Tamboran Resources Corporation (NYSE:TBN) Sees Significant Drop in Short Interest

Key Points

• Tamboran Resources Corporation experienced a significant 40.6% decrease in short interest, dropping from 18,700 shares to 11,100 shares as of August 15th.
• A major shareholder, Bryan Sheffield, increased their stake by acquiring 563,697 shares for approximately $10 million, representing a 22.02% increase in their position.
• Wall Street analysts have given the company an average rating of "Buy"** with a price target of $34.75, influenced by recent upgrades and changes in ratings.

Tamboran Resources Corporation (NYSE:TBN - Get Free Report) was the recipient of a significant decrease in short interest during the month of August. As of August 15th, there was short interest totaling 11,100 shares, adecreaseof40.6% from the July 31st total of 18,700 shares. Based on an average daily trading volume, of 22,400 shares, the short-interest ratio is currently 0.5 days. Approximately0.1% of the company's stock are sold short. Approximately0.1% of the company's stock are sold short. Based on an average daily trading volume, of 22,400 shares, the short-interest ratio is currently 0.5 days.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other Tamboran Resources news, major shareholder Bryan Sheffield acquired 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, for a total transaction of $9,999,984.78. Following the completion of the acquisition, the insider owned 3,123,601 shares in the company, valued at approximately $55,412,681.74. This represents a 22.02% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.30% of the company's stock.

Institutional Investors Weigh In On Tamboran Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE lifted its holdings in shares of Tamboran Resources by 66.7% in the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company's stock worth $31,000 after buying an additional 600 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Tamboran Resources by 1.5% in the fourth quarter. Nuveen Asset Management LLC now owns 304,410 shares of the company's stock worth $6,390,000 after buying an additional 4,410 shares in the last quarter. State of Wyoming purchased a new stake in shares of Tamboran Resources in the second quarter worth about $99,000. Ingalls & Snyder LLC lifted its holdings in shares of Tamboran Resources by 36.2% in the second quarter. Ingalls & Snyder LLC now owns 115,340 shares of the company's stock worth $2,459,000 after buying an additional 30,650 shares in the last quarter. Finally, Whitebox Advisors LLC purchased a new stake in shares of Tamboran Resources in the second quarter worth about $1,194,000.

Tamboran Resources Trading Down 1.2%

NYSE TBN traded down $0.27 during trading on Friday, hitting $21.73. 6,636 shares of the company's stock traded hands, compared to its average volume of 16,120. Tamboran Resources has a 12-month low of $15.75 and a 12-month high of $34.50. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.10 and a quick ratio of 1.10. The business has a 50 day moving average of $20.15 and a 200-day moving average of $21.61.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.