HITE Hedge Asset Management LLC Grows Stake in Tamboran Resources Corporation $TBN

Key Points

• HITE Hedge Asset Management LLC increased its stake in Tamboran Resources Corporation by 58.3%, owning approximately 5.57% of the company’s shares amounting to $19.4 million.
• Major shareholder Bryan Sheffield purchased 563,697 shares at nearly $17.74 each, boosting his holdings to over 3.12 million shares, a 22.02% increase.
• Wall Street analysts have a consensus rating of "Buy" for Tamboran Resources, with a target price averaging $34.75.

HITE Hedge Asset Management LLC lifted its position in Tamboran Resources Corporation (NYSE:TBN - Free Report) by 58.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 809,505 shares of the company's stock after acquiring an additional 298,084 shares during the period. Tamboran Resources accounts for about 1.2% of HITE Hedge Asset Management LLC's investment portfolio, making the stock its 26th largest holding. HITE Hedge Asset Management LLC owned about 5.57% of Tamboran Resources worth $19,420,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Yaupon Capital Management LP increased its position in Tamboran Resources by 126.4% during the 4th quarter. Yaupon Capital Management LP now owns 315,544 shares of the company's stock valued at $6,623,000 after buying an additional 176,189 shares in the last quarter. Nuveen Asset Management LLC increased its position in Tamboran Resources by 1.5% during the 4th quarter. Nuveen Asset Management LLC now owns 304,410 shares of the company's stock valued at $6,390,000 after buying an additional 4,410 shares in the last quarter. Finally, Bank of America Corp DE increased its position in Tamboran Resources by 66.7% during the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock valued at $31,000 after buying an additional 600 shares in the last quarter.

Tamboran Resources Trading Down 0.2%

TBN traded down $0.0440 during trading on Friday, hitting $20.4460. 10,096 shares of the company's stock traded hands, compared to its average volume of 13,529. The company's 50 day simple moving average is $20.52 and its two-hundred day simple moving average is $21.87. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.10 and a current ratio of 1.10. Tamboran Resources Corporation has a 12-month low of $15.75 and a 12-month high of $34.50.

Insider Buying and Selling

In other Tamboran Resources news, major shareholder Bryan Sheffield bought 563,697 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were acquired at an average cost of $17.74 per share, for a total transaction of $9,999,984.78. Following the purchase, the insider owned 3,123,601 shares in the company, valued at approximately $55,412,681.74. This trade represents a 22.02% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on TBN. Royal Bank Of Canada reduced their price objective on Tamboran Resources from $31.00 to $30.00 and set a "sector perform" rating for the company in a research report on Wednesday, July 9th. Northland Securities began coverage on Tamboran Resources in a research report on Wednesday, May 28th. They set an "outperform" rating and a $36.00 price objective for the company. Finally, Northland Capmk raised Tamboran Resources to a "strong-buy" rating in a research report on Wednesday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Tamboran Resources has an average rating of "Buy" and an average price target of $34.75.

About Tamboran Resources

Tamboran Resources Corporation, a natural gas company, focuses on developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin.