Insider Buying: Tamboran Resources Corp (NYSE:TBN) Major Shareholder Buys 12,424 Shares of Stock

Tamboran Resources Corp (NYSE:TBN) major shareholder Bryan Sheffield purchased 12,424 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was acquired at an average price of $20.12 per share, with a total value of $249,970.88. Following the purchase, the insider now directly owns 2,247,404 shares of the company’s stock, valued at $45,217,768.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Tamboran Resources Stock Down 0.1 %

Shares of TBN stock traded down $0.02 during trading hours on Wednesday, reaching $19.95. 29,312 shares of the company traded hands, compared to its average volume of 77,011. Tamboran Resources Corp has a 12-month low of $17.92 and a 12-month high of $25.99.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on TBN shares. Royal Bank of Canada started coverage on Tamboran Resources in a research note on Monday, July 22nd. They issued a “sector perform” rating and a $31.00 price target for the company. Piper Sandler started coverage on Tamboran Resources in a research report on Monday, July 22nd. They set an “overweight” rating and a $41.00 price objective for the company. Citigroup started coverage on Tamboran Resources in a research report on Monday, July 22nd. They set a “buy” rating and a $32.00 price objective for the company. Finally, Johnson Rice started coverage on Tamboran Resources in a research report on Tuesday, July 23rd. They set a “buy” rating and a $47.00 price objective for the company.

Hedge Funds Weigh In On Tamboran Resources

Several large investors have recently added to or reduced their stakes in the company. Edge Capital Group LLC purchased a new stake in shares of Tamboran Resources in the second quarter worth $4,687,000. HITE Hedge Asset Management LLC bought a new position in Tamboran Resources in the 2nd quarter worth $6,750,000. Finally, Encompass Capital Advisors LLC purchased a new stake in Tamboran Resources in the 2nd quarter worth $4,687,000.

About Tamboran Resources

We are an early stage, growth-driven independent natural gas exploration and production company focused on an integrated approach to the commercial development of the natural gas resources in the Beetaloo located within the Northern Territory of Australia. We and our working interest partners have exploration permits (“EPs”) to approximately 4.7 million contiguous gross acres (approximately 1.9 million net acres to Tamboran) and are currently the largest acreage holder in the Beetaloo.