Tamboran Resources Corp (NYSE:TBN – Get Free Report) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 32,100 shares, an increase of 116.9% from the August 15th total of 14,800 shares. Based on an average trading volume of 80,200 shares, the short-interest ratio is presently 0.4 days. Approximately 0.4% of the company’s shares are short sold.
Insider Buying and Selling at Tamboran Resources
In other Tamboran Resources news, major shareholder Bryan Sheffield purchased 12,424 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were purchased at an average price of $20.12 per share, for a total transaction of $249,970.88. Following the completion of the acquisition, the insider now owns 2,247,404 shares of the company’s stock, valued at approximately $45,217,768.48. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of TBN. Edge Capital Group LLC acquired a new position in shares of Tamboran Resources during the second quarter worth approximately $4,687,000. Encompass Capital Advisors LLC bought a new position in shares of Tamboran Resources in the second quarter worth $4,687,000. Finally, HITE Hedge Asset Management LLC bought a new stake in shares of Tamboran Resources during the second quarter valued at about $6,750,000.
Tamboran Resources Stock Up 0.3 %
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on the company. Royal Bank of Canada assumed coverage on Tamboran Resources in a report on Monday, July 22nd. They set a “sector perform” rating and a $31.00 target price on the stock. Johnson Rice initiated coverage on Tamboran Resources in a research note on Tuesday, July 23rd. They set a “buy” rating and a $47.00 price objective for the company. Citigroup initiated coverage on shares of Tamboran Resources in a report on Monday, July 22nd. They issued a “buy” rating and a $32.00 price target on the stock. Finally, Piper Sandler started coverage on Tamboran Resources in a report on Monday, July 22nd. They issued an “overweight” rating and a $41.00 price objective for the company.
View Our Latest Report on Tamboran Resources
About Tamboran Resources
We are an early stage, growth-driven independent natural gas exploration and production company focused on an integrated approach to the commercial development of the natural gas resources in the Beetaloo located within the Northern Territory of Australia. We and our working interest partners have exploration permits (“EPs”) to approximately 4.7 million contiguous gross acres (approximately 1.9 million net acres to Tamboran) and are currently the largest acreage holder in the Beetaloo.
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