Readystate Asset Management LP Acquires 30,846 Shares of Tamboran Resources Corporation $TBN

Key Points

• Readystate Asset Management increased its Tamboran Resources stake by 231.9% in the second quarter, acquiring 30,846 additional shares for a total holding of 44,147 shares valued at approximately $1.44 million.
• Several other institutional investors also built positions in Tamboran, including Alberta Investment Management, Alyeska Investment Group, Manufacturers Life Insurance, and UBS; HITE Hedge Asset Management increased its existing stake by 17.2%.
• Tamboran shares opened at $39.31, within a 12-month range of $19.55 to $52.21. Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $58.50.

Readystate Asset Management LP grew its holdings in shares of Tamboran Resources Corporation (NYSE:TBN - Free Report) by 231.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 44,147 shares of the company's stock after purchasing an additional 30,846 shares during the period. Readystate Asset Management LP owned about 0.16% of Tamboran Resources worth $1,435,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of TBN. Alberta Investment Management Corp acquired a new position in shares of Tamboran Resources in the 2nd quarter valued at approximately $27,916,000. HITE Hedge Asset Management LLC increased its holdings in Tamboran Resources by 17.2% in the 4th quarter. HITE Hedge Asset Management LLC now owns 2,036,603 shares of the company's stock worth $55,457,000 after purchasing an additional 299,028 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Tamboran Resources in the second quarter valued at approximately $8,818,000. The Manufacturers Life Insurance Company bought a new position in shares of Tamboran Resources during the second quarter valued at $8,040,000. Finally, UBS Group AG lifted its holdings in Tamboran Resources by 170.9% during the 3rd quarter. UBS Group AG now owns 278,938 shares of the company's stock worth $7,637,000 after buying an additional 175,973 shares during the period.

Tamboran Resources Price Performance

Shares of NYSE:TBN opened at $39.31 on Tuesday. The stock has a market cap of $1.11 billion, a P/E ratio of -21.02 and a beta of -2.03. Tamboran Resources Corporation has a 12 month low of $19.55 and a 12 month high of $52.21. The company has a 50 day moving average of $34.61 and a 200 day moving average of $34.74. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.10.

Analyst Upgrades and Downgrades

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

Want to see what other hedge funds are holding TBN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tamboran Resources Corporation (NYSE:TBN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.