SCS Capital Management LLC Takes $5.18 Million Position in Tamboran Resources Corporation $TBN

SCS Capital Management LLC acquired a new position in shares of Tamboran Resources Corporation (NYSE:TBN) in the second quarter, Holdings Channel reports. The fund acquired 159,333 shares of the company’s stock, valued at approximately $5,180,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TBN. Walleye Capital LLC boosted its position in shares of Tamboran Resources by 6.4% during the 1st quarter. Walleye Capital LLC now owns 7,983 shares of the company’s stock valued at $399,000 after acquiring an additional 482 shares in the last quarter. Bank of America Corp DE raised its position in Tamboran Resources by 66.7% in the fourth quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock worth $31,000 after purchasing an additional 600 shares in the last quarter. Avalon Trust Co acquired a new position in Tamboran Resources in the second quarter worth about $44,000. State of Wyoming bought a new position in Tamboran Resources during the second quarter worth about $99,000. Finally, Janney Montgomery Scott LLC bought a new position in Tamboran Resources during the first quarter worth about $240,000.

Tamboran Resources Stock Down 0.1%

TBN opened at $36.77 on Monday. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -19.66 and a beta of -2.08. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.00 and a current ratio of 2.00. The firm’s 50-day simple moving average is $33.42 and its 200-day simple moving average is $33.66. Tamboran Resources Corporation has a twelve month low of $19.55 and a twelve month high of $52.21.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TBN shares. Zacks Research downgraded Tamboran Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 29th. Royal Bank Of Canada raised Tamboran Resources from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $38.00 to $55.00 in a report on Wednesday, April 29th. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research report on Monday, July 6th. Finally, Roth Capital started coverage on Tamboran Resources in a research note on Thursday, May 21st. They issued a “buy” rating and a $47.00 price target on the stock. Four analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, Tamboran Resources currently has a consensus rating of “Hold” and an average target price of $58.50.

Tamboran Resources 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.