Wellington Management Group LLP Invests $1.39 Million in Tamboran Resources Corporation $TBN

Key Points

• Wellington Management established a new $1.39 million position in Tamboran Resources during the second quarter, acquiring 42,814 shares and holding approximately 0.15% of the company.
• Several other institutional investors also increased exposure, including Alberta Investment Management, which purchased a stake worth about $27.9 million, and UBS Group, which raised its holdings by 170.9%.
• Tamboran shares opened at $39.09, near their recent moving averages, while analyst sentiment remains mixed: four analysts rate the stock a Buy and two rate it a Sell, producing an overall “Hold” consensus and a $58.50 average price target.

Wellington Management Group LLP purchased a new position in shares of Tamboran Resources Corporation (NYSE:TBN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 42,814 shares of the company's stock, valued at approximately $1,392,000. Wellington Management Group LLP owned approximately 0.15% of Tamboran Resources at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the company. Alberta Investment Management Corp bought a new stake in Tamboran Resources during the second quarter worth $27,916,000. HITE Hedge Asset Management LLC increased its stake in shares of 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 purchasing an additional 299,028 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of Tamboran Resources during the 2nd quarter worth $8,040,000. UBS Group AG raised its holdings in shares of 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 in the last quarter. Finally, SCS Capital Management LLC bought a new stake in shares of Tamboran Resources during the 2nd quarter worth $5,180,000.

Tamboran Resources Stock Down 0.6%

Shares of NYSE:TBN opened at $39.09 on Friday. The company has a fifty day moving average of $35.25 and a 200-day moving average of $34.97. The company has a market capitalization of $1.11 billion, a PE ratio of -20.91 and a beta of -2.03. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.00 and a current ratio of 2.00. Tamboran Resources Corporation has a 52-week low of $19.55 and a 52-week high of $52.21.

Wall Street Analyst Weigh In

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

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