Tamboran Resources Corporation (NYSE:TBN) Short Interest Update

Tamboran Resources Corporation (NYSE:TBN) was the recipient of a large decrease in short interest in August. As of August 14th, there was short interest totaling 543,313 shares, a decrease of 49.0% from the July 30th total of 1,064,793 shares. Approximately 2.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 89,678 shares, the days-to-cover ratio is presently 6.1 days.

Tamboran Resources Stock Up 1.7%

NYSE TBN traded up $0.63 on Monday, reaching $37.78. 221,007 shares of the stock traded hands, compared to its average volume of 155,759. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.00 and a current ratio of 2.00. The company has a fifty day moving average price of $33.85 and a 200-day moving average price of $34.29. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -20.20 and a beta of -2.08. Tamboran Resources has a 12 month low of $19.55 and a 12 month high of $52.21.

Institutional Investors Weigh In On Tamboran Resources

A number of hedge funds have recently made changes to their positions in TBN. Alberta Investment Management Corp purchased a new stake in Tamboran Resources during the second quarter valued at approximately $27,916,000. Ranger Investment Management L.P. purchased a new stake in shares of Tamboran Resources during the second quarter valued at $2,609,000. Cooper Investors PTY Ltd. raised its stake in Tamboran Resources by 514.0% in the 2nd quarter. Cooper Investors PTY Ltd. now owns 155,479 shares of the company’s stock worth $5,055,000 after acquiring an additional 130,157 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Tamboran Resources by 113.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 237,748 shares of the company’s stock worth $11,885,000 after acquiring an additional 126,549 shares during the last quarter. Finally, Encompass Capital Advisors LLC lifted its position in Tamboran Resources by 26.6% during the 4th quarter. Encompass Capital Advisors LLC now owns 713,698 shares of the company’s stock worth $19,434,000 after acquiring an additional 150,000 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Roth Capital assumed coverage on Tamboran Resources in a research report on Thursday, May 21st. They set a “buy” rating and a $47.00 price objective on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research report on Monday, July 6th. Finally, Zacks Research lowered Tamboran Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 29th. Four analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Tamboran Resources has an average rating of “Hold” and an average 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.