200 day moving average price of $35.47. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -17.68 and a beta of -2.03. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.00 and a current ratio of 2.00. Tamboran Resources Corporation has a one year low of $22.33 and a one year high of $52.21.

Tamboran Resources Company Profile

Tamboran Resources Corporation NYSE: TBN is an Australia-focused natural gas exploration and development company. The company's primary asset base is located in the Beetaloo Basin in Australia's Northern Territory, where it is pursuing the development of large-scale shale gas resources.

Tamboran's activities include acquiring and evaluating exploration acreage, drilling and testing wells, and advancing infrastructure and commercial development plans for natural gas production. Its Beetaloo Basin portfolio includes the Shenandoah South and Amungee projects, which are intended to support future domestic gas supply and potential liquefied natural gas export opportunities.

The company was established to develop unconventional gas resources in Australia and has focused its operations on the Northern Territory rather than maintaining a broad international footprint.

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