Zacks Investment Research Lowers Taseko Mines (NYSEAMERICAN:TGB) to Hold

Zacks Investment Research downgraded shares of Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) from a buy rating to a hold rating in a research report report published on Thursday, Zacks.com reports.

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. “

Other analysts have also recently issued research reports about the company. TD Securities raised their price target on Taseko Mines from $0.45 to $0.55 and gave the company a hold rating in a report on Friday, May 1st. Scotiabank raised their target price on shares of Taseko Mines from $0.25 to $0.50 and gave the company an underperform rating in a research note on Thursday, July 9th. Finally, Liberum Capital initiated coverage on shares of Taseko Mines in a research note on Friday, May 22nd. They issued a buy rating for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $0.68.

Shares of NYSEAMERICAN:TGB opened at $0.65 on Thursday. Taseko Mines has a one year low of $0.20 and a one year high of $0.86.

Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) last posted its quarterly earnings data on Wednesday, April 29th. The mining company reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.03). The company had revenue of $46.29 million during the quarter.

A hedge fund recently raised its stake in Taseko Mines stock. Renaissance Technologies LLC lifted its position in shares of Taseko Mines Ltd (NYSEAMERICAN:TGB) (TSE:TKO) by 8.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,979,157 shares of the mining company’s stock after buying an additional 669,604 shares during the period. Renaissance Technologies LLC owned about 3.65% of Taseko Mines worth $4,310,000 as of its most recent SEC filing.

Taseko Mines Company Profile

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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