HITE Hedge Asset Management LLC Has $19.42 Million Stock Holdings 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 grew its stake in Tamboran Resources Corporation (NYSE:TBN - Free Report) by 58.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 809,505 shares of the company's stock after buying an additional 298,084 shares during the period. Tamboran Resources accounts for about 1.2% of HITE Hedge Asset Management LLC's holdings, making the stock its 26th biggest holding. HITE Hedge Asset Management LLC owned 5.57% of Tamboran Resources worth $19,420,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TBN. Nuveen Asset Management LLC boosted its holdings in Tamboran Resources by 1.5% in the fourth quarter. Nuveen Asset Management LLC now owns 304,410 shares of the company's stock valued at $6,390,000 after acquiring an additional 4,410 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Tamboran Resources by 66.7% in the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock worth $31,000 after purchasing an additional 600 shares during the period. Finally, Yaupon Capital Management LP boosted its stake in shares of Tamboran Resources by 126.4% in the 4th quarter. Yaupon Capital Management LP now owns 315,544 shares of the company's stock valued at $6,623,000 after purchasing an additional 176,189 shares during the last quarter.

Tamboran Resources Stock Performance

Shares of TBN stock traded down $0.0440 on Friday, reaching $20.4460. 10,096 shares of the company were exchanged, compared to its average volume of 21,564. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.10 and a quick ratio of 1.10. The company has a 50-day moving average of $20.55 and a 200-day moving average of $21.90. Tamboran Resources Corporation has a one year low of $15.75 and a one year high of $34.50.

Insider Transactions at Tamboran Resources

In other news, major shareholder Bryan Sheffield purchased 563,697 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were acquired at an average price of $17.74 per share, for a total transaction of $9,999,984.78. Following the completion of the acquisition, the insider owned 3,123,601 shares in the company, valued at approximately $55,412,681.74. The trade was a 22.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TBN. Northland Capmk raised shares of Tamboran Resources to a "strong-buy" rating in a research note on Wednesday, May 28th. Royal Bank Of Canada lowered 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. Finally, Northland Securities initiated coverage on Tamboran Resources in a research note on Wednesday, May 28th. They issued an "outperform" rating and a $36.00 price objective on the stock. One 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.com, Tamboran Resources has a consensus rating of "Buy" and an average price target of $34.75.

Tamboran Resources Company Profile

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.