The Manufacturers Life Insurance Company Invests $8.04 Million in Tamboran Resources Corporation $TBN

The Manufacturers Life Insurance Company acquired a new stake in Tamboran Resources Corporation (NYSE:TBN - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 248,270 shares of the company's stock, valued at approximately $8,040,000. The Manufacturers Life Insurance Company owned approximately 0.88% of Tamboran Resources as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of America Corp DE raised its stake in Tamboran Resources by 66.7% during the fourth 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 in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Tamboran Resources in the 2nd quarter valued at approximately $39,000. Deutsche Bank AG bought a new stake in shares of Tamboran Resources during the 2nd quarter valued at approximately $42,000. Avalon Trust Co acquired a new position in Tamboran Resources during the 2nd quarter worth approximately $44,000. Finally, State of Wyoming acquired a new position in Tamboran Resources during the 2nd quarter worth approximately $99,000.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Roth Capital began coverage on Tamboran Resources in a research note on Thursday, May 21st. They issued a "buy" rating and a $47.00 price target for the company. Weiss Ratings restated a "sell (d)" rating on shares of Tamboran Resources in a report on Monday, July 6th. Finally, Zacks Research lowered shares of Tamboran Resources from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $58.50.

Tamboran Resources Price Performance

Tamboran Resources stock opened at $37.12 on Monday. The stock's 50 day moving average is $33.85 and its 200 day moving average is $34.29. Tamboran Resources Corporation has a one year low of $19.55 and a one year high of $52.21. The firm has a market cap of $1.05 billion, a P/E ratio of -19.85 and a beta of -2.08. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00.

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