Reaves W H & Co. Inc. Buys Shares of 100,000 Tamboran Resources Corporation $TBN

Reaves W H & Co. Inc. bought a new stake in Tamboran Resources Corporation (NYSE:TBN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 100,000 shares of the company’s stock, valued at approximately $2,723,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TBN. Bank of America Corp DE grew its holdings in 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 acquired a new stake in Tamboran Resources in the 2nd quarter valued at approximately $1,194,000. State of Wyoming acquired a new stake in Tamboran Resources in the 2nd quarter valued at approximately $99,000. Ingalls & Snyder LLC grew its holdings in Tamboran Resources by 124.1% in the 3rd quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock valued at $7,079,000 after buying an additional 143,194 shares during the last quarter. Finally, Arbiter Partners Capital Management LLC acquired a new stake in Tamboran Resources in the 3rd quarter valued at approximately $1,356,000.

Tamboran Resources Price Performance

Shares of NYSE:TBN opened at $33.69 on Monday. Tamboran Resources Corporation has a 1-year low of $17.29 and a 1-year high of $52.21. The firm has a market capitalization of $954.16 million, a PE ratio of -18.02 and a beta of -2.20. The business’s 50 day moving average is $36.72 and its 200-day moving average is $30.55. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.10.

Tamboran Resources (NYSE:TBN) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.06). Sell-side analysts predict that Tamboran Resources Corporation will post -1.42 earnings per share for the current year.

Insider Buying and Selling at Tamboran Resources

In related news, Director Phillip Z. Pace purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 13th. The shares were acquired at an average price of $36.99 per share, with a total value of $369,900.00. Following the purchase, the director directly owned 35,809 shares in the company, valued at $1,324,574.91. This represents a 38.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Scott D. Sheffield purchased 6,990 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The stock was bought at an average cost of $36.02 per share, for a total transaction of $251,779.80. Following the purchase, the director owned 292,430 shares in the company, valued at $10,533,328.60. This represents a 2.45% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 4.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TBN. Royal Bank Of Canada raised Tamboran Resources from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $38.00 to $55.00 in a report on Wednesday, April 29th. Roth Mkm began coverage on Tamboran Resources in a report on Thursday, May 21st. They issued a “buy” rating and a $47.00 target price on the stock. Wells Fargo & Company raised their target price on Tamboran Resources from $35.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, March 30th. Piper Sandler reissued an “overweight” rating and set a $74.00 price objective (up from $41.00) on shares of Tamboran Resources in a report on Tuesday, March 31st. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a report on Wednesday, April 8th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Tamboran Resources currently has an average rating of “Moderate Buy” and a consensus price target of $58.50.

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.