Tamboran Resources Corporation $TBN Shares Purchased by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC boosted its stake in Tamboran Resources Corporation (NYSE:TBN) by 44.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,737,575 shares of the company’s stock after buying an additional 530,850 shares during the quarter. Tamboran Resources makes up about 2.6% of HITE Hedge Asset Management LLC’s holdings, making the stock its 14th biggest position. HITE Hedge Asset Management LLC owned about 9.75% of Tamboran Resources worth $47,575,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of TBN. Financial Management Professionals Inc. acquired a new position in shares of Tamboran Resources in the third quarter worth $27,000. Bank of America Corp DE boosted its stake in shares of 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 acquiring an additional 600 shares during the last quarter. State of Wyoming acquired a new stake in shares of Tamboran Resources during the second quarter valued at $99,000. Whitebox Advisors LLC purchased a new stake in Tamboran Resources during the 2nd quarter worth about $1,194,000. Finally, Arbiter Partners Capital Management LLC purchased a new stake in Tamboran Resources during the 3rd quarter worth about $1,356,000.

Tamboran Resources Stock Performance

Shares of TBN stock opened at $29.50 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.01 and a current ratio of 2.01. The firm has a market capitalization of $667.93 million, a price-to-earnings ratio of -15.45 and a beta of 0.13. Tamboran Resources Corporation has a one year low of $17.29 and a one year high of $32.88. The company has a 50 day moving average price of $28.75 and a 200 day moving average price of $25.87.

Tamboran Resources (NYSE:TBN) last announced its quarterly earnings results on Wednesday, February 11th. The company reported ($0.33) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.33). Sell-side analysts anticipate that Tamboran Resources Corporation will post -1.86 EPS for the current year.

Wall Street Analyst Weigh In

TBN has been the topic of a number of recent research reports. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a report on Friday, January 9th. Wells Fargo & Company started coverage on shares of Tamboran Resources in a report on Tuesday, December 2nd. They set an “overweight” rating and a $35.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.33.

Tamboran Resources Company Profile

Tamboran Resources is an independent energy company focused on the exploration and development of unconventional natural gas resources. Headquartered in Canada and listed on the New York Stock Exchange under the ticker TBN, the company concentrates its activities on onshore basins in Australia. Tamboran’s primary objective is to advance its exploration acreage toward commercial viability by leveraging modern drilling and reservoir evaluation techniques.

The company holds exploration licenses in the Beetaloo Basin in the Northern Territory of Australia, where it is conducting appraisal drilling programs to define reservoir characteristics and recoverability.