Tamboran Resources Corporation (NYSE:TBN) Short Interest Update

Key Points

• Tamboran Resources Corporation (NYSE:TBN) experienced a **33.3% increase** in short interest in August, bringing the total to **14,800 shares**, with a days-to-cover ratio of **0.6 days**.
• Analysts have mixed sentiments on the stock, with a **consensus rating of "Buy"** and a target price of **$34.75**, while Royal Bank of Canada recently lowered its price target from **$31.00 to $30.00**.
• Major shareholder **Bryan Sheffield** acquired **563,697 shares** at an average cost of **$17.74 per share**, increasing his ownership by **22.02%** and bringing his total holdings to approximately **$55.4 million**.

Tamboran Resources Corporation (NYSE:TBN - Get Free Report) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 14,800 shares, an increase of 33.3% from the August 15th total of 11,100 shares. Currently, 0.1% of the company's stock are short sold. Based on an average trading volume of 23,100 shares, the short-interest ratio is currently 0.6 days. Based on an average trading volume of 23,100 shares, the short-interest ratio is currently 0.6 days. Currently, 0.1% of the company's stock are short sold.

Insider Activity at Tamboran Resources

In other Tamboran Resources news, major shareholder Bryan Sheffield bought 563,697 shares of the stock in a transaction on Tuesday, July 22nd. The shares were purchased at an average price of $17.74 per share, with a total value of $9,999,984.78. Following the acquisition, the insider directly owned 3,123,601 shares of the company's stock, valued at $55,412,681.74. This represents a 22.02% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.30% of the company's stock.

Institutional Investors Weigh In On Tamboran Resources

Several hedge funds and other institutional investors have recently made changes to their positions in TBN. Bank of America Corp DE increased its stake in shares of Tamboran Resources by 66.7% in 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 period. Nuveen Asset Management LLC increased its stake in shares of Tamboran Resources by 1.5% in the 4th quarter. Nuveen Asset Management LLC now owns 304,410 shares of the company's stock valued at $6,390,000 after buying an additional 4,410 shares during the period. HITE Hedge Asset Management LLC increased its holdings in Tamboran Resources by 58.3% in the first quarter. HITE Hedge Asset Management LLC now owns 809,505 shares of the company's stock valued at $19,420,000 after purchasing an additional 298,084 shares during the last quarter. Ingalls & Snyder LLC increased its holdings in Tamboran Resources by 36.2% in the second quarter. Ingalls & Snyder LLC now owns 115,340 shares of the company's stock valued at $2,459,000 after purchasing an additional 30,650 shares during the last quarter. Finally, Alberta Investment Management Corp increased its holdings in Tamboran Resources by 116.8% in the second quarter. Alberta Investment Management Corp now owns 758,680 shares of the company's stock valued at $16,175,000 after purchasing an additional 408,680 shares during the last quarter.

Tamboran Resources Stock Performance

TBN traded up $0.07 during trading on Friday, hitting $22.01. The company's stock had a trading volume of 41,172 shares, compared to its average volume of 26,247. The firm's 50 day moving average price is $20.62 and its two-hundred day moving average price is $21.33. 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 has a 12 month low of $15.75 and a 12 month high of $34.50.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Northland Securities assumed coverage on Tamboran Resources in a research report on Wednesday, May 28th. They set an "outperform" rating and a $36.00 target price for the company. Northland Capmk upgraded Tamboran Resources to a "strong-buy" rating in a research report on Wednesday, May 28th. Finally, Royal Bank Of Canada cut their target price on Tamboran Resources from $31.00 to $30.00 and set a "sector perform" rating for the company in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $34.75.

Tamboran Resources Company Profile

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.