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

HITE Hedge Asset Management LLC raised its position in Tamboran Resources Corporation (NYSE:TBN) by 44.0% during the third quarter, HoldingsChannel.com reports. The firm owned 1,737,575 shares of the company’s stock after buying an additional 530,850 shares during the quarter. Tamboran Resources comprises 2.6% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 14th biggest position. HITE Hedge Asset Management LLC owned 0.10% of Tamboran Resources worth $47,575,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of America Corp DE grew its holdings in shares of 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 purchasing an additional 600 shares during the period. Financial Management Professionals Inc. purchased a new position in Tamboran Resources in the third quarter valued at approximately $27,000. State of Wyoming purchased a new position in Tamboran Resources in the second quarter valued at approximately $99,000. Arbiter Partners Capital Management LLC acquired a new position in Tamboran Resources during the third quarter valued at approximately $1,356,000. Finally, Whitebox Advisors LLC acquired a new position in Tamboran Resources during the second quarter valued at approximately $1,194,000.

Tamboran Resources Trading Down 3.6%

TBN opened at $29.50 on Friday. The firm’s 50 day moving average is $28.75 and its 200-day moving average is $25.87. Tamboran Resources Corporation has a 52-week low of $17.29 and a 52-week high of $32.88. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $667.93 million, a P/E ratio of -15.45 and a beta of 0.13.

Tamboran Resources (NYSE:TBN) last announced its earnings results on Wednesday, February 11th. The company reported ($0.33) earnings per share for the quarter, meeting the consensus estimate of ($0.33). Analysts expect that Tamboran Resources Corporation will post -1.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on TBN shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Tamboran Resources in a research note on Friday, January 9th. Wells Fargo & Company assumed coverage on Tamboran Resources in a research report on Tuesday, December 2nd. They issued an “overweight” rating and a $35.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.33.

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.