Tamboran Resources Corp (NYSE:TBN) Sees Large Decline in Short Interest

Tamboran Resources Corp (NYSE:TBN) was the target of a significant drop in short interest in December. As of December 15th, there was short interest totalling 39,000 shares, a drop of 14.7% from the November 30th total of 45,700 shares. Currently, 0.4% of the shares of the stock are sold short. Based on an average daily volume of 15,900 shares, the short-interest ratio is presently 2.5 days.

Tamboran Resources Stock Up 7.3 %

Shares of NYSE:TBN traded up $1.36 during midday trading on Tuesday, hitting $19.96. The company had a trading volume of 10,679 shares, compared to its average volume of 38,408. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.03. Tamboran Resources has a 12 month low of $15.75 and a 12 month high of $25.99. The business has a fifty day moving average of $18.01.

Analyst Ratings Changes

Several research analysts have issued reports on TBN shares. Piper Sandler reaffirmed an “overweight” rating and set a $41.00 price objective on shares of Tamboran Resources in a report on Monday, December 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $31.00 price target on shares of Tamboran Resources in a research note on Tuesday, November 19th.

Hedge Funds Weigh In On Tamboran Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Yaupon Capital Management LP raised its position in shares of Tamboran Resources by 7.2% in the 3rd quarter. Yaupon Capital Management LP now owns 139,355 shares of the company’s stock valued at $2,832,000 after acquiring an additional 9,355 shares during the period. Atom Investors LP bought a new stake in Tamboran Resources in the third quarter valued at approximately $351,000. Ingalls & Snyder LLC acquired a new stake in Tamboran Resources in the third quarter worth $1,287,000. The Manufacturers Life Insurance Company bought a new position in shares of Tamboran Resources during the third quarter worth $1,930,000. Finally, HITE Hedge Asset Management LLC grew its holdings in shares of Tamboran Resources by 63.1% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 489,417 shares of the company’s stock valued at $9,945,000 after buying an additional 189,417 shares during the period.

Tamboran Resources Company Profile

Tamboran Resources Corporation, a natural gas company, focuses on developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin.