Tamboran Resources Corporation (NYSE:TBN) Short Interest Down 49.0% in August

Key Points

• Short interest fell 49% in August to 543,313 shares, representing about 2.0% of Tamboran Resources’ outstanding shares and 6.1 days to cover.
• Analyst sentiment is mixed: four analysts rate the stock Buy and two rate it Sell, resulting in a consensus Hold rating and an average price target of $58.50.
• TBN shares recently traded at $37.12, down 1.7%, while several institutional investors increased or initiated positions, including Alberta Investment Management Corp., which bought an approximately $27.9 million stake.

Tamboran Resources Corporation (NYSE:TBN - Get Free Report) was the target of a large drop in short interest in August. As of August 14th, there was short interest totaling 543,313 shares, a drop of 49.0% from the July 30th total of 1,064,793 shares. Based on an average daily volume of 89,678 shares, the days-to-cover ratio is currently 6.1 days. Approximately 2.0% of the shares of the stock are sold short.

Analysts Set New Price Targets

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

Tamboran Resources Trading Down 1.7%

TBN traded down $0.63 during trading hours on Friday, reaching $37.12. The company's stock had a trading volume of 43,237 shares, compared to its average volume of 98,508. The stock has a market cap of $1.05 billion, a PE ratio of -19.85 and a beta of -2.08. Tamboran Resources has a fifty-two week low of $19.55 and a fifty-two week high of $52.21. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00. The business's 50-day moving average is $33.85 and its 200-day moving average is $34.29.

Hedge Funds Weigh In On Tamboran Resources

A number of hedge funds have recently modified their holdings of the business. Alberta Investment Management Corp purchased a new stake in shares of Tamboran Resources in the 2nd quarter valued at approximately $27,916,000. Ranger Investment Management L.P. acquired a new position in shares of Tamboran Resources in the 2nd quarter worth approximately $2,609,000. Cooper Investors PTY Ltd. boosted its position in shares of Tamboran Resources by 514.0% during the 2nd quarter. Cooper Investors PTY Ltd. now owns 155,479 shares of the company's stock worth $5,055,000 after purchasing an additional 130,157 shares during the period. Encompass Capital Advisors LLC boosted its position in shares of Tamboran Resources by 26.6% during the 4th quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company's stock worth $19,434,000 after purchasing an additional 150,000 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in Tamboran Resources by 113.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 237,748 shares of the company's stock valued at $11,885,000 after purchasing an additional 126,549 shares during the last quarter.

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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