Zacks Investment Research Upgrades Taseko Mines (NYSEAMERICAN:TGB) to Buy

Taseko Mines (NYSEAMERICAN:TGBGet Rating) (TSE:TKO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The firm currently has a $2.50 price objective on the mining company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 15.21% from the stock’s current price.

According to Zacks, “Taseko Mines is focused on acquiring ownership of and advancing exploration and related activities on known mineral deposits that have as their basic characteristic, large tonnage (based on extensive drill testing for continuity) mineralization which, under metals price assumptions that fall within historical averages, are potentially capable of supporting a mine for 10 years and longer. “

Several other research analysts also recently commented on the company. Scotiabank reduced their target price on Taseko Mines from C$3.00 to C$2.75 in a report on Thursday, February 24th. Stifel Nicolaus increased their target price on Taseko Mines from C$3.10 to C$3.75 in a report on Thursday, March 17th. Panmure Gordon raised Taseko Mines from a “hold” rating to a “buy” rating and set a $3.38 price target for the company in a report on Thursday, March 10th. Finally, National Bank Financial upped their price target on shares of Taseko Mines from C$3.00 to C$3.25 in a research report on Friday, April 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $3.23.

Shares of NYSEAMERICAN:TGB opened at $2.17 on Wednesday. The company has a current ratio of 3.26, a quick ratio of 2.49 and a debt-to-equity ratio of 1.43. Taseko Mines has a fifty-two week low of $1.49 and a fifty-two week high of $2.67. The firm has a market capitalization of $620.57 million, a price-to-earnings ratio of 21.70 and a beta of 2.21.

Taseko Mines (NYSEAMERICAN:TGBGet Rating) (TSE:TKO) last posted its earnings results on Tuesday, February 22nd. The mining company reported $0.04 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.04. Taseko Mines had a net margin of 8.46% and a return on equity of 13.48%. The business had revenue of $81.69 million for the quarter. As a group, research analysts predict that Taseko Mines will post 0.23 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Credit Suisse AG acquired a new position in Taseko Mines in the fourth quarter valued at approximately $2,337,000. Moore Capital Management LP increased its stake in shares of Taseko Mines by 44.6% in the 3rd quarter. Moore Capital Management LP now owns 2,409,137 shares of the mining company’s stock valued at $4,553,000 after acquiring an additional 742,874 shares during the last quarter. Renaissance Technologies LLC increased its stake in Taseko Mines by 12.5% in the fourth quarter. Renaissance Technologies LLC now owns 6,673,182 shares of the mining company’s stock valued at $13,685,000 after purchasing an additional 739,212 shares in the last quarter. Millennium Management LLC acquired a new stake in Taseko Mines in the fourth quarter worth $1,303,000. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of Taseko Mines by 17.4% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 3,434,896 shares of the mining company’s stock worth $7,042,000 after purchasing an additional 509,611 shares in the last quarter. 20.95% of the stock is owned by institutional investors and hedge funds.

Taseko Mines Company Profile (Get Rating)

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. The company explores for copper, molybdenum, gold, niobium, and silver deposits. It holds 75% interest in the Gibraltar mine located in British Columbia. It also holds 100% interest in Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona.

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