Tamboran Resources (NYSE:TBN) Sees Strong Trading Volume - Here's What Happened

Key Points

• Tamboran Resources saw a significant increase in trading volume, with 47,763 shares exchanged, up 58% from the previous session as the stock price rose to $28.77.
• Royal Bank of Canada reduced its price target for the stock from $31.00 to $30.00, while the company maintains a consensus rating of "Buy" with a price target of $34.75.
• Major shareholder Bryan Sheffield increased his stake by acquiring 563,697 shares at an average price of $17.74, resulting in a total ownership of 3,123,601 shares.

Shares of Tamboran Resources Corporation (NYSE:TBN - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 47,763 shares were traded during mid-day trading, an increase of 58% from the previous session's volume of 30,151 shares.The stock last traded at $28.77 and had previously closed at $28.41.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada lowered their price objective 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 investment 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 company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $34.75.

Tamboran Resources Stock Performance

The firm has a market capitalization of $491.92 million, a P/E ratio of -10.96 and a beta of 0.30. The stock has a 50-day moving average of $21.21 and a 200 day moving average of $21.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.55 and a current ratio of 1.55.

Insider Transactions at Tamboran Resources

In other news, major shareholder Bryan Sheffield acquired 563,697 shares of Tamboran Resources 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 owned 3,123,601 shares in the company, valued at $55,412,681.74. This represents a 22.02% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.30% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Bank of America Corp DE raised its stake in Tamboran Resources by 66.7% during the 4th 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 during the period. State of Wyoming acquired a new stake in shares of Tamboran Resources in the 2nd quarter valued at about $99,000. Ingalls & Snyder LLC grew its holdings in Tamboran Resources by 36.2% during the second quarter. Ingalls & Snyder LLC now owns 115,340 shares of the company's stock worth $2,459,000 after purchasing an additional 30,650 shares during the period. Whitebox Advisors LLC acquired a new stake in Tamboran Resources during the second quarter worth approximately $1,194,000. Finally, HITE Hedge Asset Management LLC lifted its position in Tamboran Resources by 58.3% during the first quarter. HITE Hedge Asset Management LLC now owns 809,505 shares of the company's stock worth $19,420,000 after acquiring an additional 298,084 shares during the last quarter.

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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