HighTower Advisors LLC Has $14.85 Million Stock Holdings in Tamboran Resources Corporation $TBN

Key Points

• HighTower Advisors increased its Tamboran Resources stake by 860.9% in the second quarter, ending with 456,751 shares valued at approximately $14.85 million, or 1.61% of the company.
• Several other institutions also established or expanded positions, including California State Teachers Retirement System and Alberta Investment Management, which each acquired stakes worth more than $27 million.
• TBN traded at $39.01, with analysts split between bullish and bearish views; the stock carries a consensus “Hold” rating and an average price target of $58.50.

HighTower Advisors LLC boosted its position in Tamboran Resources Corporation (NYSE:TBN - Free Report) by 860.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 456,751 shares of the company's stock after acquiring an additional 409,218 shares during the quarter. HighTower Advisors LLC owned 1.61% of Tamboran Resources worth $14,849,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System bought a new stake in Tamboran Resources during the second quarter worth $28,890,000. Alberta Investment Management Corp acquired a new position in shares of Tamboran Resources during the 2nd quarter worth $27,916,000. HITE Hedge Asset Management LLC raised its holdings in shares of Tamboran Resources by 17.2% during the 4th 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 in the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Tamboran Resources during the 2nd quarter worth $8,818,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Tamboran Resources during the 2nd quarter worth $8,040,000.

Tamboran Resources Stock Performance

NYSE:TBN opened at $39.01 on Thursday. The stock's 50-day moving average is $34.92 and its 200-day moving average is $34.88. Tamboran Resources Corporation has a 1-year low of $19.55 and a 1-year high of $52.21. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.10. The stock has a market cap of $1.10 billion, a P/E ratio of -20.86 and a beta of -2.03.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TBN. Zacks Research cut Tamboran Resources from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 29th. Roth Capital began coverage on shares of Tamboran Resources in a report on Thursday, May 21st. They issued a "buy" rating and a $47.00 target price for the company. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Tamboran Resources in a research note on Monday, July 6th. Four equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, Tamboran Resources has an average rating of "Hold" and an average price target of $58.50.

About Tamboran Resources

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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