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

Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has a $2.25 price objective on the mining company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 9.76% from the company’s previous close.

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. “

TGB has been the subject of a number of other reports. BMO Capital Markets raised their price objective on Taseko Mines from $2.50 to $2.75 and gave the stock an “outperform” rating in a research report on Thursday, February 25th. Scotiabank raised their price objective on Taseko Mines from $2.00 to $2.50 and gave the stock a “sector perform” rating in a research report on Monday, April 12th. TD Securities raised their target price on Taseko Mines from $2.00 to $2.75 and gave the company a “buy” rating in a report on Friday, February 26th. National Bank Financial restated a “sector perform overweight” rating on shares of Taseko Mines in a report on Thursday, February 25th. Finally, Stifel Nicolaus lifted their price objective on Taseko Mines from $2.00 to $2.50 and gave the company a “hold” rating in a research note on Monday, March 1st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Taseko Mines presently has a consensus rating of “Buy” and a consensus price target of $2.55.

Shares of TGB opened at $2.05 on Tuesday. Taseko Mines has a 52-week low of $0.30 and a 52-week high of $2.16. The company has a market capitalization of $580.39 million, a PE ratio of -17.08 and a beta of 2.59. The stock has a fifty day simple moving average of $1.26 and a two-hundred day simple moving average of $1.07. The company has a quick ratio of 1.15, a current ratio of 1.76 and a debt-to-equity ratio of 1.27.

Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) last issued its earnings results on Wednesday, February 24th. The mining company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. Taseko Mines had a negative return on equity of 12.53% and a negative net margin of 11.61%. The business had revenue of $67.07 million during the quarter. As a group, equities analysts anticipate that Taseko Mines will post -0.09 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of TGB. CM Management LLC purchased a new stake in Taseko Mines during the fourth quarter worth approximately $3,498,000. Renaissance Technologies LLC lifted its stake in Taseko Mines by 35.6% during the fourth quarter. Renaissance Technologies LLC now owns 7,946,234 shares of the mining company’s stock worth $10,482,000 after purchasing an additional 2,086,597 shares during the last quarter. K.J. Harrison & Partners Inc purchased a new stake in Taseko Mines during the fourth quarter worth approximately $455,000. JPMorgan Chase & Co. lifted its stake in Taseko Mines by 200.9% during the fourth quarter. JPMorgan Chase & Co. now owns 219,957 shares of the mining company’s stock worth $290,000 after purchasing an additional 146,861 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Taseko Mines by 35.7% during the third quarter. Morgan Stanley now owns 213,503 shares of the mining company’s stock worth $225,000 after purchasing an additional 56,214 shares during the last quarter. Hedge funds and other institutional investors own 7.91% of the company’s stock.

About Taseko Mines

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. The company also holds 100% interest in Yellowhead copper project, the Aley niobium project, the Harmony Gold Project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona.

See Also: Why is the Consumer Price Index (CPI) important?

Get a free copy of the Zacks research report on Taseko Mines (TGB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Taseko Mines (NYSEAMERICAN:TGB)

Receive News & Ratings for Taseko Mines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Taseko Mines and related companies with MarketBeat.com's FREE daily email newsletter.