Taseko Mines (NYSEAMERICAN:TGB) Upgraded at Zacks Investment Research

Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, September 12th. The firm currently has a $0.75 target price on the mining company’s stock. Zacks Investment Research‘s price target would suggest a potential downside of 5.79% from the company’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 analysts have also recently weighed in on TGB. TD Securities raised Taseko Mines from a “hold” rating to a “buy” rating in a report on Wednesday, August 8th. TheStreet cut Taseko Mines from a “c-” rating to a “d” rating in a report on Friday, August 31st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $0.75.

TGB stock remained flat at $$0.80 during mid-day trading on Wednesday. The company’s stock had a trading volume of 55,261 shares, compared to its average volume of 775,668. Taseko Mines has a 12-month low of $0.68 and a 12-month high of $2.46.

Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) last posted its quarterly earnings results on Tuesday, August 7th. The mining company reported $0.01 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.01. The firm had revenue of $73.06 million during the quarter. Taseko Mines had a negative return on equity of 8.19% and a negative net margin of 7.97%.

A number of hedge funds have recently modified their holdings of TGB. Barclays PLC bought a new stake in Taseko Mines during the 1st quarter worth $144,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Taseko Mines in the 2nd quarter valued at about $230,000. Millennium Management LLC grew its position in shares of Taseko Mines by 58.8% in the 1st quarter. Millennium Management LLC now owns 261,764 shares of the mining company’s stock valued at $301,000 after buying an additional 96,892 shares during the last quarter. Finally, CIBC World Markets Inc. grew its position in shares of Taseko Mines by 333.0% in the 1st quarter. CIBC World Markets Inc. now owns 295,270 shares of the mining company’s stock valued at $340,000 after buying an additional 227,085 shares during the last quarter.

About Taseko Mines

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties in Canada and the United States. The company explores for copper, molybdenum, gold, niobium, and silver deposits. It holds a 75% interest in the Gibraltar copper-molybdenum mine located in south-central British Columbia.

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