In a recent transaction, Fredrick J. Barrett, a director at Tamboran Resources Corp (NYSE:TBN), purchased shares of the company's common stock, signaling confidence in the energy firm's prospects. On June 28, Barrett acquired 6,600 shares at a price of $24.00 each, amounting to a total investment of $158,400.
This purchase has increased Barrett's direct holdings in Tamboran Resources to a total of 14,033 shares. Additionally, he holds an indirect interest in 22,705 shares through a joint account. The acquisition underscores a positive sentiment from an insider of the company, which is a key player in the crude petroleum and natural gas industry.
Tamboran Resources Corp, incorporated in Delaware and based in Barangaroo, NSW, Australia, continues to be a subject of interest for investors looking for opportunities in the energy sector. The recent transaction by Barrett may be interpreted as a bullish sign for the company's stock performance going forward.
InvestingPro Insights
Following the recent insider purchase by director Fredrick J. Barrett, Tamboran Resources Corp (NYSE:TBN) has demonstrated a notable performance in the stock market. The company's shares have shown consistent positive momentum, with an impressive 8.37% price total return over various time frames, including the last week, month, three months, six months, and year-to-date as of mid-2024. This uniform return rate suggests a steady upward trajectory for the company's share value.
The previous close price of Tamboran Resources Corp stood at $24.25, marginally above the price at which Barrett made his recent share purchase. This slight increase indicates a positive reception of the insider buying activity among investors. Moreover, with an average daily volume of 0.25 million shares over the past three months, the company maintains a healthy level of liquidity, making it easier for investors to enter or exit positions.
InvestingPro Tips highlight the significance of insider purchases as indicators of a company's potential for growth. In this case, Barrett's investment aligns with the positive performance metrics of Tamboran Resources Corp. For investors seeking deeper analysis and additional insights, InvestingPro offers more tips on how insider transactions can impact stock evaluation. There are currently several more InvestingPro Tips available, which can be accessed with a subscription. Use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, offering valuable guidance for making informed decisions in the energy sector.
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