Alberta Investment Management Corp Buys 100,000 Shares of Tamboran Resources Corporation $TBN

Alberta Investment Management Corp boosted its stake in Tamboran Resources Corporation (NYSE:TBN) by 13.2% during the 4th quarter, Holdings Channel reports. The firm owned 858,680 shares of the company’s stock after buying an additional 100,000 shares during the quarter. Alberta Investment Management Corp’s holdings in Tamboran Resources were worth $23,382,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of America Corp DE increased its stake 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 worth $31,000 after acquiring an additional 600 shares during the last quarter. State of Wyoming purchased a new stake in shares of Tamboran Resources during the 2nd quarter worth approximately $99,000. Walleye Capital LLC bought a new position in shares of Tamboran Resources during the 4th quarter valued at approximately $204,000. XY Capital Ltd bought a new position in shares of Tamboran Resources during the 4th quarter valued at approximately $253,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Tamboran Resources in the fourth quarter valued at $272,000.

Tamboran Resources Trading Down 2.8%

TBN opened at $35.00 on Friday. 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 stock’s 50 day moving average price is $35.50 and its 200-day moving average price is $31.67. Tamboran Resources Corporation has a one year low of $17.29 and a one year high of $52.21. The stock has a market cap of $991.14 million, a price-to-earnings ratio of -18.72 and a beta of -2.20.

Tamboran Resources (NYSE:TBN) last released 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, equities analysts forecast that Tamboran Resources Corporation will post -1.42 EPS for the current year.

Analyst Ratings Changes

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

Insider Transactions at Tamboran Resources

In related news, Director Scott D. Sheffield bought 6,990 shares of the company’s stock in a transaction on Wednesday, April 8th. The shares were acquired at an average cost of $36.02 per share, for a total transaction of $251,779.80. Following the purchase, the director directly owned 292,430 shares of the company’s stock, valued at approximately $10,533,328.60. The trade was a 2.45% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Phillip Z. Pace bought 10,000 shares of the firm’s stock in a transaction on Monday, April 13th. The shares were purchased at an average cost of $36.99 per share, with a total value of $369,900.00. Following the completion of the transaction, the director 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. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 4.50% of the company’s stock.

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.