HITE Hedge Asset Management LLC Purchases 299,028 Shares of Tamboran Resources Corporation $TBN

Key Points

• HITE Hedge Asset Management increased its Tamboran Resources stake by 17.2% in the fourth quarter, buying 299,028 shares and bringing its total holdings to 2,036,603 shares, or about 9% of the company.
• Tamboran Resources stock jumped 18.7% and opened at $39.96, trading above both its 50-day and 200-day moving averages, though it remains volatile with a beta of -2.20.
• The company missed earnings estimates in its latest quarterly report, posting EPS of -$0.42 versus the expected -$0.36, even as analysts maintain a Moderate Buy consensus with a $58.50 price target.

HITE Hedge Asset Management LLC grew its stake in shares of Tamboran Resources Corporation (NYSE:TBN - Free Report) by 17.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,036,603 shares of the company's stock after purchasing an additional 299,028 shares during the quarter. Tamboran Resources accounts for 3.5% of HITE Hedge Asset Management LLC's investment portfolio, making the stock its 7th biggest position. HITE Hedge Asset Management LLC owned 9.00% of Tamboran Resources worth $55,457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Bank of America Corp DE boosted its holdings in Tamboran Resources by 66.7% in the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock valued at $31,000 after purchasing an additional 600 shares during the last quarter. Whitebox Advisors LLC acquired a new position in shares of Tamboran Resources in the 2nd quarter valued at approximately $1,194,000. State of Wyoming acquired a new position in shares of Tamboran Resources in the 2nd quarter valued at approximately $99,000. Ingalls & Snyder LLC raised its position in shares of Tamboran Resources by 124.1% in the 3rd quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company's stock valued at $7,079,000 after purchasing an additional 143,194 shares in the last quarter. Finally, Arbiter Partners Capital Management LLC acquired a new position in shares of Tamboran Resources in the 3rd quarter valued at approximately $1,356,000.

Tamboran Resources Trading Up 18.7%

Shares of NYSE TBN opened at $39.96 on Friday. The stock's 50 day moving average price is $36.14 and its two-hundred day moving average price is $31.25. Tamboran Resources Corporation has a 52-week low of $17.29 and a 52-week high of $52.21. The stock has a market capitalization of $1.13 billion, a P/E ratio of -21.37 and a beta of -2.20. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.10.

Tamboran Resources (NYSE:TBN - Get Free Report) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of ($0.36) by ($0.06). On average, analysts anticipate that Tamboran Resources Corporation will post -1.42 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on TBN. Royal Bank Of Canada raised Tamboran Resources from a "sector perform" rating to an "outperform" rating and upped their target price for the company from $38.00 to $55.00 in a research report on Wednesday, April 29th. Roth Mkm began coverage on Tamboran Resources in a research report on Thursday, May 21st. They issued a "buy" rating and a $47.00 target price on the stock. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Tamboran Resources in a research report on Wednesday, April 8th. Wells Fargo & Company upped their target price on Tamboran Resources from $35.00 to $58.00 and gave the company an "overweight" rating in a research report on Monday, March 30th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $74.00 target price (up from $41.00) on shares of Tamboran Resources in a research report on Tuesday, March 31st. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.50.

Insider Buying and Selling

In related news, Director Scott D. Sheffield purchased 6,990 shares of the company's stock in a transaction dated Wednesday, April 8th. The shares were acquired at an average cost of $36.02 per share, for a total transaction of $251,779.80. Following the transaction, the director owned 292,430 shares of the company's stock, valued at $10,533,328.60. This trade represents a 2.45% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Phillip Z. Pace purchased 10,000 shares of the company's stock in a transaction dated Monday, April 13th. The shares were bought at an average price of $36.99 per share, for a total transaction of $369,900.00. Following the completion of the transaction, the director directly owned 35,809 shares in the company, valued at approximately $1,324,574.91. This trade represents a 38.75% increase in their position. The SEC filing for this purchase provides additional information. 4.50% of the stock is currently owned by corporate insiders.

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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