HighTower Advisors LLC boosted its stake in Tamboran Resources Corporation (NYSE:TBN – Free Report) by 860.9% in the second quarter, HoldingsChannel.com reports. The firm owned 456,751 shares of the company’s stock after buying an additional 409,218 shares during the period. HighTower Advisors LLC’s holdings in Tamboran Resources were worth $14,849,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the stock. California State Teachers Retirement System acquired a new position in Tamboran Resources during the 2nd quarter worth about $28,890,000. Alberta Investment Management Corp acquired a new stake in shares of Tamboran Resources in the second quarter valued at about $27,916,000. HITE Hedge Asset Management LLC raised its position in shares of Tamboran Resources by 17.2% during the fourth quarter. HITE Hedge Asset Management LLC now owns 2,036,603 shares of the company’s stock worth $55,457,000 after acquiring an additional 299,028 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Tamboran Resources during the second quarter worth about $8,818,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Tamboran Resources in the second quarter worth approximately $8,040,000.
Analyst Upgrades and Downgrades
Several analysts recently commented on the company. Zacks Research cut Tamboran Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 29th. Roth Capital initiated coverage on Tamboran Resources in a research note on Thursday, May 21st. They issued a “buy” rating and a $47.00 price objective on the stock. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a research report on Monday, July 6th. Four equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $58.50.
Tamboran Resources Price Performance
TBN stock opened at $39.01 on Thursday. The stock has a market capitalization of $1.10 billion, a PE ratio of -20.86 and a beta of -2.03. The company’s 50-day moving average is $34.92 and its 200-day moving average is $34.88. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00. Tamboran Resources Corporation has a 1 year low of $19.55 and a 1 year high of $52.21.
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.
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