Taseko Mines Ltd (NYSE:TGB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
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. “
Separately, Scotiabank restated a “sector perform” rating and set a $0.80 target price on shares of Taseko Mines in a report on Thursday, July 28th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $0.78.
Shares of Taseko Mines (NYSE:TGB) opened at 0.44 on Thursday. Taseko Mines has a 12-month low of $0.23 and a 12-month high of $0.70. The company’s 50-day moving average is $0.47 and its 200-day moving average is $0.52. The stock’s market cap is $97.61 million.
Taseko Mines (NYSE:TGB) last announced its earnings results on Tuesday, July 26th. The mining company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.02. The firm had revenue of $55.01 million for the quarter, compared to analysts’ expectations of $62 million. During the same quarter in the previous year, the business posted $0.01 EPS. The company’s quarterly revenue was down 40.6% on a year-over-year basis. On average, equities research analysts anticipate that Taseko Mines will post ($0.21) earnings per share for the current year.
A hedge fund recently raised its stake in Taseko Mines stock. Renaissance Technologies LLC boosted its position in Taseko Mines Ltd (NYSE:TGB) by 21.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 2,067,900 shares of the mining company’s stock after buying an additional 358,700 shares during the period. Renaissance Technologies LLC owned about 0.93% of Taseko Mines worth $1,166,000 at the end of the most recent quarter.
About Taseko Mines
Taseko Mines Limited is a mining company. The Company is 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 operating asset is the Gibraltar Mine, a copper mine located in central British Columbia.
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