SCS Capital Management LLC Invests $5.18 Million in Tamboran Resources Corporation $TBN

Key Points

• SCS Capital Management acquired 159,333 shares of Tamboran Resources in the second quarter, a stake valued at approximately $5.18 million and representing 0.56% of the company.
• Other institutional investors also increased their positions, including Cooper Investors, which expanded its stake by 514%, while HITE Hedge Asset Management and Encompass Capital Advisors made more moderate additions.
• Analyst sentiment is mixed: four analysts rate TBN a Buy and two rate it a Sell, resulting in a consensus Hold rating and a $58.50 target price. The stock recently opened at $36.77, versus a 12-month range of $19.55 to $52.21.

SCS Capital Management LLC acquired a new position in shares of Tamboran Resources Corporation (NYSE:TBN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 159,333 shares of the company's stock, valued at approximately $5,180,000. SCS Capital Management LLC owned about 0.56% of Tamboran Resources as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in TBN. HITE Hedge Asset Management LLC grew 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 valued at $55,457,000 after buying an additional 299,028 shares during the last quarter. UBS Group AG lifted its holdings in shares of Tamboran Resources by 170.9% during the third 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 last quarter. Encompass Capital Advisors LLC boosted its position in shares of Tamboran Resources by 26.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company's stock valued at $19,434,000 after acquiring an additional 150,000 shares during the period. Zimmer Partners LP bought a new stake in shares of Tamboran Resources in the fourth quarter valued at approximately $3,914,000. Finally, Cooper Investors PTY Ltd. grew its stake in shares of Tamboran Resources by 514.0% in the second quarter. Cooper Investors PTY Ltd. now owns 155,479 shares of the company's stock worth $5,055,000 after acquiring an additional 130,157 shares during the last quarter.

Wall Street Analyst Weigh In

Several research firms recently commented on TBN. Roth Capital started coverage on shares of Tamboran Resources in a research note on Thursday, May 21st. They set a "buy" rating and a $47.00 target price for the company. Weiss Ratings restated a "sell (d)" rating on shares of Tamboran Resources in a research report on Monday, July 6th. Royal Bank Of Canada upgraded shares of Tamboran Resources from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $38.00 to $55.00 in a report on Wednesday, April 29th. Finally, Zacks Research lowered shares of Tamboran Resources from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Tamboran Resources presently has a consensus rating of "Hold" and a consensus price target of $58.50.

Tamboran Resources Price Performance

Shares of TBN stock opened at $36.77 on Monday. Tamboran Resources Corporation has a 12 month low of $19.55 and a 12 month high of $52.21. The company has a market capitalization of $1.04 billion, a P/E ratio of -19.66 and a beta of -2.08. The stock has a 50 day moving average of $33.42 and a two-hundred day moving average of $33.66. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.10.

Tamboran Resources 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source