Alberta Investment Management Corp Buys New Position in Tamboran Resources Corporation $TBN

Key Points

• Alberta Investment Management Corp. acquired 858,680 Tamboran Resources shares worth approximately $27.9 million, representing about 3.03% of the company. Several other institutional investors also increased their positions.
• Tamboran shares opened at $36.77, with a market capitalization of roughly $1.04 billion. The stock has traded between $19.55 and $52.21 over the past year and is down 0.1% in the latest session.
• Analyst sentiment is mixed: the stock has an average rating of Hold and an average price target of $58.50, with four Buy ratings and two Sell ratings.

Alberta Investment Management Corp purchased a new stake in Tamboran Resources Corporation (NYSE:TBN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 858,680 shares of the company's stock, valued at approximately $27,916,000. Alberta Investment Management Corp owned approximately 3.03% of Tamboran Resources as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in TBN. Encompass Capital Advisors LLC increased its position in shares of Tamboran Resources by 26.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company's stock valued at $19,434,000 after buying an additional 150,000 shares during the period. Cooper Investors PTY Ltd. raised its stake in Tamboran Resources by 514.0% in the second quarter. Cooper Investors PTY Ltd. now owns 155,479 shares of the company's stock worth $5,055,000 after buying an additional 130,157 shares in the last quarter. HITE Hedge Asset Management LLC lifted its holdings in Tamboran Resources by 17.2% in the fourth quarter. HITE Hedge Asset Management LLC now owns 2,036,603 shares of the company's stock worth $55,457,000 after buying an additional 299,028 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Tamboran Resources by 113.8% in the first quarter. The Manufacturers Life Insurance Company now owns 237,748 shares of the company's stock worth $11,885,000 after buying an additional 126,549 shares during the period. Finally, Clough Capital Partners L P bought a new stake in Tamboran Resources during the 1st quarter valued at approximately $2,344,000.

Tamboran Resources Trading Down 0.1%

NYSE:TBN opened at $36.77 on Monday. The firm has a market capitalization of $1.04 billion, a P/E ratio of -19.66 and a beta of -2.08. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00. Tamboran Resources Corporation has a one year low of $19.55 and a one year high of $52.21. The company's 50-day simple moving average is $33.42 and its 200 day simple moving average is $33.66.

Analyst Ratings Changes

A number of research firms have weighed in on TBN. Roth Capital assumed coverage on Tamboran Resources in a report on Thursday, May 21st. They set a "buy" rating and a $47.00 target price on the stock. Royal Bank Of Canada upgraded Tamboran Resources from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $38.00 to $55.00 in a research note on Wednesday, April 29th. Weiss Ratings restated a "sell (d)" rating on shares of Tamboran Resources in a research report on Monday, July 6th. Finally, Zacks Research lowered Tamboran Resources from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $58.50.

Tamboran Resources Company Profile

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.

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