Tamboran Resources Corporation (NYSE:TBN) Short Interest Update

Key Points

• Tamboran Resources Corporation experienced a significant 38.3% decrease in short interest in September, falling to 8,700 shares from 14,100 shares.
• Several hedge funds and institutional investors have recently increased their stakes in Tamboran, indicating growing interest, with Bank of America raising its stake by 66.7%.
• The average rating for Tamboran Resources from analysts is a "Moderate Buy," with a consensus price target set at $34.75.

Tamboran Resources Corporation (NYSE:TBN - Get Free Report) saw a large drop in short interest in the month of September. As of September 30th, there was short interest totaling 8,700 shares, a drop of 38.3% from the September 15th total of 14,100 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily volume of 49,600 shares, the days-to-cover ratio is currently 0.2 days. Based on an average daily volume of 49,600 shares, the days-to-cover ratio is currently 0.2 days. Currently, 0.1% of the shares of the stock are short sold.

Hedge Funds Weigh In On Tamboran Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its stake in Tamboran Resources by 66.7% during the fourth 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. Financial Management Professionals Inc. bought a new stake in shares of Tamboran Resources in the 3rd quarter valued at approximately $27,000. State of Wyoming bought a new stake in shares of Tamboran Resources in the 2nd quarter valued at approximately $99,000. Ingalls & Snyder LLC lifted its stake in shares of Tamboran Resources by 36.2% in the 2nd 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, Whitebox Advisors LLC bought a new stake in shares of Tamboran Resources in the 2nd quarter valued at approximately $1,194,000.

Analyst Upgrades and Downgrades

TBN has been the topic of several recent analyst reports. Weiss Ratings reissued a "sell (d)" rating on shares of Tamboran Resources in a research note on Tuesday, October 14th. Royal Bank Of Canada decreased their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Tamboran Resources presently has an average rating of "Moderate Buy" and a consensus price target of $34.75.

Tamboran Resources Price Performance

Shares of Tamboran Resources stock opened at $24.44 on Wednesday. The stock has a 50 day moving average of $23.24 and a 200 day moving average of $21.72. Tamboran Resources has a 12 month low of $15.75 and a 12 month high of $34.50. The firm has a market cap of $435.52 million, a PE ratio of -9.70 and a beta of 0.32. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.02.

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.

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