Taseko Mines Ltd (TGB) Upgraded to “Buy” by Zacks Investment Research
Taseko Mines Ltd (NYSEMKT:TGB) (TSE:TKO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $2.00 price target on the mining company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.29% 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 research firms have also issued reports on TGB. ValuEngine raised Taseko Mines from a “hold” rating to a “buy” rating in a research note on Friday, June 16th. BidaskClub raised Taseko Mines from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $1.25.
Taseko Mines (TGB) remained flat at $1.76 during trading on Wednesday. 758,651 shares of the company traded hands. The stock has a 50 day moving average price of $1.77 and a 200 day moving average price of $1.38. Taseko Mines has a 12-month low of $0.41 and a 12-month high of $2.05. The stock has a market capitalization of $398.16 million and a PE ratio of 44.00.
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Several hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in shares of Taseko Mines by 33.0% during the 2nd quarter. Royal Bank of Canada now owns 430,791 shares of the mining company’s stock worth $546,000 after acquiring an additional 106,879 shares during the last quarter. QS Investors LLC bought a new stake in shares of Taseko Mines during the 2nd quarter worth approximately $142,000. Hillsdale Investment Management Inc. bought a new stake in shares of Taseko Mines during the 2nd quarter worth approximately $1,026,000. Impala Asset Management LLC lifted its stake in shares of Taseko Mines by 26.5% during the 2nd quarter. Impala Asset Management LLC now owns 2,883,264 shares of the mining company’s stock worth $3,662,000 after acquiring an additional 603,264 shares during the last quarter. Finally, AJO LP bought a new stake in shares of Taseko Mines during the 2nd quarter worth approximately $1,087,000.
About Taseko Mines
Taseko Mines Limited is a mining company. The Company is principally engaged in the production and sale of metals, as well as related activities, including exploration and mine development, within the province of British Columbia, Canada and the State of Arizona, the United States. Its projects represent a range of metals, including gold, copper and niobium.
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