HITE Hedge Asset Management LLC Has $55.46 Million Stock Position in Tamboran Resources Corporation $TBN

HITE Hedge Asset Management LLC lifted its stake in shares of Tamboran Resources Corporation (NYSE:TBN) by 17.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,036,603 shares of the company’s stock after acquiring an additional 299,028 shares during the quarter. Tamboran Resources accounts for 3.5% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 7th largest holding. HITE Hedge Asset Management LLC owned 0.09% of Tamboran Resources worth $55,457,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Bank of America Corp DE boosted its position in shares of 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 buying an additional 600 shares during the period. Whitebox Advisors LLC acquired a new stake in shares of Tamboran Resources in the second quarter worth $1,194,000. State of Wyoming acquired a new stake in shares of Tamboran Resources in the second quarter worth $99,000. Ingalls & Snyder LLC boosted its position in shares of Tamboran Resources by 124.1% in the third quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock worth $7,079,000 after buying an additional 143,194 shares during the period. Finally, Arbiter Partners Capital Management LLC acquired a new stake in shares of Tamboran Resources in the third quarter worth $1,356,000.

Insider Activity

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

Tamboran Resources Price Performance

NYSE TBN opened at $39.96 on Friday. Tamboran Resources Corporation has a fifty-two week low of $17.29 and a fifty-two week high of $52.21. The stock’s 50-day moving average is $36.14 and its two-hundred day moving average is $31.25. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.00 and a quick ratio of 2.00. The firm has a market cap of $1.13 billion, a P/E ratio of -21.37 and a beta of -2.20.

Tamboran Resources (NYSE:TBN) last posted its earnings results 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). On average, analysts anticipate that Tamboran Resources Corporation will post -1.42 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Tamboran Resources Company 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.