In recent developments, Tamboran Resources Corp, a crude petroleum and natural gas company, held its 2024 Annual Meeting of Stockholders on Monday (NASDAQ:MNDY), where several key decisions were made, according to a recent SEC filing. The company, listed under the New York Stock Exchange as NYSE:TBN, saw the re-election of its three Class I directors and the ratification of its independent auditor among other items on the agenda.
Stockholders voted overwhelmingly in favor of re-electing Fredrick Barrett, Patrick Elliott, and Stephanie Reed as directors, with votes for each surpassing 6.8 million and minimal abstentions. Additionally, Ernst & Young LLP was ratified as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025, with over 8.3 million votes in favor and none against.
The meeting also addressed the ratification of the prior issuance of 489,088 shares of common stock to Helmerich & Payne International Holdings, LLC upon the conversion of a 5.5% Convertible Senior Note due 2029. This proposal received support from stockholders with over 6.8 million votes for and only a few thousand against.
Furthermore, shareholders approved the issuance of 312,500 shares of common stock to Daly Waters (NYSE:WAT) Energy, LP to fulfill obligations under the TB1 Joint Venture Agreement, and the issuance of shares worth up to $600,000 to Mr. Ryan Dalton under the 2024 Equity Incentive Plan over a three-year period in lieu of directors fees.
The company noted that votes in favor of certain proposals were disregarded for shareholders with a vested interest in the outcomes, as per the rules of the ASX. This affected the final voting results which were still overwhelmingly supportive of all proposals.
This information is based on the press release statement filed with the SEC.
In other recent news, Tamboran Resources Corporation has maintained its Sector Perform rating from RBC Capital, which also set a $31.00 stock price target. This rating emphasizes the importance of Tamboran's ongoing drilling activities, particularly the Shenandoah South #2 well in the Beetaloo Basin. The completion of this well is expected before the company's next earnings report.
Additionally, Tamboran received a Buy rating from Citi, which set a price target of $32, highlighting the company's exploration potential. Piper Sandler upgraded Tamboran to an Overweight rating with a price target of $41, citing the company's significant natural gas resource potential. These ratings reflect the analysts' confidence in Tamboran's ability to deliver value despite operational and geological uncertainties.
These are among the recent developments for Tamboran Resources Corporation.
InvestingPro Insights
Tamboran Resources Corp's recent Annual Meeting of Stockholders reflects a company navigating challenging financial waters. According to InvestingPro data, the company's market capitalization stands at $262.15 million, with a negative P/E ratio of -13.93 for the last twelve months as of Q4 2024. This aligns with an InvestingPro Tip indicating that Tamboran is not profitable over the last twelve months.
Despite the challenges, the company maintains a strong liquidity position. An InvestingPro Tip highlights that Tamboran holds more cash than debt on its balance sheet, suggesting financial flexibility in the face of operational losses. This could be crucial as the company moves forward with its strategic decisions made during the stockholder meeting.
The approval of share issuances to various parties, including directors, indicates the company's efforts to manage its capital structure and fulfill obligations. However, investors should note that Tamboran does not pay a dividend to shareholders, as per another InvestingPro Tip. This information, along with 6 additional tips available on InvestingPro, provides a more comprehensive view of Tamboran's financial health and strategic direction.
For readers interested in a deeper analysis, InvestingPro offers additional insights that could be valuable in understanding Tamboran's position in the crude petroleum and natural gas sector.
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