Wellington Management Group LLP acquired a new stake in Tamboran Resources Corporation (NYSE:TBN – Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 42,814 shares of the company’s stock, valued at approximately $1,392,000.
Other hedge funds have also added to or reduced their stakes in the company. Bank of America Corp DE grew its position in shares of Tamboran Resources by 66.7% in the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock valued at $31,000 after buying an additional 600 shares during the last quarter. Whitebox Advisors LLC bought a new position in shares of Tamboran Resources during the second quarter worth about $1,194,000. State of Wyoming acquired a new position in shares of Tamboran Resources in the second quarter worth approximately $99,000. UBS Group AG lifted its stake in shares of Tamboran Resources by 170.9% in the third quarter. UBS Group AG now owns 278,938 shares of the company’s stock worth $7,637,000 after acquiring an additional 175,973 shares during the period. Finally, HighTower Advisors LLC bought a new stake in Tamboran Resources in the fourth quarter valued at approximately $493,000.
Analysts Set New Price Targets
A number of analysts have weighed in on the stock. Zacks Research downgraded shares of Tamboran Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 29th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Tamboran Resources in a research note on Monday, July 6th. Finally, Roth Capital began coverage on shares of Tamboran Resources in a research note on Thursday, May 21st. They issued a “buy” rating and a $47.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $58.50.
Tamboran Resources Stock Down 0.6%
Shares of Tamboran Resources stock opened at $39.09 on Friday. The stock’s 50-day moving average is $35.25 and its 200 day moving average is $34.97. Tamboran Resources Corporation has a one year low of $19.55 and a one year high of $52.21. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -20.91 and a beta of -2.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00.
About Tamboran Resources
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.
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