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

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

Tamboran Resources Price Performance

Shares of TBN traded down $0.48 on Friday, reaching $19.62. 14,491 shares of the company's stock traded hands, compared to its average volume of 26,769. The stock's 50 day simple moving average is $20.68 and its two-hundred day simple moving average is $22.23. Tamboran Resources Corporation has a 52-week low of $15.75 and a 52-week high of $34.50. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.10 and a current ratio of 1.10.

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

Analysts Set New Price Targets

TBN has been the topic of several recent analyst reports. Royal Bank Of Canada dropped their price objective on Tamboran Resources from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Wednesday, July 9th. Northland Securities started coverage on shares of Tamboran Resources in a report on Wednesday, May 28th. They issued an "outperform" rating and a $36.00 target price for the company. Finally, Northland Capmk upgraded shares of Tamboran Resources to a "strong-buy" rating in a report on Wednesday, May 28th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $34.75.

Institutional Trading of Tamboran Resources

A number of large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position in shares of Tamboran Resources by 66.7% during the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock valued at $31,000 after buying an additional 600 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in Tamboran Resources by 1.5% in the 4th quarter. Nuveen Asset Management LLC now owns 304,410 shares of the company's stock worth $6,390,000 after acquiring an additional 4,410 shares during the last quarter. Yaupon Capital Management LP raised its stake in Tamboran Resources by 126.4% in the 4th quarter. Yaupon Capital Management LP now owns 315,544 shares of the company's stock valued at $6,623,000 after acquiring an additional 176,189 shares during the period. Finally, HITE Hedge Asset Management LLC lifted its holdings in Tamboran Resources by 4.5% during the fourth quarter. HITE Hedge Asset Management LLC now owns 511,421 shares of the company's stock valued at $10,735,000 after purchasing an additional 22,004 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.