Short Interest in Tamboran Resources Corporation (NYSE:TBN) Declines By 40.6%

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 target of a large decline in short interest in August. As of August 15th, there was short interest totaling 11,100 shares, a decline of 40.6% from the July 31st total of 18,700 shares. Currently, 0.1% of the company's stock are short sold. Based on an average daily trading volume, of 22,400 shares, the days-to-cover ratio is presently 0.5 days. Based on an average daily trading volume, of 22,400 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.1% of the company's stock are short sold.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on TBN shares. Royal Bank Of Canada decreased their price objective on shares of Tamboran Resources from $31.00 to $30.00 and set a "sector perform" rating for the company in a report on Wednesday, July 9th. Northland Capmk upgraded shares of Tamboran Resources to a "strong-buy" rating in a report on Wednesday, May 28th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $34.75.

Tamboran Resources Trading Up 0.1%

TBN traded up $0.02 during midday trading on Thursday, reaching $21.98. The company's stock had a trading volume of 8,287 shares, compared to its average volume of 14,042. The company has a fifty day simple moving average of $20.26 and a 200 day simple moving average of $21.45. 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 has a twelve month low of $15.75 and a twelve month high of $34.50.

Insider Activity

In other Tamboran Resources news, major shareholder Bryan Sheffield acquired 563,697 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was purchased at an average cost 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 of the company's stock, valued at approximately $55,412,681.74. This trade represents a 22.02% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 5.30% of the company's stock.

Institutional Investors Weigh In On Tamboran Resources

Several hedge funds have recently modified their holdings of the business. State of Wyoming bought a new stake in shares of Tamboran Resources in the second quarter valued at approximately $99,000. Bank of America Corp DE boosted its position in shares of Tamboran Resources by 1,471.7% in the second quarter. Bank of America Corp DE now owns 11,788 shares of the company's stock valued at $251,000 after acquiring an additional 11,038 shares during the period. Whitebox Advisors LLC bought a new stake in shares of Tamboran Resources in the second quarter valued at approximately $1,194,000. Alberta Investment Management Corp boosted its position in shares of 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 acquiring an additional 408,680 shares during the period. Finally, Ingalls & Snyder LLC boosted its position 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 valued at $2,459,000 after acquiring an additional 30,650 shares during the period.

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.