Taseko Mines (TGB) Stock Rating Upgraded by Zacks Investment Research

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Zacks Investment Research upgraded shares of Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) from a sell rating to a hold rating in a report issued on Wednesday.

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 also recently issued reports on TGB. TD Securities raised shares of Taseko Mines from a hold rating to a buy rating in a research note on Wednesday, August 8th. TheStreet downgraded shares of Taseko Mines from a c- rating to a d rating in a research note on Friday, August 31st. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Taseko Mines presently has a consensus rating of Buy and an average target price of $2.50.

TGB opened at $0.73 on Wednesday. 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 released its quarterly earnings results on Tuesday, August 7th. The mining company reported $0.01 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.01. The company 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%.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC bought a new stake in Taseko Mines in the first quarter worth about $144,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Taseko Mines in the second quarter worth about $230,000. Millennium Management LLC lifted its stake in Taseko Mines by 58.8% in the first quarter. Millennium Management LLC now owns 261,764 shares of the mining company’s stock worth $301,000 after purchasing an additional 96,892 shares during the last quarter. CIBC World Markets Inc. lifted its stake in Taseko Mines by 333.0% in the first quarter. CIBC World Markets Inc. now owns 295,270 shares of the mining company’s stock worth $340,000 after purchasing an additional 227,085 shares during the last quarter. Finally, Global X Management Co. LLC lifted its stake in Taseko Mines by 14.1% in the first quarter. Global X Management Co. LLC now owns 411,614 shares of the mining company’s stock worth $485,000 after purchasing an additional 50,928 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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