Tamboran Resources Corporation (NYSE:TBN) Major Shareholder Bryan Sheffield Acquires 563,697 Shares of Stock

Tamboran Resources Corporation (NYSE:TBN - Get Free Report) major shareholder Bryan Sheffield acquired 563,697 shares of Tamboran Resources stock in a transaction on Tuesday, July 22nd. The shares were purchased at an average cost of $17.74 per share, with a total value of $9,999,984.78. Following the completion of the acquisition, the insider owned 3,123,601 shares of the company's stock, valued at $55,412,681.74. This trade represents a 22.02% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Tamboran Resources Stock Down 2.4%

Shares of TBN stock traded down $0.48 on Friday, reaching $19.62. The company's stock had a trading volume of 14,491 shares, compared to its average volume of 26,769. Tamboran Resources Corporation has a 12-month low of $15.75 and a 12-month high of $34.50. The stock's 50 day simple moving average is $20.67 and its 200-day simple moving average is $22.21. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.04.

Tamboran Resources (NYSE:TBN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.09). As a group, equities research analysts predict that Tamboran Resources Corporation will post -1.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada lowered their target price on shares of Tamboran Resources from $31.00 to $30.00 and set a "sector perform" rating on the stock in a report on Wednesday, July 9th. Northland Capmk upgraded Tamboran Resources to a "strong-buy" rating in a research note on Wednesday, May 28th. Finally, Northland Securities initiated coverage on Tamboran Resources in a report on Wednesday, May 28th. They set an "outperform" rating and a $36.00 target price for the company. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $34.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HITE Hedge Asset Management LLC boosted its position in Tamboran Resources by 58.3% during the first quarter. HITE Hedge Asset Management LLC now owns 809,505 shares of the company's stock valued at $19,420,000 after buying an additional 298,084 shares during the period. Nuveen Asset Management LLC boosted its holdings in Tamboran Resources by 1.5% during the 4th quarter. Nuveen Asset Management LLC now owns 304,410 shares of the company's stock valued at $6,390,000 after acquiring an additional 4,410 shares during the period. Bank of America Corp DE increased its stake in Tamboran Resources by 66.7% in the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock worth $31,000 after purchasing an additional 600 shares during the period. Finally, Yaupon Capital Management LP lifted its position in Tamboran Resources by 126.4% in the fourth quarter. Yaupon Capital Management LP now owns 315,544 shares of the company's stock valued at $6,623,000 after purchasing an additional 176,189 shares during the last quarter.

About Tamboran Resources

Tamboran Resources Corporation, a natural gas company, focuses on developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin.