Tamboran Resources Corporation (NYSE:TBN) Short Interest Down 49.0% in August

Tamboran Resources Corporation (NYSE:TBN) saw a significant 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. Based on an average daily volume of 89,678 shares, the short-interest ratio is presently 6.1 days. Approximately 2.0% of the company’s shares are sold short.

Analyst Ratings Changes

TBN has been the topic of several research analyst reports. Roth Capital initiated coverage on Tamboran Resources in a report on Thursday, May 21st. They issued a “buy” rating and a $47.00 price objective on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Tamboran Resources in a report on Monday, July 6th. Finally, Zacks Research downgraded Tamboran Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 29th. Four research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $58.50.

Tamboran Resources Stock Down 1.7%

NYSE:TBN traded down $0.63 during mid-day trading on Friday, hitting $37.12. The stock had a trading volume of 43,237 shares, compared to its average volume of 98,508. Tamboran Resources has a twelve month low of $19.55 and a twelve month high of $52.21. The stock has a 50-day simple moving average of $33.85 and a two-hundred day simple moving average of $34.29. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $1.05 billion, a PE ratio of -19.85 and a beta of -2.08.

Institutional Investors Weigh In On Tamboran Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE lifted its position in shares of Tamboran Resources by 66.7% during the 4th quarter. Bank of America Corp DE now owns 1,500 shares of the company’s stock worth $31,000 after purchasing an additional 600 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Tamboran Resources during the second quarter worth $39,000. Deutsche Bank AG purchased a new position in Tamboran Resources in the second quarter valued at $42,000. Avalon Trust Co purchased a new position in Tamboran Resources in the second quarter valued at $44,000. Finally, State of Wyoming acquired a new stake in Tamboran Resources in the second quarter valued at $99,000.

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.