The Manufacturers Life Insurance Company Acquires 126,549 Shares of Tamboran Resources Corporation $TBN

Key Points

• The Manufacturers Life Insurance Company more than doubled its Tamboran Resources stake in the first quarter, acquiring 126,549 shares for a total holding of 237,748 shares valued at approximately $11.9 million.
• Analyst sentiment is mixed: four analysts rate TBN a Buy and two rate it a Sell, resulting in an overall “Hold” consensus and an average price target of $58.50.
• Tamboran shares opened at $33.22, near their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.42 per share, missing estimates by $0.06, and analysts expect a full-year loss of $1.41 per share.

The Manufacturers Life Insurance Company increased its holdings in Tamboran Resources Corporation (NYSE:TBN - Free Report) by 113.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 237,748 shares of the company's stock after buying an additional 126,549 shares during the period. The Manufacturers Life Insurance Company owned 0.84% of Tamboran Resources worth $11,885,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake 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 worth $31,000 after acquiring an additional 600 shares during the period. State of Wyoming bought a new stake in Tamboran Resources during the second quarter worth about $99,000. Janney Montgomery Scott LLC acquired a new stake in Tamboran Resources during the first quarter worth about $240,000. Walleye Capital LLC bought a new position in Tamboran Resources in the 4th quarter valued at about $204,000. Finally, XY Capital Ltd acquired a new position in shares of Tamboran Resources in the 4th quarter valued at approximately $253,000.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TBN shares. Roth Capital initiated coverage on shares of Tamboran Resources in a research note on Thursday, May 21st. They issued a "buy" rating and a $47.00 price objective on the stock. Zacks Research downgraded Tamboran Resources from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 29th. Weiss Ratings reiterated a "sell (d)" rating on shares of Tamboran Resources in a research note on Monday, July 6th. Finally, Royal Bank Of Canada raised Tamboran Resources from a "sector perform" rating to an "outperform" rating and boosted their price target for the stock from $38.00 to $55.00 in a report on Wednesday, April 29th. Four analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $58.50.

Tamboran Resources Trading Down 0.1%

Shares of Tamboran Resources stock opened at $33.22 on Monday. The firm's 50 day moving average is $33.38 and its 200 day moving average is $33.15. The firm has a market capitalization of $940.82 million, a PE ratio of -17.77 and a beta of -2.08. Tamboran Resources Corporation has a 1 year low of $19.55 and a 1 year high of $52.21. 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 (NYSE:TBN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.06). Equities research analysts forecast that Tamboran Resources Corporation will post -1.41 earnings per share for the current fiscal year.

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.

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