HITE Hedge Asset Management LLC Acquires 189,417 Shares of Tamboran Resources Corp (NYSE:TBN)

HITE Hedge Asset Management LLC increased its position in shares of Tamboran Resources Corp (NYSE:TBN) by 63.1% in the third quarter, Holdings Channel reports. The institutional investor owned 489,417 shares of the company’s stock after buying an additional 189,417 shares during the period. HITE Hedge Asset Management LLC’s holdings in Tamboran Resources were worth $9,945,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Atom Investors LP bought a new stake in shares of Tamboran Resources in the third quarter worth $351,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Tamboran Resources during the third quarter valued at approximately $1,930,000. Encompass Capital Advisors LLC bought a new position in shares of Tamboran Resources during the second quarter valued at $4,687,000. Edge Capital Group LLC purchased a new position in Tamboran Resources in the second quarter worth about $4,687,000. Finally, Baupost Group LLC MA bought a new stake in Tamboran Resources during the 3rd quarter valued at approximately $11,599,000.

Tamboran Resources Price Performance

TBN stock opened at $17.25 on Tuesday. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.03. The business has a 50 day simple moving average of $18.91. Tamboran Resources Corp has a 12 month low of $16.47 and a 12 month high of $25.99.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reiterated a “sector perform” rating and set a $31.00 price target on shares of Tamboran Resources in a research note on Tuesday, November 19th.

Tamboran Resources 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.